Valeant Pharmaceuticals International, Inc. (VRX,VRX.TO) on Monday reported a profit for the fourth qurter, compared to a loss last year.
Net income for the quarter was C$55.86 million or C$0.18 per share compared to a net loss of C$31.13 million or C$0.10 per share in the prior year.
Adjusted earnings increased to C$0.94 per share from C$0.50 per share. The company noted that cash earnings per share for the fourth quarter of 2011 was hurt by foreign currency by about C$0.06 per share, which was offset by the positive impact of C$0.05 related to the foreign currency forward-exchange contracts entered into as part of the iNova transaction.
Total reported revenue grew to C$688.4 million from C$514.6 million primarily due to acquisitions completed in 2011 and the growth of key dermatology brands.
Total costs increased 23 percent owing mainly to higher acquired in-process research and development expenses and increased amortization of intangible assets.
The company did not update 2012 annual guidance of C$3.95 - C$4.20 cash earnings per share provided on January 6.
by RTT Staff Writer
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