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Valeant reports 1Q profit on revenue boost

Mon, 05/09/2011 - 9:17am
The Associated Press

Valeant Pharmaceuticals International Inc. on Monday reported a first-quarter profit as its revenue more than doubled following its purchase in September by Biovail Corp., a maker of anti-depressant Wellbutrin, which then took its name.

The combined company retained Biovail's corporate structure, including its Mississauga, Ontario, headquarters.

Valeant said it earned $6.5 million, or 2 cents per share, compared with a loss of $3.2 million, or 2 cents per share, for the same period a year earlier.

Its revenue was $565 million, up from $219.6 million in 2010's first quarter for Biovail alone. Product sales rose to $500.4 million from $212 million.

Excluding one-time items, the company said it earned 56 cents per share. Analysts polled by FactSet expected adjusted profit of 51 cents per share and $518.8 million in revenue.

The portion of the company formerly known as Valeant sells generic drugs and treatments for chronic illnesses. In addition to Wellbutrin XL foruse in the U.S., Biovail's products included the pain drug Ultram ER and Zovirax, a treatment for herpes cold sores.

Valeant raised its profit guidance for 2011, and now expects to earn $2.65 to $2.90 per share; its earlier forecast was for $2.45 to $2.70 per share. Analysts on average expected $2.61 per share.

Valeant shares rose 88 cents, or 1.8 percent, to $49.55, in morning trading.

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