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Valeant Pharma Posts 4Q Loss on Deal-Related Costs

Thu, 02/28/2013 - 8:26am
The Associated Press

Valeant Pharmaceuticals International Inc. reported a fourth-quarter loss, as acquisition-related costs countered steep revenue growth for the Canadian drugmaker.

Valeant focuses on dermatology, neurology and branded generics. Its products include the antidepressant Wellbutrin XL and the blood pressure drug Cardizem CD.

The Montreal-based company said Thursday it lost $89.1 million, or 29 cents per share, in the three months that ended Dec. 31. That compares to net income of $55.8 million, or 18 cents per share, in the final quarter of 2011.

Earnings totaled $1.22 per share when excluding restructuring, acquisition and stock-based compensation expenses, among other items.

Revenue jumped 43 percent in the quarter to $986.3 million from $688.5 million a year ago.

Analysts surveyed by FactSet expected, on average, earnings of $1.21 per share on $949 million in revenue.

The company reported $261.8 million in restructuring and acquisition-related costs in the quarter, compared to $56.7 million in the 2011 quarter.

Valeant said it completed its $2.6 billion acquisition of dermatology products maker Medicis Pharmaceutical Corp. on Dec. 11, and said Medicis' operations had no material impact on results from the quarter. Valeant's 2012 acquisitions also included podiatry drug maker Pedinol Pharmacal Inc. and oral health product maker OraPharma.

Selling, general and administrative expenses also climbed 38 percent to $204.7 million. That included stock-based compensation expenses from Valeant's combination with former competitor Biovail Corp. in late 2010.

For the full year, Valeant lost $116 million, or 38 cents per share, versus net income of $159.6 million, or 49 cents per share, a year ago. Revenue rose to $3.55 billion from $246.5 million a year ago.

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