LONDON: Valeant Pharmaceuticals International, Inc. (VRX, VRX.TO) reported Tuesday that its second-quarter net loss was $302.3 million or $0.88 per share, compared to a net loss of $53 million or $0.15 per share a year ago.
Adjusted net income was $487.5 million or $1.40 per share, compared to $751 million or $2.14 per share in the second quarter of 2015. On average, 18 analysts polled by Thomson Reuters expected earnings of $1.48 per share for the quarter. Analysts’ estimates typically exclude special items.
The revenues reflected primarily a decline in product sales revenues from existing business, as well as negative foreign currency exchange impact. This was partially offset by incremental product sales revenues from acquisitions completed in 2015. In the Developed Markets segment, revenues declined 14%, while Emerging Markets segment’s revenues were flat.
Further, the company reconfirmed its full year 2016 guidance. The company continues to expect adjusted earnings per share in the range of $6.60 – $7.00, adjusted EBITDA in the range of $4.80 billion – $4.95 billion, and total revenue in the range of $9.9 billion- $10.1 billion. Analysts expect earnings of $6.53 per share on revenues of $10.01 billion for the year. In pre-market activity on the NYSE, the shares were gaining 5.12 percent at $23.60.
