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B&L parent reports Q2 earnings, lowers forecast

Rochester Business Journal
July 31, 2014

Valeant Pharmaceuticals International Inc. Thursday reported a jump in second-quarter profits but lowered its forecast for 2014 by as much as 70 cents a share.

The parent of Bausch & Lomb Inc. reported net income of $126 million, or 37 cents a share in the second quarter. That compares with $10.8 million, or 3 cents a share, in 2013.

The increase was due in part to Valeant’s recent acquisitions, including Bausch & Lomb last August.

The Montreal-based company revised earnings forecasts for this year to $7.90 to $8.10 a share, from April estimates of $8.55 to $8.80. Full-year revenues will be in the range of $8 billion to $8.3 billion, down from $8.3 million to $8.7 million.

Revenue in the second quarter surpassed $2 billion, up 86 percent from $1.1 billion a year ago. It included organic growth of 12 percent from Bausch & Lomb, Valeant reported.

“Valeant once again delivered strong quarterly results and, as expected, organic growth has accelerated from the first quarter,” Chairman and CEO Michael Pearson said in a statement.

“As we look across the entire business, I have never been more confident about the growth trajectory across the entire company,” he said.

Valeant stock (NYQ: VRX) was down nearly 8 percent in afternoon trading.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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