Valeant Pharmaceuticals International on Monday posted second-quarter results that surpassed analysts’ expectations and raised its full-year profit outlook.
For the second quarter, the Aliso Viejo drug maker reported an adjusted profit of $57.1 million, up 32% from the year-ago quarter.
Analysts expected Valeant to make $52.1 million in the second quarter.
Valeant’s second-quarter profit from continuing operations totaled $32.2 million, basically flat over the $33 million for 2009’s second quarter.
Revenue grew 33% to $255.6 million, well above analysts’ average expectation of $239.2 million.
The drug maker raised its full-year profit forecast to $231.4 million to $252 million, up from an earlier range of $219 million to $239.7 million.
Wall Street expects Valeant to make $228.9 million in 2010.
Valeant said its pending $3.2 billion acquisition by Canadian drug maker Biovail Corp. should be completed before the end of the year. That deal will result in the company’s corporate headquarters moving from Aliso Viejo to Canada.
Biovail’s shareholders are set to own 50.5% of the new company with Valeant shareholders having 49.5%. The new company will keep Valeant’s name and most of its management team, most notably Chief Executive J. Michael Pearson.
