Valeant Pharmaceuticals International swung to an operating profit in the second quarter, the company said Thursday.
The Costa Mesa drug maker posted a $21.2 million profit in the period, versus a loss of $9.6 million a year earlier.
Revenue rose 20% to $205 million, driven by a 22% hike in product sales to $180.8 million. Royalties for its hepatitis C treatment ribavirin were up 6% to $24.2 million.
“Our plan to grow the top line is clearly working,” said Timothy Tyson, Valeant’s chief executive.
Tyson said the company has been able to quickly integrate recently bought drugs into Valeant. The company also has seen a boost in its North American sales,one of Valeant management’s key goals.
Tyson specifically noted new drugs that Valeant got in its $280 million acquisition of San Diego-based Xcel Pharmaceuticals Inc. earlier this year.
Shares of Valeant were up 1.% to $20. in trading Thursday.
