Valeant Pharmaceuticals International posted a third-quarter net loss that narrowed from a year ago as its revenue rose 23%, helped by increased product sales and a jump in ribavirin royalties.
Costa Mesa-based Valeant said Thursday morning that it lost $3.7 million in the quarter, compared to a $15.9 million loss a year ago. Revenue totaled $205 million, up from $166.4 million a year earlier.
The drug maker said that its product sales were up 21% to $183 million, led by the impact from its buy of Xcel Pharmaceuticals Inc. earlier this year.
Valeant also saw increased sales of other products such as Kinerase, Valeant’s well-publicized skin care line. Ribavirin royalties increased 43% to $22 million. Valeant said that the royalty jump for the hepatitis treatment primarily came from sales in Japan.
Separately, Valeant said it signed a deal with Par Pharmaceuticals Corp. of Spring Valley, N.Y., to promote Cesamet, which fights nausea and vomiting in patients who are undergoing cancer chemotherapy. Cesamet awaits approval from the Food and Drug Administration.
Valeant bought Cesamet in 2004 from Eli Lilly & Co., and markets it in Canada. Cesamet is a cannabinoid, or synthetic chemical that’s based on tetrahydracannabinol, the active ingredient in marijuana known as THC.
Valeant’s shares were down 0.9% to $17.66 in trading on Thursday.
