Shares of Valeant Pharmaceuticals International closed up nearly 5% Tuesday after the drug maker reported a narrower fourth-quarter loss.
The Costa Mesa-based company counted a recent market value of $1.6 billion.
Valeant posted a net loss of $44.8 million in the quarter, down from $99 million a year ago. The drug maker reported an operating profit of $16.1 million, nearly quadruple from a year ago.
Analysts expected Valeant to earn $9.2 million on revenue of $215 million in the quarter.
Quarterly revenue rose 23% to $231.6 million. The growth was boosted by higher product sales and ribavirin royalties, the company said.
Product sales grew 17% to $205.4 million, while royalties for its ribavirin hepatitis drug more than doubled to $26.2 million.
For 2005, Valeant posted a net loss of $188.3 million. Revenue was up 21% to $822.7 million.
