Valeant Pharmaceuticals International on Thursday said it swung to a second-quarter profit, thanks to a decline in restructuring charges.
The Aliso Viejo drug maker earned $16.5 million in the quarter, compared with a loss of $42.5 million a year ago.
Analysts expected Valeant to post $14.3 million in profit, and sales to come in at $234.9 million in the second quarter.
Second-quarter revenue was nearly flat at $231 million.
Valeant cited a sharp narrowing of restructuring charges as the reason for the earnings.
The charges, $6.3 million, stemmed from the company’s sale of plants in Switzerland and Puerto Rico. Those charges are down from $53.1 million a year earlier.
