Valeant Pharmaceuticals International reported third-quarter earnings Thursday that were below Wall Street’s estimates.
The Aliso Viejo drug maker posted an adjusted profit on continuing operations of $9.4 million. Analysts expected Valeant to post a profit of $15 million in the quarter.
Revenue was up 3% to $168.4 million, well below Wall Street’s expectations of $210 million.
Including gains from the sale of discontinued operations, Valeant posted a profit of $206.7 million in the quarter.
Valeant wants to complete restructuring its operations and start 2009 “with a simplified, growing company,” said Chief Executive J. Michael Pearson.
The drug maker’s “pleased” with its progress, including selling off European and Latin American businesses and its deal to develop retigabine, an epilepsy drug, with GlaxoSmithKline PLC, Pearson said.
