Valeant Pharmaceuticals International Inc. lost $973 million in the third quarter and lowered the top end of its 2013 earnings forecast, as it continues to digest an $8.7 billion acquisition of Bausch + Lomb.
The Canadian drugmaker today said it recorded a $645 million impairment charge in the quarter tied to an epilepsy treatment and charges of $305 million largely for Bausch + Lomb and $142.5 million to settle some litigation.
Overall, the drugmaker’s loss equated to $2.92 per share. Excluding one-time items, it earned $1.43 per share. Last year, the company earned $7.6 million, or 2 cents per share.
Revenue swelled 74 percent to $1.54 billion due mainly to the acquisition.
Analysts surveyed by FactSet expected, on average, earnings of $1.40 per share on $1.68 billion in revenue.
Valeant now expects 2013 earnings of between $6.11 and $6.16 per share on $5.7 billion to $5.9 billion in revenue. That compares to its forecast in August for earnings of $6 to $6.20 per share on revenue of $5.8 billion to $6.2 billion.
Date: October 31, 2013
Source: Associated Press
Filed Under: Drug Discovery