Valeant Pharmaceuticals Reports Revenue Increase for Q2

LAVAL, Quebec – Valeant Pharmaceuticals, Inc. (NYSE/TSX:VRX) reported its total revenue for the second fiscal quarter was $2.0 billion, up 86 percent compared to the second quarter of 2013, driven by strong growth in almost all of its businesses, the company said, including a rebound in emerging markets in Europe (same store sales organic growth of 13 percent), continued strong results in Asia (same store sales organic growth of 17 percent), and robust performance in the U.S. contact lens business (organic growth of 37 percent) and the U.S. Bausch + Lomb consumer businesses, with organic growth of 12 percent.

The report indicated that contact lens revenues for the three-month period were $42 million, a 37 percent increase over the comparable period a year ago, citing a strong launch for Ultra, strong sales in BioTrue One Day products and the Q1 launch of PureVision 2 for Presbyopia. The group’s consumer product sales of $120 million for the quarter, represented a 12 percent increase, which included sales of eye health vitamins and contact lens solutions,

In its report, the company noted it sold its facial injectable assets to Galderma S.A., for approximately $1.4 billion and that it would use the proceeds to fund its ongoing battle to fund an Allergan acquisition and/or “deploy on additional business development opportunities.” In a presentation to analysts, the company again pressed its case for the acquisition.

"Valeant once again delivered strong quarterly results and, as expected, organic growth has accelerated from the first quarter," stated J. Michael Pearson, chairman and chief executive officer. "As we look across the entire business, I have never been more confident about the growth trajectory across the entire company. For the first time, we are providing a financial outlook for revenue and organic growth, by business unit and geography, for 2015 and 2016 so that investors can both model and track our performance going forward."

The company reported net income of $126 million for the second quarter of 2014.