Valeant Q4 loss loss grows, sales fall 13% but adjusted earnings above estimates
LAVAL, Que. — Valeant Pharmaceuticals International Inc (TSX:VRX) says its fourth quarter loss grew to US$515 million as the drug company’s revenue fell 13 per cent compared with the same period in 2015.
The Montreal-area company’s net loss, reported in U.S. currency, was equal to $1.47 per share while revenue was $2.4 billion, down $355 million from a year earlier.
In the fourth quarter of 2015, Valeant had a net loss of $385 million or $1.12 per share, and $2.76 billion of revenue.
The company, based in Laval, Que., said the increased net loss was due to a combination of factors including higher interest expenses and a bigger foreign exchange loss.
After adjustments, Valeant says, the company earned $441 million or $1.26 per share, down from $542 million or $1.55 per share in the fourth quarter of 2015.
Adjusted earnings beat analyst estimates of $1.20 per share, according to Thomson Reuters data.
Based in Laval, Que., Valeant is Canada’s largest publicly traded pharmaceutical company. In addition to making a wide variety of drugs and medical devices, it owns the Bausche & Lomb contact lens business.
The Canadian Press
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