Valeant announces Q2 revenue growth

Valeant Pharmaceuticals reported total revenue of $2.7 billion for the second quarter of 2015, a 34% increase over the same period a year before, according to a press release.

“We once again exceeded our guidance and delivered our fourth consecutive quarter of greater than 15% organic growth,” J. Michael Pearson, chairman and CEO, said in the release. “[The results] were driven by outperformance in our U.S. businesses, strong results in certain emerging markets and outstanding starts to both the Salix and Dendron acquisitions. In addition, we have signed eight new transactions so far this year and have realized several significant R&D milestones, including the approval of Xifaxan [rifaximin] for [diarrhea-predominant irritable bowel syndrome] and the [new drug application] submissions for Vesneo [latanoprostene bunod] and Relistor Oral [methylnaltrexone bromide].”

Same store sales organic growth of 19% was attributed to the strength of dermatology, contact lense and dental markets, and Obagi, a division of Valeant, the release stated.

Salix Pharmaceuticals, which Valeant announced agreement to acquire in March, had third quarter revenue of $313 million, the release stated. Valeant’s revenue for the third quarter increased by 27% over the prior year when negative impact of foreign exchange and the contribution of Salix were excluded, according to the release.

Valeant develops, manufactures and markets pharmaceutical products in areas including dermatology, gastrointestinal disorder, eye health, neurology and branded generics, according to the release.

Reference: www.valeant.com