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Revenue increases, income decreases for Valeant
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Second-quarter total revenue at Valeant Pharmaceuticals increased to $820.1 million compared with $609.4 million in the same quarter last year, but there was a net loss of $21.6 million compared with a net income of $56.4 million a year ago, according to a company news release.
The largest increased expense in the quarter was $53.6 million in legal expenses, up from $2 million in the same quarter last year, the release said. The expenses were related to litigation settlement and associated fees tied to a class-action antitrust complaint.
Valeant also saw increases in selling, general and administrative expenses, up $35 million to $185.4 million, and in restructuring, acquisition-related and other costs, up $95 million to $210.6 million, according to the release.
The company adjusted its earnings per share prediction for the year to $4.55 to $4.75, up from $4.45 to $4.70 and maintained its prior guidance of total revenue in the range of $3.4 billion to $3.6 billion, the release said.
Valeant has a net loss of $34.5 million in the first 6 months of the year vs. net income of $62.8 million in the first 6 months of 2011.