Valeant Q4 loss loss grows, sales fall 13% but adjusted earnings above estimates

Valeant posts bigger Q4 loss, revenue down 13%

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

Note to readers: This is a corrected story. An earlier version misspelled Bausch.