Valeant reports $10.9 million in quarterly net income, closes Bausch + Lomb deal
Valeant Pharmaceuticals reported $10.9 million in net income for the quarter ended June 30, up from a net loss of $21.6 million during the same period last year, according to a company news release.
The company also announced it finalized its acquisition of Bausch + Lomb as of Aug. 5, including issuing 27.1 million common shares to raise $9.6 billion in support of the purchase.
Valeant noted it expects to realize more than $800 million in cost synergies from the combined company and raised its predictions for all of 2013 to earnings per share of $6 to $6.20, up from $5.55 to $5.85, the release said. The company also predicts total revenue for the year of $5.8 billion to $6.2 billion.
Revenue in the second quarter rose to $1.1 billion from $820 million in the second quarter of 2012, an increase of 34%. Product sales rose to $1.06 billion from $743 million, an increase of 43%.