LAVAL, Que. - Valeant Pharmaceuticals International Inc. (TSX:VRX) raised its financial outlook for the year as it reported a loss in its latest quarter.
The drug company says it now expects revenue this year to total between $10.7 billion to $11.1 billion, up from its earlier guidance for between $10.4 billion and $10.6 billion.
Valeant also raised its expectations for its cash earnings per share to between $11.50 and $11.80, up from between $10.90 and $11.20.
The improved guidance came as the company posted a loss of $53 million or 15 cents per share for its second quarter compared with a profit of $125.8 million or 38 cents per share a year ago.
Valeant said its cash earnings per share for the quarter totalled $2.56 per share, up from $1.91 per share a year ago.
Revenue grew to $2.73 billion, up from $2.04 billion in the same quarter last year.