07/23/2015 07:29 EDT | Updated 07/23/2016 05:59 EDT

Valeant Pharmaceuticals posts second-quarter loss, sales up from year ago

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.