07/24/2015 09:31 EDT | Updated 07/24/2016 05:59 EDT

Valeant passes RBC to become most valuable company on TSX

Quebec-based drugmaker Valeant has moved past the Royal Bank of Canada to become the most valuable company in Canada.

The pharmaceutical company's shares surged on the TSX on Thursday after the Montreal-based company beat analyst expectations in its quarterly earnings, and hiked its outlook moving forward.

The shares gained more than nine per cent after the company posted a quarterly profit of $2.56 per share. 

The shares were trading hands at just over $341 per share on the TSX before markets opened on Friday. At that share price, the company is worth $116 billion. That's more than what Royal Bank of Canada's current value of $109 billion.

Valeant's shares have been on a tear of late, gaining more than 100 per cent this year as the company has been on an aggressive acquisitions kick.

It's relatively rare to have a non-financial firm be atop the TSX's market capitalization ranking. But it's a feat that has been accomplished by a few firms, including tech titan Nortel, energy company Encana, fertilizer giant Potash and now Valeant.