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.