Valeant Pharmaceuticals reports 10% rise in revenues

Valeant Pharmaceuticals has announced its financial results for the 2006 fiscal year, reporting increased product sales and operating profit. The firm recorded revenues of $907.2 million (462.6 million pounds) for the year, a rise of ten per cent on 2005, with this increase on the back of a 13 per cent growth in product sales to $826 million.

The company saw a net loss from continuing operations of $64.1 million, equal to $0.69 per diluted share, compared to a loss of $185.8 million in 2005.

Valeant noted that product sales were led by the launch of Zelapar and the acquisition of Infergen at the end of 2005, while the company experienced growth in a number of its other brands, including Efudex, Cesamet and Kinerase.

Timothy C Tyson, president and chief executive officer of Valeant, said: “We are very pleased to report strong top and bottom line improvements in 2006.

“We achieved our earnings goal for the year with an increase in adjusted earnings of more than 50 per cent.”

He added that the firm had lowered its costs in the 2006 financial year through restructuring plans and work to reduce its expenses, with this reorganisation saving $30 million for the year.

Valeant expects this savings figure to rise to annual savings of $50 million from 2007.

In December 2006, Valeant announced the sale of its discovery and preclinical business to Arsea Biosciences.