MONTREAL – Valeant Pharmaceuticals says it plans to focus on small to medium-sized acquisitions from privately owned companies in 2015 following an unsuccessful attempt to take over California-based Allergan.

The Quebec-based company told analysts that it believes its blockbuster bid for the maker of Botox would have been successful if a higher bid hadn’t emerged from Actavis, which agreed to pay US$66 billion in cash and stock.

Allergan had also fought a prolonged publicity and legal campaign against Valeant and its backer, New York-based hedge fund Pershing Square, which is headed by activist investor Bill Ackman.

Valeant said Thursday that it expects this year’s revenue will be 14-15 per cent higher than in 2014 and that earnings and cash flow will grow at an even faster pace.

The Laval-based company estimates 2015 revenue of between US$9.2 billion and US$9.3 billion, up from an estimated US$8.1 billion last year.

The company also estimates 2015 cash earnings per share of between US$10.10 and US$10.40 per share, up from an estimated US$8.32 in 2014.

Cash flow from operations will be above US$3.1 billion, compared with about US$2.5 billion in 2014.

The latest projections from the Montreal-area company were slightly ahead of analyst expectations. Thomson Reuters data indicates analysts had estimated 2015 revenue of about US$9.1 billion and US$10.06 per share in earnings.