Valeant Pharmaceuticals turned a second-quarter profit, as acquisitions and sales from emerging markets helped to counter a jump in some expenses.
The Canadian company also raised its 2013 earnings forecast.
Valeant earned $10.9 million, or 3 cents per share, in the three months that ended June 30. That compares to a loss of $21.6 million, or 7 cents per share, in last year’s quarter.
Total revenue climbed 34 percent to $1.1 billion, and adjusted earnings totaled $1.34 per share.
Analysts expected, on average, earnings of $1.28 per share on $1.09 billion in revenue, according to FactSet.
The company said its revenue would have climbed 41 percent compared with last year, if a one-time $45 million drug-launch payment it received in the 2012 quarter is excluded.
In this year’s quarter, Valeant’s revenue from developed markets rose 37 percent to $792 million, led by contributions from acquisitions. Emerging markets revenue jumped 26 percent to $304 million, as the drugmaker saw strong growth in Poland, Russia, Brazil and Mexico, among other countries.
Those gains were balanced in part by a 39-percent increase in selling, general and administrative expenses, which climbed to $257.4 million.
Valeant said it now expects 2013 earnings to range between $6 and $6.20, up from its previous forecast for between $5.55 and $5.85 per share.
Analysts expect, on average, earnings of $5.89 per share.
U.S.-traded shares of Valeant Pharmaceuticals International Inc. closed at $95.72 on Tuesday. The stock has climbed about 60 percent so far this year after closing 2012 at $59.77.
