Valeant Pharmaceuticals International Inc. (NYSE: VRX) reported its third-quarter financial results before the markets opened on Monday. The company had $0.14 in earnings per share (EPS) on $2.8 billion in revenue. That compared to $0.81 in EPS on $2.06 billion in revenue in the same period of the previous year.
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In the third quarter the company had same-store sales growth of 13%. This marks the fifth consecutive quarter with same-store sales organic growth of over 10%. This was driven in particular by the continued outperformance of dermatology and contact lens, as well as strong results in China, South Korea and Mexico.
The company had an operating cash flow of $865 million, an increase of 12% from the previous year. Excluding the impact of foreign exchange, the increase was 18%.
Over the course of the quarter, Valeant closed deals involving Sprout, brodalumab and Synergetics. The company is about to close on Amoun shortly.
J. Michael Pearson, chairman and CEO of Valeant, said:
Today, we reported yet another consecutive quarter of strong financial results that exceeded expectations. I am incredibly proud of the hard work and effort put forth by Valeant’s employees around the world. I would also like to thank all the doctors who prescribe our products and the patients who use them. We will be discussing our outperformance on our conference call later today, as well as addressing the most frequently asked questions we have been hearing from our shareholders. With our strong product portfolio and growth prospects, we feel very confident in our future outlook and we are reaffirming our $7.5 billion EBITDA floor for 2016.
On the books, the company had $1.42 billion in cash and marketable securities at the end of the third quarter, compared to $322.6 at the end of December 2014.
Shares of Valeant closed Friday up 5.2% to $177.56, with a consensus analyst price target of $52.38 and a 52-week trading range of $120.12 to $263.81. In early trading indications on Monday, shares were down 1.4% at $175.12.
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