Falling sales increase Valeant's 2008 loss
US company Valeant Pharmaceuticals' 2008 loss increased nearly four-fold, year-on-year, due to falling US pharmaceutical revenue.
Net loss reached $23.7 million, or $0.27 loss per share, versus a loss of $6.2 million, or $0.07 loss per share. R&D costs fell 11% to $87.0 million. The firm's cash and cash equivalent assets were drained by 35% to $199.6 million as of December 31, last year.
Revenue fell by 5% to $657.0 million. This comprised pharmaceutical turnover, down 7% to $303.7 million, and generic drug sales, which was divided into Latin America, down 10% to $136.6 million, and Europe, which rose 22% to $152.8 million.
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