Valeant fourth-qtr 2014 earnings beat expectations

Canada’s Valeant Pharmaceutical International (TSX: VRX) posted financial results late Sunday, showing that fourth-quarter 2014 profit increased to $534.9 million or $1.56 per share from $123.8 million or $0.36 per share last year.

The results were presented earlier than the scheduled February 24 date, and came along with the announcement that Valeant has made a takeover bid of around $10 billion for US gastrointestinal drugmaker Salix Pharmaceuticals (Nasdaq: SLXP).

Adjusted earnings for the quarter increased 20% to $2.58 per share compared with the like 2013 quarter. Analysts polled by Thomson Reuters estimated earnings of $2.55 per share for the quarter. Analysts' estimates typically exclude one-time items. Total revenues for the quarter rose 10% to $2.28 billion from $2.06 billion last year. Analysts had a consensus revenue estimate of $2.22 billion for the quarter.

For the full-year 2014, total revenues were up 43% to $8.3 billion, with same store sales organic growth of 13%. Growth at recently acquired Bausch + Lomb was 11%. Generally accepted accounting principles (GAAP) earnings per share were $2.67, while cash EPS came in at $8.34, an increase of 34%.

Forward guidance