Valeant Pharmaceuticals International posted a better-than-expected quarterly profit, helped by higher revenue from its specialty pharmaceutical segment, and raised its 2009 earnings view.
The company forecast fiscal 2009 cash earnings of $2.10 to $2.20, up from its prior view of $1.90 to $2.10 a share.
Analysts on average were expecting earnings of $2.00 a share, before items, according to Thomson Reuters I/B/E/S.
For the third quarter, the company reported a net income from continuing operations of $37.6 million, or 45 cents a share, compared with a loss from continuing operations of $7.3 million, or 8 cents per share, a year ago.
Excluding items, it earned 58 cents a share, while revenue rose 31 percent to $220.3 million.
Analysts on average expected earnings of 49 cents a share, excluding special items, on revenue of $193.5 million.
In the third quarter, revenue from its specialty pharmaceutical segment rose 45 percent to $101.6 million.
The company also said it and partner GlaxoSmithKline Plc completed filing marketing application of their drug retigabine to treat pain associated with postherpetic neuralgia -- a painful and common complication of shingles -- with U.S and European health regulators.
Shares of the company closed at $29.40 Friday on the New York Stock Exchange.
(Reporting by Krishnakali Sengupta in Bangalore; Editing by Aradhana Aravindan)