Here's Why Valeant Pharmaceuticals Intl. Inc. Surged as Much as 10%
Shares of Valeant Pharmaceuticals (NYSE: VRX), the embattled drugmaker that's traditionally grown through acquisitions and price hikes over the years, surged as much as 10% during Tuesday's trading session after the company released its second-quarter earnings results. As of 1:30 p.m. EDT, Valeant's shares had retreated a bit, with the stock still up a shade over 6%.
For the quarter, Valeant reported $2.23 billion in sales, a nearly 8% decline from the $2.42 billion it reported in the second quarter of last year. Organic growth from its Bausch & Lomb segment, sans divestitures, came in at a healthy 6% during the quarter, which is right in line with management's early-year growth forecasts for the segment.
Salix Pharmaceuticals also grew 16% on a constant-currency and apples-to-apples basis. Overall, though, the Branded Rx segment saw sales dip 3% on a constant-currency basis. The $2.23 billion in sales was right in line with what Wall Street had been forecasting.
Source: Fool.com
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