The Undeniable Reason Behind Valeant Pharmaceuticals Inc.'s 43% Rally in November
Shares of Valeant Pharmaceuticals (NYSE: VRX), an embattled drugmaker that had primarily grown by acquisitions and drug-price hikes in recent years, galloped higher by 43% in November, according to data from S&P Global Market Intelligence. While the stock is still more than 90% off its all-time high, the monthly return was one of the best shareholders have seen in recent years -- and they owe it all to the company's encouraging third-quarter operating results.
For the quarter, Valeant reported $2.22 billion in sales, down about 10% from the previous year, as well as $367 million in adjusted net income, down from $510 million in the prior-year period. Scratching the surface, these headline figures don't look very appetizing. However, the underlying details were what excited investors.
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Source: Fool.com