Valeant Pharmaceuticals Intl Inc (NYSE: VRX) is having an overwhelmingly strong day in the market today, and for good reason. The company announced its earnings for the third quarter, blowing away expectations and exciting investors. Today, we’ll talk about what we saw from earnings, how the stock reacted in the market, and what we’ll be watching for with regard to VRX ahead.
VRX Reports Earnings
As mentioned above, Valeant Pharmaceuticals released its earnings report for the third quarter, beating expectations and leading to gains. Here’s what we saw from the report:
- Earnings Per Share – In terms of earnings per share, VRX did overwhelmingly well. During the quarter, the company-generated earnings, adjusted for non-recurring gains, came in at $1.04 per share. This came in well ahead of analyst expectations at $0.90 per share.
- Revenue – Revenue also proved to be a hit. During the quarter, analysts were expecting that VRX Would generate revenue in the amount of $2.17 billion. However, the company actually reported third quarter revenue in the amount of $2.22 billion, beating expectations.
- Guidance – Finally, Valeant Pharmaceuticals released strong guidance with regard to full-year revenue. The company said that it is expecting that revenue for the full year will come in the range between $8.65 billion and $8.8 billion.
In a statement, Joseph C. Papa, Chairman and CEO at VRX, had the following to offer:
“Our strong third-quarter performance demonstrates our continued progress in the turnaround of Valeant. Driven by solid execution in our Bausch + Lomb/International segment and our Salix business, we delivered strong organic revenue growth across approximately 77% of our business in the quarter.
Valeant is a very different company today than it was a year ago. Under a new management team, we have strengthened our balance sheet and stabilized the Company by simplifying our business and allocating resources more efficiently… We realize there is more progress to be made, and we will continue to hold ourselves accountable for delivering on our commitments to best serve our shareholders, employees, customers, and most importantly, patients.”
What We’re Seeing From VRX
As we’ve come to expect any time a publicly-traded company beats earnings and revenue expectations, Valeant Pharmaceuticals is having an incredibly strong day in the market today. At the moment (9:39), VRX is trading at $13.69 per share after a gain of $1.65 per share (13.70%) thus far today.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on VRX. In particular, we’re interested in following the story surrounding the company’s turnaround, as the new management team is doing incredibly well across multiple segments. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!