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Acquisitions boost revenue 34% for Valeant

Michael Pearson of Valeant

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Canada's Valeant Pharmaceuticals International posted a quarterly profit Monday, as acquisitions and growth in the drug maker's dermatology business boosted revenue, offsetting the impact of a stronger U.S. dollar.

The Mississauga, Ont.-based company has been on the acquisition trail since Biovail Corp., Canada's largest publicly-owned pharmaceutical company, took over U.S.-based Valeant and assumed the Valeant name.

For the fourth quarter ended Dec. 31 , net income was $55.9-million, or 18 cents per share, compared with a net loss of $31.1-million, or 10 cents, a year ago. Revenue rose 34 per cent to $688.5-million.

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Adjusted cash income was $297.7-million, or 94 cents per share. Analysts, on average, had expected earnings of 85 cents per share, according to Thomson Reuters I/B/E/S.

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