Valeant Pharmaceuticals (Valeant) has reported a total revenue of $220.3m for the third quarter of 2009, an increase of 31% compared to $168.4m in the third quarter of 2008.
Research and development costs decreased 51% to $11.3m, compared to $23.2m in the same period prior year, primarily as a result of the company’s new leveraged R&D model.
Net interest expense increased to $12.8m, compared to $7m in the third quarter of 2008, reflecting interest expense related to $365m aggregate principal amount of senior notes issued in June 2009.
Income from continuing operations was $37.6m, as compared to a loss from continuing operations of $7.3m, copared to same period previous year.
Michael Pearson, chairman and CEO, said: “Valeant continues to perform well, generating strong earnings growth in the third quarter. All of our businesses are growing and generating positive cash flows this quarter. In particular, I would like to note our 18% organic growth rate from total product sales, at constant currency, and our $65m of adjusted cashflow from operations.”