Valeant Pharmaceuticals International swung to a loss in the third quarter, citing distribution delays in Mexico and weak U.S. sales for some products, the Aliso Viejo-based drug maker said Thursday.
The third-quarter loss totaled $12 million, or 13 cents a share, compared with earnings of $13.7 million, or 14 cents, a year earlier, the company said. Revenue dipped 1% to $208.6 million.
Valeant said it planned to sell its Infergen operations and had recorded results related to the hepatitis C treatment as discontinued operations. Infergen accounted for sales of about $8.6 million and costs of about $18.6 million in the latest quarter.
"Our performance this quarter was disappointing, and we are clearly not pleased with the results," Chief Executive Timothy C. Tyson said.