Valeant Pharmaceuticals International reported a second-quarter loss as the Aliso Viejo company continued to pare its operations by eliminating businesses overseas.
Valeant posted a loss of $74.6 million, or 83 cents a share, compared with a profit of $16.9 million, or 18 cents, a year earlier. Revenue fell 6% to $206.8 million.
Excluding one-time items, Valeant recorded a loss of 6 cents a share. On average, analysts polled by Thomson Financial expected a loss of a penny a share.
"Our financial results from this quarter, in aggregate, are poor," Chief Executive J. Michael Pearson said. "However, they are largely a reflection of many of the key components of the turnaround program."
Valeant shares rose $1.33 to $19.55 after the earnings news.