VRX reported fourth-quarter 2014 cash earnings per share of $2.58 (excluding special items and non-cash expenses), up from the year-ago figure of $2.15 per share. Excluding stock-based compensation expense, earnings per share came in at $2.57. Revenues for the quarter soared 10.5% year over year to $2.3 billion.
Product sales at Valeant amounted to $2.2 billion during the fourth quarter, up 10% year over year. Overall, same-store sales organic growth was 16% . Organic growth from Bausch+Lomb came in at 8%. Research & development expenses were relatively flat year over year at $59.1 million, while selling, general & development expenses increased 16.5% to $524.5 million.
Valeant said Thursday that it expects this year’s revenue will be 14-15 per cent higher than in 2014 and that earnings and cash flow will grow at an even faster pace. The Laval-based company estimates 2015 revenue of between US$9.2 billion and US$9.3 billion, up from an estimated US$8.1 billion last year.
The company also estimates 2015 cash earnings per share of between US$10.10 and US$10.40 per share, up from an estimated US$8.32 in 2014. Cash flow from operations will be above US$3.1 billion, compared with about US$2.5 billion in 2014.
The latest projections from the Montreal-area company were slightly ahead of analyst expectations. Thomson Reuters data indicates analysts had estimated 2015 revenue of about US$9.1 billion and US$10.06 per share in earnings.