Valeant Pharmaceuticals and Office Depot released their latest earnings reports. Valeant posted $2.11 billion in sales, compared to the consensus estimate of $2.18 billion in revenue. In last year’s first quarter, the drug maker reported $2.37 billion in revenue.
Office Depot reported adjusted earnings of 16 cents per share on $2.7 billion in revenue, versus the consensus estimates of 12 cents per share and $2.7 billion in sales. In last year’s first quarter, the office supply retailer reported $2.9 billion in sales and 12 cents per share in non-GAAP earnings.
Valeant Pharmaceuticals swings to profit, boosts outlook
Valeant Pharmaceuticals’ GAAP earnings per share amounted to $1.79 versus GAAP losses of $1.08 per share in the year-ago quarter. Net income amounted to $628 million, while adjusted EBITDA was $861 million, compared to $1 billion last year.
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The company’s product revenue fell to $2.08 billion from $2.34 billion a year ago. Wall Street had been looking for $2.13 billion in product revenue. Valeant said the decline in revenues was mostly the result of lower volumes in the U.S. Diversified Products and Branded Rx segments due to patent expirations and “challenging market dynamics.”
Valeant Pharmaceuticals boosted its full-year adjusted EBITDA guidance to between $3.6 billion and $3.75 billion from the previous range of $3.55 billion to $3.7 billion. The drug maker cut $1.3 billion off its debt during the first quarter through asset sales. It has cut $3.6 billion from its total debt over the last 12 months and expects to close the sale of Dendreon Pharmaceuticals for $819.9 million toward the middle of the year.
Shares of Valeant Pharmaceuticals skyrocketed by as much as 15.76% to $11.23 in premarket trades this morning.
Office Depot shares rise
Office Depot’s GAAP earnings rose to 14 cents per share from 11 cents per share in last year’s first quarter. Retail Division sales ticked lower to $1.4 billion from $1.5 billion a year ago, while North American Business Solutions sales fell 4% year over year to $1.3 billion.
Office Depot said it still expects full-year sales to be lower than last year’s sales. It expects to complete the integration of OfficeMax by the end of the year. The retail chain expects to see $250 million in cost savings by the end of last year.
Shares of Office Depot surged by as much as 9.78% to $5.61 in premarket trades this morning.