Dallas, Texas 07/24/2015 (FINANCIALSTRENDS) – Valeant Pharmaceuticals Intl Inc (NYSE:VRX) is now Canada’s largest company in terms of market cap having surpassed the Royal Bank of Canada on posting better than expected profit for Q2. Having been on an acquisition streak and ongoing growth in the dermatology business, the pharmaceutical company giant is now valued at C$112.6 billion eclipsing Royal Bank of Canada market cap of about C$109 billion.
Acquisition Streak
Over the past 12 months, CEO Mike Pearson has completed over 11 deals that have played a key role on the company’s healthy run in the pharmaceutical sector. Valeant Pharmaceuticals Intl Inc (NYSE:VRX) has grown quickly in the recent years on buying companies with proven drugs instead of having to spend its cash on expensive research programs
The stock is up by 105% this year alone. The drug maker has already confirmed that it is close to finalizing a deal that will see it acquire Egypt’s biggest drug maker Amoun, for $800 million. The acquisition gives Valeant exposure to the Middle East and Africa markets as well as platform for further expansion in the region.
Full Year Guidance
The Canadian company posted a 34% increase in second-quarter profit that gives it the financial muscle to carry out any acquisitions that can guarantee further growth. Organic growth in same store sales was up by 19% in the quarter mostly driven by strength in the dermatology, contact lenses, and dental businesses. Revenue, as a result, was up by 34% to a high of $2.73 billion even on receiving a hit of about $173 million on foreign currency fluctuation
Valeant Pharmaceuticals Intl Inc (NYSE:VRX) expects earnings per share of between $2.60 and $2.70 for the current quarter on revenue of between $2.6 billion and $2.8 billion. For the full year, the company is forecasting earnings of $11.50 to $11.80 against a previous guidance of between $10.90 and $11.20. Valeant Pharmaceuticals Intl Inc (NYSE:VRX) expects revenues of between $10.4 billion and $10.6 billion for the year.