Valeant Pharmaceuticals turned a second-quarter profit, as acquisitions and sales from emerging markets helped to counter a jump in some expenses.

The Canadian company also raised its 2013 earnings forecast.

Valeant earned $10.9 million, or 3 cents per share, in the three months that ended June 30. That compares to a loss of $21.6 million, or 7 cents per share, in last year's quarter.

Total revenue climbed 34 percent to $1.1 billion, and adjusted earnings totaled $1.34 per share.

Analysts expected, on average, earnings of $1.28 per share on $1.09 billion in revenue, according to FactSet.

The company said its revenue would have climbed 41 percent compared with last year, if a one-time $45 million drug-launch payment it received in the 2012 quarter is excluded.

In this year's quarter, Valeant's revenue from developed markets rose 37 percent to $792 million, led by contributions from acquisitions. Emerging markets revenue jumped 26 percent to $304 million, as the drugmaker saw strong growth in Poland, Russia, Brazil and Mexico, among other countries.

Those gains were balanced in part by a 39-percent increase in selling, general and administrative expenses, which climbed to $257.4 million.

Valeant said it now expects 2013 earnings to range between $6 and $6.20, up from its previous forecast for between $5.55 and $5.85 per share.

Analysts expect, on average, earnings of $5.89 per share.

U.S.-traded shares of Valeant Pharmaceuticals International Inc. closed at $95.72 on Tuesday. The stock has climbed about 60 percent so far this year after closing 2012 at $59.77.

 

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