The head office and logo of Valeant Pharmaceutical are pictured in Montreal on May 27, 2013. THE CANADIAN PRESS/Ryan Remiorz
January 07, 2014 - 7:22 AM
MONTREAL - Drug company Valeant says it is looking for a big acquisition this year and is aiming to be one of the top five pharma companies in the world by the end of 2016.
The Quebec-based company says its goal is to have a market capitalization of $150 billion in two years, meaning it would have to more than triple its current value.
Chairman and CEO Michael Pearson says he also expects the company to make more than 25 small acquisitions, continuing its trend in recent years of buying smaller companies to grow.
The company is focused on dermatology, eye health and niche products and is continuing with its strategy of growth in emerging markets such as Latin America, Europe and Asia.
Valeant (TSX:VRX) expects revenue of between $8.2 billion to $8.6 billion for its 2014 financial year, an increase of 40 per cent, and cash earnings between $8.25 and US$8.75 per share.
Pearson says Valeant will launch 15 to 30 new products in Canada and the United States this year.
News from © The Canadian Press, 2014