Apotex reports Q2 profit, raises guidance for revenue growth for the year

Detailed summary

Apotex Health Corp. raised its guidance for its full year as it reported a second-quarter profit of $100.8 million, up from $82.9 million a year earlier.

TORONTO — Apotex Health Corp. raised its guidance for its full year as it reported a second-quarter profit of $100.8 million, up from $82.9 million a year earlier.

The drug company says the profit amounted to 41 cents per diluted share for the quarter compared with 43 cents per diluted share a year ago when it had fewer shares outstanding.

Revenue totalled $852.9 million for the quarter, up from $843.5 million in the same quarter last year.

On an adjusted basis, Apotex says it earned 57 cents per diluted share in its latest quarter compared with an adjusted profit of 61 cents per diluted share a year earlier.

In its updated outlook, it says it now expects full-year revenue growth of nine to 10 per cent, up from earlier expectations for upper mid-single digit growth of seven to eight per cent.

Apotex also says it now expects its adjusted earnings before interest, taxes, depreciation and amortization margin to come in at about 31 per cent, up from earlier guidance for about 30 per cent.

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