Valeant Pharmaceuticals International (NYSE: VRX) Director Laurence E. Paul, this week, bought $276,000 worth of VRX shares.
Paul bought 5,700 shares of VRX common stock at $48.53 per share. In past year, Paul has bough VRX shares on two other occasions.
Valeant Pharmaceuticals shares are gaining in trading today. At last check, the stock was trading 1.90% higher at $48.83. The stock has gained 4.26% so far this year.
Canada-based Valeant Pharmaceuticals is engaged in the development, manufacturing and marketing of a range of pharmaceutical products. The company has five business segments, which include U.S. Neurology and Other, U.S. Dermatology, Canada and Australia, Branded Generics-Europe, and Branded Generics-Latin America.
On Wednesday, Valeant Pharmaceuticals announced that it is planning to syndicate $500 million of incremental term loans under its existing senior secured credit facilities to fund repayment of accounts outstanding under its existing $275 million revolving facility and for general corporate purposes.
Earlier this month, VRX also announced its first-quarter financial results. The company reported total revenue of $856.1 million for the first quarter, compared with $565 million reported in the first quarter of 2011. Product sales in the first quarter stood at $768.4 million, compared with $500.4 million reported in the first quarter of 2011.
VRX reported net loss of $12.9 million for the first quarter of 2012.
J. Michael Pearson, Chairman and CEO of Valeant Pharmaceuticals, said earlier this month that VRX is pleased to see a solid start to what the company expects will be another strong year. Pearson said that with VRX’s current over performance in the base business, the achievement of higher synergies from its acquisitions completed in 2011 and the addition of the acquisitions consummated in 2012, the company is pleased to significantly increase its cash EPS guidance for 2012 to $4.45-$4.70.