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UPDATE 1-Valeant swings to profit on Bausch & Lomb buy

Feb 27 (Reuters) - Valeant Pharmaceuticals International Inc , Canada's largest listed drugmaker, swung to a quarterly profit driven by the acquisition of contact lens maker Bausch & Lomb Holdings Inc.

Valeant's net income attributable to the company was $123.8 million, or 36 cents per share, for the fourth quarter ended Dec. 31.

The company reported a loss of $89.1 million, or 29 cents per share, a year earlier.

Valeant also posted a loss in the third quarter.

Cash earnings, or profit adjusted for one-time items, were$731.5 million, or $2.15 per share.

Revenue more than doubled to $2.06 billion.

Analysts had expected cash earnings of $2.06 per share on revenue of $2.06 billion, according to Thomson Reuters I/B/E/S.

Valeant, which aims to become one of the world's top five pharmaceutical companies by market capitalization by 2016, has grown rapidly through acquisitions, part of a consolidation wave in the specialty pharmaceutical sector.

Chief Executive Michael Pearson said last month that the company was pursuing a merger of equals as well as smaller deals, but would look this year to pull off an acquisition similar in size to the Bausch & Lomb purchase.

Valeant bought Bausch & Lomb from Warburg Pincus LLC for $8.7 billion in August last year.

Valeant shares closed at C$162.38 on Wednesday on the Toronto Stock Exchange. The stock more than doubled in 2013.

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