Valeant Posts First Quarter Net Loss but Revenues Jump 77%
LAVAL, Que. - Valeant Pharmaceuticals International reports a first-quarter net loss of $23 million, but says its revenues jumped 77 per cent to $1.9 billion.
The Quebec-based company says it had a loss of seven cents per diluted share, compared with a loss of $27.5 million, or nine cents per share, in the same quarter of 2013.
Valeant says the loss includes restructuring, integration and other charges of $135 million primarily related to the acquisition of eyecare company Bausch + Lomb last year.
Revenues jumped 77 per cent to $1.9 billion, up from $1.06 billion year-over-year.
Valeant says on a cash earnings per share basis, adjusted income was $600 million or $1.76 per diluted share, an increase of 35 per cent over the prior year.
The company recently made a hostile offer for Botox maker Allergan.
Valeant has said its goal is to be one the world's top five pharmaceutical companies, with a market value of roughly $150 billion.
It was originally based in California and merged with Canada's Biovail in 2010, headquartered in Mississauga, Ont. Valeant moved its global headquarters to Laval, near Montreal, in 2012.