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B&L results boost Valeant Pharmaceuticals in Q1

Rochester Business Journal
May 8, 2014

Valeant Pharmaceuticals International Inc. on Thursday reported a jump in first-quarter revenues and a smaller net loss, aided by results at Bausch & Lomb Inc.

The parent of Bausch & Lomb Inc. posted a net loss attributable to Valeant of $22.6 million, or 7 cents a share, on revenues of $1.9 billion. That compares with red ink of $27.5 million, or 9 cents a share, on $1.1 billion in revenues in the first quarter 2013.

The company reported adjusted net income of $600 million, or $1.76 a share, which beat expectations. It reported adjusted earnings of $405.2 million, or $1.30 a share, a year earlier.

Restructuring and integration costs accounted for $138.8 million of Valeant’s first-quarter loss. Costs related to the company’s $8.7 billion acquisition of Bausch & Lomb last year accounting for $111 million of the total restructuring and integration expense in the quarter. 

Valeant chairman and CEO Michael Pearson credited Bausch & Lomb for helping Valeant grow its top line and cut its losses.

“Out Bausch & Lomb businesses continued to deliver double-digit organic growth that is well above the growth rates achieved pre-acquisition,” he said.

After the deal closed, Quebec-based Valeant moved Bausch & Lomb’s headquarters operations to New Jersey, where Valeant has its U.S. headquarters.

The most recent employment number the company has supplied showed Bausch & Lomb to have 1,769 Rochester employees in administrative, manufacturing and research and development positions.

Valeant shares (NYSE: VRX) were trading today at $131.66, down $1.69.
   
(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 



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