Strong first quarter launchpad for Valeant rebranding exercise

Troubled Canadian drugmaker Valeant Pharmaceuticals International (TSX: VRX) got a shot of good news in morning trading, as investors reacted warmly to a positive first quarter 2018 financial results statement.

In New York, shares of the company were trading around a tenth higher at lunchtime, after the firm announced revenues of $1.9 billion, down from $2.1 billion in the same period last year, but a little above the Financial Times’ consensus forecast.

Following Generally Accepted Accounting Principles (GAAP), the firm reported a $2.6 billion loss due to write-offs of $2.2 billion related its Salix and Ortho Dermatologics businesses. This equates to an earnings per share figure of negative $7.68.