Valeant returns to profit in 1st-qtr 2015

Canadian specialty drugmaker Valeant Pharmaceuticals (TSE: VRX) has reported first-quarter 2015, posting a profit of $73.7 million compared to a loss of $22.6 million last year. Earnings per share were $0.21, compared to a loss of $0.07 last year.

On an adjusted basis, earnings per share were $2.36, versus $1.76 reported last year. Revenue for the quarter came in at $2.2 billion, a rise of 16% on the $1.89 billion reported last year, despite negative foreign exchange impact of $140 million.

"Our first quarter results demonstrate the strong performance of our diversified business model as we exceeded our first quarter guidance despite losing $140 million in revenue and $0.12 in Cash EPS to foreign exchange headwinds," stated Michael Pearson, chairman and chief executive, adding:"The company delivered exceptional double digit organic growth for the third quarter in a row, driven by the strength of most of our business units around the world.”