Valeant Pharmaceuticals narrows 1Q loss to $22.6M

Valeant Pharmaceuticals saw its first-quarter loss shrink, as revenue gains fueled by last summer's Bausch + Lomb acquisition helped soften the blow from costs tied to that $8.7 billion deal.

The Canadian drugmaker said Thursday its revenue in developed and emerging markets jumped in the quarter, helped by gains from the U.S. company, which is one of the world's best-known makers of contact lenses.

But Valeant also booked charges of $135 million mostly tied to that deal.

Overall, the company lost $22.6 million, or 7 cents per share, in the three months that ended March 31. That compares to a loss of $27.5 million, or 9 cents per share, last year, when Valeant absorbed costs from the purchase of dermatology products maker Medicis Pharmaceutical.

Adjusted earnings totaled $1.76 per share, which topped average analyst expectations for $1.74 per share.

Revenue totaled $1.89 billion. Analysts expected $1.99 billion, according to FactSet.

Valeant Pharmaceuticals International Inc. also said its expenses climbed in part because it launched 11 new products in the quarter.

The Laval, Quebec, drugmaker is still working on deals. Last month, Valeant and activist investor Bill Ackman unveiled details of an offer to buy Botox maker Allergan. They proposed a cash-and-stock deal that could be worth about $45.6 billion.