Valeant Q1 financial report includes Siliq, Bausch + Lomb news

Valeant Pharmaceuticals International announced first quarter financial results, including a reduction of debt of $1.3 billion in the first quarter of 2017 and reduced total debt by $3.6 billion since the same period in 2016.

The company’s total revenues were $2.109 billion, an 11% decrease from the first quarter of 2016, according to a news release from Valeant.

GAAP net income for the first quarter of 2017 was $628 million, compared with a net loss of $37 million for the first quarter of $217, for an increase of $.002 billion. The net income included a one-time income tax benefit of $908 million from a non-cash internal restructuring, according to the release.

Valeant reported that it had obtained FDA approval for Siliq (brodalumab) for treating moderate-to-severe plaque psoriasis, and that it would be the most competitive priced injectable biologic for the condition when it launches later in 2017.

It also reported that the Bausch + Lomb/International segment revenues had increased by $4 million in the first quarter, from $1.146 billion in the first quarter of 2016 to $1.15 billion in the first quarter of 2017.

Bausch + Lomb business highlights included receiving FDA 510(k) clearance form Vitesse and Stellaris Elite and introducing Bausch + Lomb Ultra for astigmatism contact lenses, according to the release. Valeant also announced it had received FDA filing acceptance for Luminesse (brimonidine tartrate ophthalmic solution, 0.025%) with a Prescription Drug User Fee Act action date of Dec. 27.

Reference: www.valeant.com