Valeant reports 77% first-quarter revenue increase

Valeant Pharmaceuticals reported revenue of $1.9 billion in the first quarter of 2014, an increase of 77% compared with last year’s earnings, according to a press release.

The company also reported an increase in its developed market revenue of $1.4 billion, up 82% from the first quarter of 2013 as a result of promoted dermatology brands, consumer, neurology and other, and oral health businesses, as well as a 9% organic growth in Bausch + Lomb businesses, the release said.

Valeant’s same store organic product sales growth was 1% and pro forma organic growth was 4% in the first quarter of 2014, according to the release.

Taking the company’s $54 million in lost sales from certain generic products out of the equation, same store sales organic product sales growth was 8% and pro forma organic product sales growth for Valeant was 7%.

Valeant reported a $23 million net loss for the first quarter of 2014, or $0.07 per diluted share. Adjusted income was $600 million, or $1.76 per diluted share, marking an increase of 35% from last year.

GAAP cash flow from operations increased 90% over last quarter at $484 million, and adjusted cash flow from operations increased 84% at $636 million.

The company expects significant organic growth in the last half of the year, according to the release.