Valeant Pharmaceuticals International, Inc. (VRX) Tops Q1 EPS by 4c

Valeant Pharmaceuticals International, Inc. (NYSE: VRX) reported Q1 EPS of $1.76, $0.04 better than the analyst estimate of $1.72. Revenue for the quarter came in at $1.85 billion, versus $1.04 billion reported last year.

"Our first quarter results demonstrate the strong, durable nature of our diversified business model," stated J. Michael Pearson, chairman and chief executive officer. "The U.S. delivered positive organic growth this quarter, despite the negative generic headwinds of losing three of our top ten products in 2013 including our largest product. Our Bausch + Lomb businesses continued to deliver double-digit organic growth that is well above the growth rates achieved pre-acquisition. Finally, I am particularly pleased that Valeant delivered extremely strong adjusted cash flow from operations this quarter."

Same store organic product sales growth for Valeant was 1% in the first quarter of 2014, while pro forma organic growth was 4%. Excluding the impact of approximately $54 million in lost sales from certain generic products, including the Zovirax, Retin-A Micro and Vanos franchises in the U.S., and Wellbutrin XL in Canada, same store sales organic product sales growth was 8% and pro forma organic product sales growth for Valeant was 7%. As mentioned in our 2014 financial guidance call, after the second quarter, the impact of recent generic entrants will be largely behind us and we expect a significant acceleration of organic growth in the last half of the year.

For earnings history and earnings-related data on Valeant Pharmaceuticals International, Inc. (VRX) click here.

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