Valeant Pharmaceuticals International Inc. (VRX, VRX.TO) reported that its first-quarter net loss widened to $27.53 million or $0.09 per share, from $12.92 million or $0.04 per share in the same quarter last year.
Adjusted net income for the quarter was $405.16 million up from $360.32 million last year. Cash earnings per share increased to $1.30 from last year's $1.14. Cash earnings per share excluding one-time items was $1.30, up from $0.91 in the prior year.
Excluding gains on the divestiture of two dermatology products and a foreign exchange gain related to the acquisition of iNova in the first quarter of 2012, Cash earnings per share increased 43% over the year-ago quarter.
Total revenues were $1.068 billion, up from $856.10 million in the year ago quarter.
The company updated its previous Cash earnings per share guidance and is now targeting Cash earnings per share of $5.55 to $5.85 in 2013, despite a recent entry of Zovirax generic ointment, up from prior guidance of $5.45 to $5.75.
Total revenue in the range of $4.4 to $4.8 billion and adjusted cash flow from operations of $1.5 to $1.75 billion is reaffirmed.
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