Valeant reports US$628 million Q1 profit, with help from one-time tax benefit

Valeant reports US$628 million Q1 profit, with help from one-time tax benefit

LAVAL, Que. — Valeant Pharmaceuticals (TSX:VRX) says a one-time income tax benefit helped produce a US$628 million net profit for the company in the first quarter.

The Montreal-area drug and medical device maker, which reports in U.S. currency, says the quarter included a $908 million non-cash tax benefit from an internal restructuring.

Its first quarter net income amounted to $1.79 per share and contrasted with a year earlier loss of $374 million or $1.08 per share.

Valeant’s adjusted net income was $273 million, down from $443 million in last year’s first quarter, but the company didn’t provide a per-share equivalent on that basis.

Revenue was down by $263 million or 11 per cent at $2.11 billion, slightly below a consensus estimate from Thomson Reuters.

The Canadian Press

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