Despite a tough economic climate, Aliso Viejo-based Valeant Pharmaceuticals saw a strong first quarter. The company's revenue increased 17 percent to $178 million, up from $152 million at the same time last year.
Valeant's net income hit 31.2 million, compared to $5.8 million at the same time last year. The company also posted income from continuing operations of $30.8 million, up from $2.5 million in 2008.
The company's success can be attributed to its work last year to implement changes to its business model, says Valeant CEO and Chairman J. Michael Pearson. He says the adjustments show the growth and potential of Valeant.
"This quarter demonstrated the strength of our core businesses and their product portfolios," states Pearson.
Specialty pharmaceutical product sales hit $86 million, up from $80 million. This is primarily a result of product sales of $11.4 million from acquisitions the company completed last year, though that gain was counteracted a bit by currency fluctuations and erosion of Efudex, a topical treatment produced by Valeant.
NEXT PAGE >>
Orange County auto sales down in April
I-Flow of Lake Forest reports 9 percent revenue jump
John Wayne expansion could be $100 million under budget
'OC METRO Minute,' May 6: Disney reports decline in revenue