Valeant Pharmaceuticals International said its first-quarter net income edged up slightly. However, with results adjusted for continuing operations, the Aliso Viejo-based specialty pharmaceutical company posted a loss, missing Wall Street expectations.
The company said it earned $9.5 million, or 11 cents a share, compared with $9.3 million, or 10 cents, a year earlier. Revenue fell 5% to $194.7 million.
Excluding discontinued operations and certain one-time costs and gains, Valeant lost $3.9 million, or 4 cents a share.
Analysts polled by Thomson Financial expected a profit of 2 cents a share on revenue of $193.1 million.
"The financial results from this quarter continue to highlight the need for decisive change at Valeant," Chief Executive J. Michael Pearson said, adding that he had begun cutting costs.
Shares of Valeant fell 26 cents to $12.82.