Valeant Pharmaceuticals International, an Aliso Viejo drug maker that’s undergoing restructuring, said Wednesday that it posted a first-quarter profit before charges.
The company earned $9.5 million in the quarter, up slightly from $9.3 million a year earlier.
But Valeant lost money after discontinued operations and charges of $3.9 million.
Analysts expected Valeant to make $1.8 million in the quarter.
First-quarter revenue was down 5% to $194.4 million.
Wall Street expected Valeant’s sales to come in at $193.1 million.
The results “continue to highlight the need for decisive change at Valeant,” said Chief Executive J. Michael Pearson in a statement.
Valeant’s steps to cut costs have included trimming its work force and selling off operations, including divesting its Asian subsidiaries for $37.9 million.
The company has also put its European operations on the block and hired Goldman Sachs & Co.
