Valeant Pharmaceuticals International on Tuesday posted first-quarter results that beat analysts’ expectations and raised its outlook for the full year.
The Aliso Viejo drug maker’s shares rose as high as 12% at close of trading with a market value of $1.5 billion.
Valeant’s quarterly profit soared to $30.8 million, up from $2.5 million profit a year earlier.
The company, which has been in restructuring mode under Chief Executive J. Michael Pearson, said better expense management drove the gain.
Wall Street expected Valeant to make $19.2 million in the quarter.
First-quarter revenue jumped 17% to $178 million, beating analysts’ expectation of $175 million.
Valeant also raised its 2009 cash earnings,a look at how a company generates cash flow,to $141.7 million to $158.5 million from a previous forecast of $112.6 million to $133.4 million.
