(AP, Reuters, WXXI News) Valeant Pharmaceuticals, parent company of Bausch + Lomb, is reporting first-quarter net income of $628 million, after reporting a loss in the same period a year earlier.
The company said it had profit of $1.79 per share. Earnings, adjusted for non-recurring costs, were $2.80 per share.
The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 96 cents per share.
The drugmaker posted revenue of $2.11 billion in the period, which missed Street forecasts. Five analysts surveyed by Zacks expected $2.16 billion.
The outlook cheered investors who may have expected a reduction, BTIG analyst Tim Chiang told Reuters.
"The market was very fearful that something else was going to go wrong," Chiang said. "Maybe management is getting their hands around the situation. Still, they have this uphill climb."
Valeant is focusing on its dermatology, eyecare and gastrointestinal units while selling other assets to repay heavy debt.
The stock was up more than 26 percent at midday on Tuesday.