New owner has invested $128 million in reorganization.
The $8.7 billion that Valeant Pharmaceuticals spent to purchase Bausch + Lomb Inc. last fall is apparently paying off. Even factoring in the $128 million the Montreal-based pharmaceuticals giant invested in a major overhaul of the B + L operation, Valeant reported record earnings for the quarter following the acquisition -- $125 million, versus the previous year’s fourth quarter net loss of $89 million. Valeant’s sales for the fourth quarter of 2013 were $2.06 billion, more than double the $986 million it took in the same three months in 2012. Since Valeant's takeover of the iconic eye care company, it has cut more than 400 positions at its manufacturing facilities in Rochester NY, and moved administrative headquarters from Rochester to New Jersey.
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