LAVAL, Quebec—After missing the deadline for reporting its first quarter earnings, Valeant Pharmaceuticals (NYSE: VRX) posted lower-than-expected profits for the three-month period ending March 31, 2016. The company, which is under investigation for business and accounting practices, reported total revenues of $2.37 billion, an increase of $202 million, or 9 percent versus the first quarter of 2015 (restated).

Valeant attributed the increase primarily to the effect of acquisitions completed in 2015 and their subsequent growth under Valeant's ownership. However, the increase was mostly offset by a negative foreign currency impact of $52 million and a negative impact from divestitures and discontinuations of $22 million, according to Valeant. On an organic basis, total revenues declined $289 million in the first quarter of 2016 from the remainder of the existing business.

Valeant reported a net loss of $373.7 million for the first quarter of 2016 as compared to net income of $97.7 million in the first quarter of 2015 (restated). Adjusted net income (non-GAAP) was $442.6 million for the first quarter of 2016 as compared to adjusted net income (non-GAAP) of $704.2 million in the first quarter of 2015 (restated).

Revenue for Valeant’s dermatology business plummeted 43 percent, from $398.5 million (GAAP) in first-quarter 2015 to $228.6 million in first quarter, 2016. Revenue for Valeant’s ophthalmology Rx business unit fell 30 percent, from $129.1 million (GAAP restated) in the year-ago period to $90.7 million (GAAP) in first quarter 2016. Revenue from contact lenses rose 9 percent from $47.7 million (GAAP) year ago to $52.1 million (GAAP). Contact lens maker Bausch + Lomb is a division of Valeant.

Based on these results, Valeant cut its full-year revenue forecast to $9.9 billion to $10.1 billion from $11.0 billion to $11.2 billion.

“The first quarter's results reflect, in part, the impact of significant disruption this organization has faced over the past nine months,” said Joseph Papa, chairman and chief executive officer. “This has been a difficult period for Valeant and its stakeholders, and while there are some challenges to work through in certain business operations in 2016, such as our U.S. dermatology unit, the majority of our businesses are performing according to expectations.

"While we recognize that we did not meet the timeline for filing our first quarter results, with our filing expected this week, we will be current in our financial reporting," continued Papa. "We have made progress toward stabilizing the organization over the past few months, and we expect to file our financial results in a timely manner going forward.

“Valeant has a portfolio of world class brands, a strong new product pipeline and dedicated leaders who are committed to doing what is right and what is necessary to turn this company around by re-engaging our work force, rebuilding our relationships with prescribers, patients and payors, and regaining the trust of our debtholders and shareholders."