Valeant posts bigger loss as costs rise

Thu May 2, 2013 6:23am EDT

(Reuters) - Valeant Pharmaceuticals International Inc (VRX.TO) (VRX.N), Canada's biggest publicly traded drugmaker, reported a bigger first-quarter loss as expenses rose due to its $2.6 billion acquisition of Medicis Pharmaceuticals Corp.

The company's net loss widened to $27.5 million, or 9 cents per share, from $12.9 million, or 4 cents per share, a year earlier.

Cash earnings, or profit adjusted for one-time items, amounted to $1.30 per share.

(Reporting by Bhaswati Mukhopadhyay; Editing by Saumyadeb Chakrabarty)