Valeant Pharmaceuticals, the company that bought Bausch + Lomb in August 2013, reported net income of $74.5 million for the first quarter ended March 31 against a loss of $20.3 million in the year-ago period. Total sales grew by 16 percent to $2,190 million, led by a 39 percent increase in the U.S., where contact lenses and some other businesses recorded double-digit growth. Organically, global sales were up by 15 percent.

Bausch + Lomb generated an organic sales increase of 6 percent across its multiple divisions. The growth rate amounted to 8 percent excluding the Japanese market, which was affected last year by strong purchases ahead of a rise in the VAT rate on April 1.

Sales of contact lenses grew by 17 percent to $47.7 million, led by new products such as B&L's Bio True One-Day and Ultra contact lenses. BioTrue Multipurpose solutions helped the company to record a 21 percent increase for contact lens solutions.

Meanwhile, Allergan has dropped its lawsuit against Valeant and one of its investors, Pershing Square Management, which alleged misconduct in their dealings for their failed bid for Allergan. This came after Actavis of Ireland completed its acquisition of Allergan, following approval of the transaction by the European Commission's anti-trust directorate.