B&L profits

Bausch & Lomb reported belated financial results last week with a 56 per cent rise in first-quarter profits, slightly less than the 63 per cent it had expected.

B&L's net income for the quarter was $18.4m compared with $11.8m in the first quarter of 2006, and net sales rose 6 per cent to $578.9m from $546.0m.

Reuters reported that the maker of PureVision contact lenses said the MoistureLoc recall reduced first quarter 2006 net income by an expected $19.6m.

It added that public shareholders have named the company and its directors as defendants in three lawsuits challenging its proposed $3.67bn acquisition by Warburg Pincus. Plaintiffs are seeking class action status and allege that, among other things, the purchase price is inadequate.