May 25, 2011 / 8:26 PM / in 7 years

UPDATE 1-Paladin Q1 profit rises

* Q1 EPS C$0.40 vs C$0.16 last year

* Rev up 3 pct

* Forecast 2011 rev up 2-6 pct (Follows alerts)

May 25 (Reuters) - Canadian specialty pharmaceuticals company Paladin Labs Inc’s quarterly profit more than doubled, partly helped by promotions of certain drugs.

Paladin forecast 2011 revenue to rise 2-6 percent to C$130-C$135 million.

January-March profit rose to C$8.1 million, or 40 Canadian cents a share, from C$3.1 million, or 16 Canadian cents a share a year ago.

Revenue rose 3 percent to C$31.7 million.

The company benefited from the marketing of pain drug Tridural, analgesic Metadol, testosterone gel Testim and contraceptive Plan B.

Shares of the company closed at C$44.05 on Wednesday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Joyjeet Das)

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