LAVAL, Quebec, Oct. 20, 2014 /PRNewswire/ --
- 2014 Third Quarter Results
- Total Revenue $2.1 billion; an
increase of 33% over the prior year
- Total same store sales organic growth was 19%, including
impact from generics
- Bausch + Lomb organic growth was 12%, adjusted only for
foreign exchange
- GAAP EPS $0.81; Cash EPS
$2.11, an increase of 48%
- GAAP Operating Cash Flow $619
million, an increase of 207%; Adjusted Operating Cash Flow
$771 million, an increase of
89%
- Net debt reduced to $15.5
billion, with net leverage ratio approximately 4
times adjusted pro forma EBITDA
- 2014 Guidance for Cash EPS updated to $8.22 to $8.32 to reflect third quarter
outperformance and stronger expected fourth quarter financial
results
- Fourth quarter Cash EPS raised to $2.45 to $2.55
- Expect double-digit same store organic growth in the fourth
quarter
- 2015 Outlook raised to 10%+ Organic Growth and $10.00 Cash EPS, assuming no
acquisitions
Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX:
VRX) announces third quarter financial results for 2014.
"Valeant delivered exceptional results for the third quarter and
exceeded our expectations on all key metrics," stated J. Michael Pearson, chairman and chief executive
officer. "With our acquisition of Bausch + Lomb now
annualized (August 5) and the impact
of generics largely behind us, the true strength of our business
and operating model can be clearly seen by our financial
results. We are particularly pleased to deliver over
$600 million in GAAP operating cash
flow to our shareholders."
The Third Quarter Financial Results Presentation may be accessed
through the investor relations section of the Company's corporate
website at
http://ir.valeant.com/investor-relations/default.aspx.
Conference Call and Webcast Information
The Company
will host a conference call and a live Internet webcast today at
8:00 a.m. ET (5:00 a.m. PT), October 20,
2014 to discuss its third quarter financial results for
2014. The dial-in number to participate on this call is (877)
876-8393, confirmation code 6783694. International callers should
dial (973) 200-3961, confirmation code 6783694. A replay will be
available approximately two hours following the conclusion of the
conference call through October 27,
2014 and can be accessed by dialing (855) 859-2056, or (404)
537-3406, confirmation code 6783694. The live webcast of the
conference call may be accessed through the investor relations
section of the Company's corporate website at www.valeant.com.
About Valeant
Valeant Pharmaceuticals International,
Inc. (NYSE/TSX:VRX) is a multinational specialty pharmaceutical
company that develops, manufactures and markets a broad range of
pharmaceutical products primarily in the areas of dermatology, eye
health, neurology and branded generics. More information about
Valeant can be found at www.valeant.com.
Forward-looking Statements
This press release may
contain forward-looking statements, including, but not limited to,
statements regarding expectations with respect to 2014 financial
guidance, 2015 outlook and matters expected to be discussed in the
scheduled conference call. Forward-looking statements may generally
be identified by the use of the words "anticipates," "expects,"
"intends," "plans," "should," "could," "would," "may," "will,"
"believes," "estimates," "potential," "target," or "continue" and
variations or similar expressions. These statements are based upon
the current expectations and beliefs of management and are subject
to certain risks and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements. These risks and uncertainties include, but are not
limited to, risks and uncertainties discussed in the Company's most
recent annual or quarterly report and detailed from time to time in
Valeant's other filings with the Securities and Exchange Commission
and the Canadian Securities Administrators, which factors are
incorporated herein by reference. Readers are cautioned not to
place undue reliance on any of these forward-looking statements.
These forward-looking statements speak only as of the date
hereof. Valeant undertakes no obligation to update any of
these forward-looking statements to reflect events or circumstances
after the date of this press release or to reflect actual
outcomes.
Non-GAAP Information
To supplement the
financial measures prepared in accordance with U.S. generally
accepted accounting principles (GAAP), the company uses non-GAAP
financial measures that exclude certain items, such as amortization
of inventory step-up, amortization of alliance product assets &
property, plant and equipment step up, stock-based compensation
step-up, contingent consideration fair value adjustments,
restructuring, acquisition-related and other costs, in-process
research and development, impairments and other charges
("IPR&D"), legal settlements outside the ordinary course of
business, the impact of currency fluctuations, amortization and
other non-cash charges, amortization including intangible asset
impairments and write-down of deferred financing costs, debt
discounts and ASC 470-20 (FSP APB 14-1) interest, loss on
extinguishment of debt, (gain) loss on assets sold/held for
sale/impairment, net, (gain) loss on investments, net, and adjusts
tax expense to cash taxes. Management uses non-GAAP financial
measures internally for strategic decision making, forecasting
future results and evaluating current performance. By disclosing
non-GAAP financial measures, management intends to provide
investors with a meaningful, consistent comparison of the company's
core operating results and trends for the periods presented.
Non-GAAP financial measures are not prepared in accordance with
GAAP. Therefore, the information is not necessarily
comparable to other companies and should be considered as a
supplement to, not a substitute for, or superior to, the
corresponding measures calculated in accordance with GAAP.
Financial Tables follow.
Valeant
Pharmaceuticals International, Inc.
|
|
Table
1
|
Condensed
Consolidated Statements of Income (Loss)
|
|
|
For the Three and
Nine Months Ended September 30, 2014 and 2013
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
(In
millions)
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
Product
sales
|
$ 2,022.9
|
|
$ 1,506.4
|
|
$ 5,868.1
|
|
$ 3,608.8
|
Other
revenues
|
33.3
|
|
35.3
|
|
115.4
|
|
97.0
|
Total
revenues
|
2,056.2
|
|
1,541.7
|
|
5,983.5
|
|
3,705.8
|
|
|
|
|
|
|
|
|
Cost of goods sold
(exclusive of amortization and impairments of finite-lived
intangible assets shown separately below)
|
545.8
|
|
560.8
|
|
1,619.5
|
|
1,128.9
|
Cost of other
revenues
|
15.0
|
|
14.4
|
|
45.3
|
|
44.3
|
Selling, general and
administrative ("SG&A")
|
504.1
|
|
355.7
|
|
1,501.8
|
|
854.9
|
Research and
development
|
59.1
|
|
49.0
|
|
186.9
|
|
97.3
|
Acquisition-related
contingent consideration
|
4.0
|
|
(35.0)
|
|
14.8
|
|
(33.5)
|
In-process research
and development impairments and other charges
|
19.9
|
|
124.0
|
|
40.3
|
|
128.8
|
Other
(income)/expense
|
(232.0)
|
|
202.4
|
|
(275.7)
|
|
208.0
|
Restructuring,
integration, acquisition-related and other costs
|
63.3
|
|
251.7
|
|
341.1
|
|
370.1
|
Amortization and
impairments of finite-lived intangible assets
|
393.1
|
|
910.2
|
|
1,113.9
|
|
1,540.0
|
|
1,372.3
|
|
2,433.2
|
|
4,587.9
|
|
4,338.8
|
Operating income
(loss)
|
683.9
|
|
(891.5)
|
|
1,395.6
|
|
(633.0)
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
(257.6)
|
|
(246.5)
|
|
(742.3)
|
|
(576.0)
|
Loss on
extinguishment of debt
|
-
|
|
(8.2)
|
|
(93.7)
|
|
(29.6)
|
Gain (loss) on
investments, net
|
3.4
|
|
-
|
|
5.9
|
|
5.8
|
Foreign exchange and
other
|
(53.0)
|
|
5.1
|
|
(63.0)
|
|
(3.5)
|
|
|
|
|
|
|
|
|
Income (loss) before
(recovery of) provision for income taxes
|
376.7
|
|
(1,141.1)
|
|
502.5
|
|
(1,236.3)
|
|
|
|
|
|
|
|
|
(Recovery of)
provision for income taxes
|
100.3
|
|
(169.2)
|
|
124.4
|
|
(247.7)
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
276.4
|
|
(971.9)
|
|
378.1
|
|
(988.6)
|
|
|
|
|
|
|
|
|
Less: Net
income (loss) attributable to noncontrolling interest
|
1.0
|
|
1.3
|
|
(0.5)
|
|
1.3
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Valeant Pharmaceuticals International,
Inc.
|
$ 275.4
|
|
$ (973.2)
|
|
$ 378.6
|
|
$ (989.9)
|
|
|
|
|
|
|
|
|
Earnings (loss)
per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic:
|
|
|
|
|
|
|
|
Earnings
(loss)
|
$ 0.82
|
|
$ (2.92)
|
|
$ 1.13
|
|
$ (3.13)
|
Shares used in per
share computation
|
335.4
|
|
333.6
|
|
335.2
|
|
316.5
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
|
|
Earnings
(loss)
|
$ 0.81
|
|
$ (2.92)
|
|
$ 1.11
|
|
$ (3.13)
|
Shares used in per
share computation
|
341.3
|
|
333.6
|
|
341.4
|
|
316.5
|
Valeant
Pharmaceuticals International, Inc.
|
|
Table
2
|
Reconciliation of
GAAP EPS to Cash EPS
|
|
|
For the Three and
Nine Months Ended September 30, 2014 and 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September
30,
|
|
September
30,
|
(In
millions)
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Valeant Pharmaceuticals International,
Inc.
|
$ 275.4
|
|
$ (973.2)
|
|
$ 378.6
|
|
$ (989.9)
|
|
|
|
|
|
|
|
|
Non-GAAP
adjustments (a):
|
|
|
|
|
|
|
|
Inventory step-up
(b)
|
12.3
|
|
149.4
|
|
21.9
|
|
219.2
|
PP&E step-up/down
(c)
|
6.3
|
|
1.0
|
|
15.8
|
|
1.6
|
Stock-based
compensation (d)
|
(1.9)
|
|
4.1
|
|
2.4
|
|
20.9
|
Acquisition-related
contingent consideration (e)
|
4.0
|
|
(35.0)
|
|
14.8
|
|
(33.5)
|
In-process research
and development impairments and other charges (f)
|
19.9
|
|
124.0
|
|
40.3
|
|
128.8
|
Other
(income)/expense (g)
|
(232.0)
|
|
202.4
|
|
(275.7)
|
|
208.0
|
Restructuring,
integration, acquisition-related and other costs (h)
|
63.3
|
|
251.7
|
|
341.1
|
|
370.1
|
Amortization and
impairments of finite-lived intangible assets and other non-GAAP
charges (i)
|
405.1
|
|
919.0
|
|
1,149.8
|
|
1,571.9
|
|
277.0
|
|
1,616.6
|
|
1,310.4
|
|
2,487.0
|
Amortization of
deferred financing costs, debt discounts and ASC 470-20 (FSP APB
14-1) interest (j)
|
34.7
|
|
27.6
|
|
58.1
|
|
70.5
|
Loss on
extinguishment of debt
|
-
|
|
8.2
|
|
93.7
|
|
29.6
|
(Gain) loss on
disposal of fixed assets and assets held for sale/impairment, net
(k)
|
1.9
|
|
-
|
|
2.7
|
|
-
|
Foreign exchange and
other (l)
|
55.2
|
|
(7.7)
|
|
62.4
|
|
0.6
|
Tax (m)
|
74.6
|
|
(185.6)
|
|
63.2
|
|
(286.2)
|
Total
adjustments
|
443.4
|
|
1,459.1
|
|
1,590.5
|
|
2,301.5
|
|
|
|
|
|
|
|
|
Adjusted net income
attributable to Valeant Pharmaceuticals International,
Inc.
|
$ 718.8
|
|
$ 485.9
|
|
$ 1,969.1
|
|
$ 1,311.6
|
|
|
|
|
|
|
|
|
GAAP earnings (loss)
per share - diluted
|
$ 0.81
|
|
$ (2.92)
|
|
$ 1.11
|
|
$ (3.13)
|
|
|
|
|
|
|
|
|
Cash earnings per
share - diluted
|
$ 2.11
|
|
$ 1.43
|
|
$ 5.77
|
|
$ 4.06
|
|
|
|
|
|
|
|
|
Shares used in
diluted per share calculation - Cash earnings per share
|
341.3
|
|
340.2
|
|
341.4
|
|
322.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) See footnote (a)
to Table 2a and Table 2b.
|
(b) See footnote (b)
to Table 2a and Table 2b.
|
(c) See footnote (c)
to Table 2a and Table 2b.
|
(d) See footnote (d)
to Table 2a and Table 2b.
|
(e) See footnote (e)
to Table 2a and Table 2b.
|
(f) See footnote (f)
to Table 2a and Table 2b.
|
(g) See footnote (g)
to Table 2a and Table 2b.
|
(h) See footnote (h)
(i) to Table 2a and Table 2b.
|
(i) See footnote (c)
(d) to Table 2a and Table 2b.
|
(j) See footnote (j)
to Table 2a and Table 2b.
|
(k) See footnote (d)
to Table 2a and Table 2b.
|
(l) See footnote (k)
to Table 2a and Table 2b.
|
(m) See footnote (l)
to Table 2a and Table 2b.
|
Valeant
Pharmaceuticals International, Inc.
|
|
|
Table
2a
|
|
Reconciliation of
GAAP EPS to Cash EPS
|
|
|
|
|
For the Three
Months Ended September 30, 2014 and 2013
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Adjustments(a) for
|
|
|
Three Months
Ended
|
|
|
September
30,
|
|
(In
millions)
|
2014
|
|
2013
|
|
|
|
|
|
|
Product
sales
|
$ -
|
|
$
-
|
|
Other
revenues
|
-
|
|
-
|
|
Total
revenues
|
-
|
|
-
|
|
|
|
|
|
|
Cost of goods sold
(exclusive of amortization and impairments of finite-lived
intangible assets shown separately below)
|
(27.0)
|
(b)(c)
|
(159.3)
|
(b)(c)
|
Cost of other
revenues
|
-
|
|
-
|
|
Selling, general and
administrative ("SG&A")
|
(3.3)
|
(d)
|
(4.0)
|
(d)
|
Research and
development
|
(0.3)
|
|
-
|
|
Acquisition-related
contingent consideration
|
(4.0)
|
(e)
|
35.0
|
(e)
|
In-process research
and development impairments and other charges
|
(19.9)
|
(f)
|
(124.0)
|
(f)
|
Other
income/(expense)
|
232.0
|
(g)
|
(202.4)
|
(g)
|
Restructuring,
integration, acquisition-related and other costs
|
(63.3)
|
(h)
|
(251.7)
|
(i)
|
Amortization and
impairments of finite-lived intangible assets
|
(393.1)
|
|
(910.2)
|
|
|
(278.9)
|
|
(1,616.6)
|
|
Operating income
(loss)
|
278.9
|
|
1,616.6
|
|
|
|
|
|
|
Interest expense,
net
|
34.7
|
(j)
|
27.6
|
(j)
|
Loss on
extinguishment of debt
|
-
|
|
8.2
|
|
Foreign exchange and
other
|
55.2
|
(k)
|
(7.7)
|
(k)
|
|
|
|
|
|
Income (loss) before
(recovery of) provision for income taxes
|
368.8
|
|
1,644.7
|
|
|
|
|
|
|
(Recovery of)
provision for income taxes
|
74.6
|
(l)
|
(185.6)
|
(l)
|
|
|
|
|
|
Total adjustments to
net income (loss) attributable to Valeant Pharmaceuticals
International, Inc.
|
$ 443.4
|
|
$ 1,459.1
|
|
|
|
|
|
|
Earnings (loss)
per share:
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
Total adjustments to
earnings (loss)
|
$ 1.30
|
|
$ 4.29
|
|
Shares used in per
share computation
|
341.3
|
|
340.2
|
|
|
|
|
|
|
|
(a) To supplement the financial measures prepared in
accordance with U.S. generally accepted accounting principles
(GAAP), the company uses non-GAAP financial measures that exclude
certain items, such as amortization of inventory step-up,
amortization of alliance product assets & property, plant and
equipment step up, stock-based compensation step-up, contingent
consideration fair value adjustments, restructuring, integration,
acquisition-related and other costs, In-process research and
development, impairments and other charges, ("IPR&D"), legal
settlements outside the ordinary course of business, the impact of
currency fluctuations, amortization including intangible asset
impairments and other non-cash charges, amortization and write-down
of deferred financing costs, debt discounts and ASC 470-20 (FSP APB
14-1) interest, loss on extinguishment of debt, (gain) loss on
assets sold/held for sale/impairment, net, (gain) loss on
investments, net, and adjusts tax expense to cash
taxes.
|
|
Management uses non-GAAP financial measures
internally for strategic decision making, forecasting future
results and evaluating current performance. By disclosing non-GAAP
financial measures, management intends to provide investors with a
meaningful, consistent comparison of the company's core operating
results and trends for the periods presented. Non-GAAP financial
measures are not prepared in accordance with GAAP. Therefore, the
information is not necessarily comparable to other companies and
should be considered as a supplement to, not a substitute for, or
superior to, the corresponding measures calculated in accordance
with GAAP.
|
|
(b) ASC 805, accounting for business combinations
requires an inventory fair value step-up whose total impact for the
three months ended September 30, 2014 is $12.3 million primarily
relating to the acquisition of PreCision Dermatology Inc. on July
7, 2014 and other smaller acquisitions. For the three months ended
September 30, 2013 the impact of inventory fair value step-up is
$149.4 million primarily relating to the acquisitions of Bausch
& Lomb Holdings Incorporated on August 5, 2013 and Medicis
Pharmaceutical Corporation on December 11, 2012.
|
|
(c) For the three months ended September 30, 2014 and
2013, cost of goods sold includes costs associated with integration
related tech transfers, $7.6 million and $7.3 million, respectively
and $1.5 million and $1.5 million, respectively, of amortization of
a BMS fair value inventory adjustment. For the three months ended
September 30, 2014, cost of goods sold includes PP&E step up of
$5.6 million related to the acquisition of Bausch & Lomb
Holdings Incorporated.
|
|
(d) For the three months ended September 30, 2014,
SG&A primarily includes ($1.9) million of stock-based
compensation which reflects the acceleration of certain equity
instruments, $1.9 million loss on assets held for sale and fees
associated with the pending Allergan transaction, $1.7 million. For
the three months ended September 30, 2013, SG&A primarily
includes $4.1 million of stock-based compensation which reflects
the acceleration of certain equity instruments and the amortization
of the fair value step-up increment resulting from the merger of
Legacy Valeant into Legacy Biovail.
|
|
(e) Net expense/(income) from the changes in
acquisition-related contingent consideration for the three months
ended September 30, 2014 and 2013 is $4.0 million and ($35.0)
million, respectively.
|
|
(f) In-process research and development impairments
and other charges for the three months ended September 30, 2014 is
$19.9 million primarily due to the write-offs of IPR&D assets
including $12.5 million acquired in the Medicis Pharmaceutical
Corporation acquisition in December 2012. In-process research and
development impairments and other charges for the three months
ended September 30, 2013 is $124.0 million primarily due to the
write-off of IPR&D assets relating to the modified-release
formulation of ezogabine/retigabine of $93.8 million and $27.3
million of IPR&D assets acquired as part of Aton Pharma, Inc.
acquisition in May 2010.
|
|
(g) For the three months ended September 30, 2014,
other (income)/expense is ($232.0) million primarily relating to
the gain on sale of filler and toxin assets, ($323.9) million,
offset by $58.5 million loss on sale of Metronidazole 1.3%, a
post-combination expense of $20.4 million related to acceleration
of unvested stock options for PreCision employees and $8.8 million
loss on sale of generic tretinoin product rights acquired in the
PreCision Dermatology Inc. acquisition. For the three months ended
September 30, 2013, other (income)/expense is $202.4 million
primarily relating to a $142.5 million settlement agreement with
Anacor Pharmaceuticals, Inc. and $52.8 million of stock-based
compensation expense related to the acquisition of Bausch &
Lomb Holdings Incorporated.
|
|
(h) Restructuring, integration, acquisition-related
and other costs of $63.3 million primarily relates to the
acquisitions of Bausch & Lomb Holdings Incorporated, PreCision
Dermatology Inc. and Solta Medical, Inc. and other Valeant
restructuring and integration initiatives. These include $34.4
million of contract terminations, integration consulting,
transition services, duplicative labor and other, $15.1 million of
employee severance costs, $8.3 million of facility closure costs,
$2.1 million of other, $1.8 million of non-personnel manufacturing
integration costs and $1.6 million of acquisition
costs.
|
|
(i) Restructuring, integration, acquisition-related
and other costs of $251.7 million represent costs related to the
acquisitions of Bausch & Lomb Holdings Incorporation, Medicis
Pharmaceutical Corporation, Obagi Medical Products, Inc. and other
internal Valeant restructuring and integration initiatives. These
include $165.2 million of employee severance costs, $66.1 million
of contract terminations, integration consulting, transition
services, duplicative labor and other, $8.6 million of acquisition
costs, $5.5 million of facility closure costs, $2.6 million of
other, $1.8 million of non-personnel manufacturing integration
costs, $1.3 million of stock-based compensation and $0.6 million of
other non-cash charges.
|
|
(j) Non-cash interest expense associated with
amortization and write-down of deferred financing costs and debt
discounts for the three months ended September 30, 2014 and 2013 is
$34.7 million and $27.6 million, respectively.
|
|
(k) Unrealized foreign exchange (gain)/loss on
intercompany financing arrangements for the three months ended
September 30, 2014 and 2013 is $55.2 million and ($7.7) million,
respectively.
|
|
(l) Total tax effect of non-GAAP pre-tax adjustments,
resolution of uncertain tax positions and change in valuation
allowance associated with a deferred tax asset.
|
Valeant
Pharmaceuticals International, Inc.
|
Table
2b
|
Reconciliation of
GAAP EPS to Cash EPS
|
|
|
For the Nine
Months Ended September 30, 2014 and 2013
|
|
|
|
|
|
|
|
|
Non-GAAP
Adjustments(a) for
|
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
(In
millions)
|
2014
|
|
2013
|
|
|
|
|
|
|
Product
sales
|
$ -
|
|
$
-
|
|
Other
revenues
|
-
|
|
-
|
|
Total
revenues
|
-
|
|
-
|
|
|
|
|
|
|
Cost of goods sold
(exclusive of amortization and impairments of finite-lived
intangible assets shown separately below)
|
(64.3)
|
(b)(c)
|
(252.3)
|
(b)(c)
|
Cost of other
revenues
|
-
|
|
-
|
|
Selling, general and
administrative ("SG&A")
|
(13.4)
|
(d)
|
(21.3)
|
(d)
|
Research and
development
|
(1.0)
|
|
-
|
|
Acquisition-related
contingent consideration
|
(14.8)
|
(e)
|
33.5
|
(e)
|
In-process research
and development impairments and other charges
|
(40.3)
|
(f)
|
(128.8)
|
(f)
|
Other
income/(expense)
|
275.7
|
(g)
|
(208.0)
|
(g)
|
Restructuring,
integration, acquisition-related and other costs
|
(341.1)
|
(h)
|
(370.1)
|
(i)
|
Amortization and
impairments of finite-lived intangible assets
|
(1,113.9)
|
|
(1,540.0)
|
|
|
(1,313.1)
|
|
(2,487.0)
|
|
Operating income
(loss)
|
1,313.1
|
|
2,487.0
|
|
|
|
|
|
|
Interest expense,
net
|
58.1
|
(j)
|
70.5
|
(j)
|
Loss on
extinguishment of debt
|
93.7
|
|
29.6
|
|
Foreign exchange and
other
|
62.4
|
(k)
|
0.6
|
(k)
|
|
|
|
|
|
Income (loss) before
(recovery of) provision for income taxes
|
1,527.3
|
|
2,587.7
|
|
|
|
|
|
|
(Recovery of)
provision for income taxes
|
63.2
|
(l)
|
(286.2)
|
(l)
|
|
|
|
|
|
Total adjustments to
net income (loss) attributable to Valeant Pharmaceuticals
International, Inc.
|
$ 1,590.5
|
|
$ 2,301.5
|
|
|
|
|
|
|
Earnings (loss)
per share:
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
Total adjustments to
earnings (loss)
|
$ 4.66
|
|
$ 7.13
|
|
Shares used in per
share computation
|
341.4
|
|
322.9
|
|
|
|
|
|
|
(a) To supplement the financial measures prepared in
accordance with U.S. generally accepted accounting principles
(GAAP), the company uses non-GAAP financial measures that exclude
certain items, such as amortization of inventory step-up,
amortization of alliance product assets & property, plant and
equipment step up, stock-based compensation step-up, contingent
consideration fair value adjustments, restructuring, integration,
acquisition-related and other costs, In-process research and
development, impairments and other charges, ("IPR&D"), legal
settlements outside the ordinary course of business, the impact of
currency fluctuations, amortization including intangible asset
impairments and other non-cash charges, amortization and write-down
of deferred financing costs, debt discounts and ASC 470-20 (FSP APB
14-1) interest, loss on extinguishment of debt, (gain) loss on
assets sold/held for sale/impairment, net, (gain) loss on
investments, net, and adjusts tax expense to cash
taxes.
|
|
Management uses non-GAAP financial measures
internally for strategic decision making, forecasting future
results and evaluating current performance. By disclosing non-GAAP
financial measures, management intends to provide investors with a
meaningful, consistent comparison of the company's core operating
results and trends for the periods presented. Non-GAAP financial
measures are not prepared in accordance with GAAP. Therefore, the
information is not necessarily comparable to other companies and
should be considered as a supplement to, not a substitute for, or
superior to, the corresponding measures calculated in accordance
with GAAP.
|
|
(b) ASC 805, accounting for business combinations
requires an inventory fair value step-up whose total impact for the
nine months ended September 30, 2014 is $21.9 million primarily
relating to the acquisitions of Solta Medical, Inc. on January 23,
2014 and PreCision Dermatology Inc. on July 7, 2014. For the nine
months ended September 30, 2013 the impact of inventory fair value
step-up is $219.2 million primarily relating to the acquisitions
Bausch & Lomb Holdings Incorporated on August 5, 2013 and
Medicis Pharmaceutical Corporation on December 11,
2012.
|
|
(c) For the nine months ended September 30, 2014 and
2013, cost of goods sold include $22.2 million and $25.4 million,
respectively, of costs associated with integration related tech
transfers and $4.5 million and $5.0 million, respectively, of
amortization of a BMS fair value inventory adjustment. The nine
months ended September 30, 2014 also includes $15.7 million of
PP&E step up primarily relating to the acquisition of Bausch
& Lomb Holdings Incorporated on August 5,
2013.
|
|
(d) For the nine months ended September 30, 2014,
SG&A primarily includes $2.4 million of stock-based
compensation which reflects the acceleration of certain equity
instruments, $7.9 million of registration and fees associated with
the pending Allergan transaction and $2.7 million loss on assets
held for sale. For the nine months ended September 30, 2013,
SG&A primarily includes $20.9 million of stock-based
compensation which reflects the one time modification and cash
settlement of certain board of directors equity instruments and the
amortization of the fair value step-up increment resulting from the
merger of Legacy Valeant into Legacy Biovail.
|
|
(e) Net expense/(income) from the changes in
acquisition-related contingent consideration for the nine months
ended September 30, 2014 and 2013 is $14.8 million and ($33.5)
million, respectively.
|
|
|
(f) In-process research and development impairments
and other charges for the nine months ended September 30, 2014 is
$40.3 million primarily due to the write-offs of IPR&D assets
including $12.5 million acquired in the Medicis Pharmaceutical
Corporation acquisition in December 2012, an up-front payment made
in connection with an amendment to a license and distribution
agreement with a third party, $12.0 million, and payments to third
parties with the achievement of specific development and regulatory
milestones under our R&D programs, including Jublia®, $8.4
million. For the nine months ended September 30, 2013, $128.8
million is primarily due to the write-off of IPR&D assets
relating to the modified-release formulation of
ezogabine/retigabine of $93.8 million and $27.3 million of
IPR&D assets acquired as part of Aton Pharma, Inc. acquisition
in May 2010.
|
|
(g) For the nine months ended September 30, 2014,
other (income)/expense is ($275.7) million primarily relating to
the gain on sale of filler and toxin assets, ($323.9) million and
the reserve reversal related to the AntiGrippin® litigation,
($50.0) million, offset by $58.5 million loss on sale of
Metronidazole 1.3%, a post-combination expense of $20.4 million
related to acceleration of unvested stock options for PreCision
employees, $8.8 million loss on sale of generic tretinoin product
rights acquired in the PreCision Dermatology Inc. acquisition and
$5.6 million expense related to a settlement of a preexisting
relationship with respect to the acquisition of Solta Medical, Inc.
For the nine months ended September 30, 2013, other
(income)/expense is $208.0 million primarily due to $142.5 million
relating to a settlement agreement with Anacor Pharmaceuticals,
Inc. and $52.8 million of stock-based compensation expense relating
to the acquisition of Bausch & Lomb Holdings
Incorporated.
|
|
(h) Restructuring, integration, acquisition-related
and other costs is $341.1 million and primarily represents costs
relating to the acquisition of Bausch & Lomb Holdings
Incorporated, the restructuring of a manufacturing facility in
Waterford, Ireland, the acquisition of Solta Medical, Inc., other
Valeant restructuring and integration initiatives and the
acquisition of PreCision Dermatology Inc. and OnPharma Inc.
These include $158.3 million of contract terminations, integration
consulting, transition services, duplicative labor and other,
$118.0 million of employee severance costs, $35.9 million of
facility closure costs, $14.6 million of other, $6.3 million of
non-personnel manufacturing integration costs, $3.7 million of
acquisition costs, $3.5 million of stock-based compensation and
$0.8 million of other non-cash charges.
|
|
(i) Restructuring, integration, acquisition-related
and other costs is $370.1 million and represents costs related to
the acquisitions of Bausch & Lomb Holdings Incorporated,
Medicis Pharmaceutical Corporation, Obagi Medical Products, Inc.
and internal Valeant restructuring and integration initiatives.
These include $192.6 million of employee severance costs, $116.1
million of contract terminations, integration consulting,
transition services, duplicative labor and other, $24.4 million of
acquisition costs, $14.8 million of facility closure costs, $9.9
million of other, $4.6 million of non-personnel manufacturing
integration costs, $4.2 million of other non-cash charges and $3.5
million of stock-based compensation.
|
|
(j) Non-cash interest expense associated with
amortization of deferred financing costs and debt discounts for the
nine months ended September 30, 2014 and 2013 is $58.1 million and
$70.5 million, respectively.
|
|
(k) Unrealized foreign exchange loss on intercompany
financing arrangements for the nine months ended September 30, 2014
and 2013 is $62.4 million and $0.6 million,
respectively.
|
|
(l) Total tax effect of non-GAAP pre-tax adjustments,
resolution of uncertain tax positions and change in valuation
allowance associated with a deferred tax asset.
|
Valeant
Pharmaceuticals International, Inc.
|
|
|
|
Table
3
|
Statement of
Revenues - by Segment
|
|
|
|
|
For the Three and
Nine Months Ended September 30, 2014 and 2013
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
September
30,
|
Revenues(a)(b)
|
2014
GAAP
|
|
2013
GAAP
|
|
%
Change
|
|
2014 currency
impact
|
|
2014 excluding
currency impact
non-GAAP
|
|
%
Change
|
Dermatology
|
$ 272.8
|
|
$ 205.5
|
|
33%
|
|
$ -
|
|
$ 272.8
|
|
33%
|
Consumer
|
141.4
|
|
98.8
|
|
43%
|
|
-
|
|
141.4
|
|
43%
|
Ophthalmology Rx
|
117.8
|
|
74.8
|
|
57%
|
|
-
|
|
117.8
|
|
57%
|
Contact
Lenses
|
44.8
|
|
24.6
|
|
82%
|
|
-
|
|
44.8
|
|
82%
|
Surgical
|
54.0
|
|
31.1
|
|
74%
|
|
-
|
|
54.0
|
|
74%
|
Neuro
& Other/Generics
|
391.7
|
|
279.4
|
|
40%
|
|
-
|
|
391.7
|
|
40%
|
Dental
|
32.4
|
|
27.0
|
|
20%
|
|
-
|
|
32.4
|
|
20%
|
Aesthetics
|
32.3
|
|
74.6
|
|
-57%
|
|
-
|
|
32.3
|
|
-57%
|
Total
U.S.
|
1,087.2
|
|
815.8
|
|
33%
|
|
-
|
|
1,087.2
|
|
33%
|
ROW
Developed
|
420.7
|
|
326.9
|
|
29%
|
|
6.2
|
|
426.9
|
|
31%
|
Developed
Markets
|
1,507.9
|
|
1,142.7
|
|
32%
|
|
6.2
|
|
1,514.1
|
|
33%
|
Emerging
Markets-Europe/Middle East
|
279.4
|
|
205.1
|
|
36%
|
|
14.7
|
|
294.1
|
|
43%
|
Emerging
Markets-Latin America
|
113.6
|
|
100.6
|
|
13%
|
|
3.8
|
|
117.4
|
|
17%
|
Emerging
Markets-Asia/Africa
|
155.3
|
|
93.3
|
|
66%
|
|
0.6
|
|
155.9
|
|
67%
|
Emerging
Markets
|
548.3
|
|
399.0
|
|
37%
|
|
19.1
|
|
567.4
|
|
42%
|
Total
revenues
|
$ 2,056.2
|
|
$ 1,541.7
|
|
33%
|
|
$ 25.3
|
|
$ 2,081.5
|
|
35%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
September
30,
|
Revenues(a)(b)
|
2014
GAAP
|
|
2013
GAAP
|
|
%
Change
|
|
2014 currency
impact
|
|
2014 excluding
currency impact
non-GAAP
|
|
%
Change
|
Dermatology
|
$ 710.2
|
|
$ 656.6
|
|
8%
|
|
$ -
|
|
$ 710.2
|
|
8%
|
Consumer
|
446.0
|
|
180.1
|
|
148%
|
|
-
|
|
446.0
|
|
148%
|
Ophthalmology Rx
|
333.6
|
|
101.3
|
|
229%
|
|
-
|
|
333.6
|
|
229%
|
Contact
Lenses
|
127.8
|
|
24.6
|
|
420%
|
|
-
|
|
127.8
|
|
420%
|
Surgical
|
158.5
|
|
31.1
|
|
410%
|
|
-
|
|
158.5
|
|
410%
|
Neuro
& Other/Generics
|
1,075.8
|
|
768.9
|
|
40%
|
|
-
|
|
1,075.8
|
|
40%
|
Dental
|
82.3
|
|
79.8
|
|
3%
|
|
-
|
|
82.3
|
|
3%
|
Aesthetics
|
197.5
|
|
266.5
|
|
-26%
|
|
-
|
|
197.5
|
|
-26%
|
Total
U.S.
|
3,131.7
|
|
2,108.9
|
|
48%
|
|
-
|
|
3,131.7
|
|
48%
|
ROW
Developed
|
1,277.7
|
|
613.9
|
|
108%
|
|
18.9
|
|
1,296.6
|
|
111%
|
Developed
Markets
|
4,409.4
|
|
2,722.8
|
|
62%
|
|
18.9
|
|
4,428.3
|
|
63%
|
Emerging
Markets-Europe/Middle East
|
819.9
|
|
565.0
|
|
45%
|
|
17.1
|
|
837.0
|
|
48%
|
Emerging
Markets-Latin America
|
322.7
|
|
271.3
|
|
19%
|
|
26.3
|
|
349.0
|
|
29%
|
Emerging
Markets-Asia/Africa
|
431.5
|
|
146.7
|
|
194%
|
|
7.4
|
|
438.9
|
|
199%
|
Emerging
Markets
|
1,574.1
|
|
983.0
|
|
60%
|
|
50.8
|
|
1,624.9
|
|
65%
|
Total
revenues
|
$ 5,983.5
|
|
$ 3,705.8
|
|
61%
|
|
$ 69.7
|
|
$ 6,053.2
|
|
63%
|
|
|
|
|
|
|
|
|
|
|
|
(a) Note: Currency
effect for constant currency sales is determined by comparing 2014
reported amounts adjusted to exclude currency impact, calculated
using 2013 monthly average exchange rates, to the actual 2013
reported amounts. Constant currency sales is not a GAAP-defined
measure of revenue growth. Constant currency sales as defined and
presented by us may not be comparable to similar measures reported
by other companies.
|
|
(b) See footnote (a)
to Table 2a.
|
Valeant
Pharmaceuticals International, Inc.
|
|
|
|
|
Table
4
|
Reconciliation of
GAAP Cost of Goods Sold to Non-GAAP Cost of Goods Sold - by
Segment
|
For the Three and
Nine Months Ended September 30, 2014
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.1
|
Cost of goods sold
(a)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
September
30,
|
|
|
2014
as reported
GAAP
|
|
%
of product sales
|
|
2014 fair value
step-up adjustment to inventory and other non-GAAP
(b)
|
|
2014 excluding
fair value step-up adjustment to inventory and other
non-GAAP
|
|
%
of product sales
|
|
Developed
Markets
|
$ 343.0
|
|
23%
|
|
$
20.7
|
|
$ 322.3
|
|
22%
|
|
Emerging
Markets
|
202.8
|
|
38%
|
|
6.3
|
|
196.5
|
|
37%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 545.8
|
|
27%
|
|
$
27.0
|
|
$ 518.8
|
|
26%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
|
2014
as reported
GAAP
|
|
%
of product sales
|
|
2014 fair value
step-up adjustment to inventory and other non-GAAP
(c)
|
|
2014 excluding
fair value step-up adjustment to inventory and other
non-GAAP
|
|
%
of product sales
|
|
Developed
Markets
|
$ 1,029.4
|
|
24%
|
|
$
52.0
|
|
$ 977.4
|
|
23%
|
|
Emerging
Markets
|
590.1
|
|
38%
|
|
12.3
|
|
577.8
|
|
37%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,619.5
|
|
28%
|
|
$
64.3
|
|
$ 1,555.2
|
|
27%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) See footnote (a)
to Table 2a.
|
|
|
|
(b) Developed Markets
include $10.7 million of fair value step-up adjustment to
inventory, $3.1 million of integration related tech transfer costs,
$1.5 million BMS fair value inventory adjustment and PP&E net
step up adjustment of $5.4 million. Emerging Markets include
$1.6 million of fair value step up adjustment to inventory, $4.5
million of integration related tech transfer costs and $0.2 million
of PP&E step up adjustment.
|
|
|
|
(c) Developed Markets
include $24.1 million of fair value step-up adjustment to
inventory, $9.0 million of integration related tech transfer costs,
$4.5 million BMS fair value inventory adjustment and PP&E net
step up adjustment of $14.4 million. Emerging Markets include
($2.2) million of fair value step down adjustment to inventory,
$13.2 million of integration related tech transfer costs and $1.3
million of PP&E step up adjustment.
|
Valeant Pharmaceuticals International,
Inc.
|
Table
5
|
Consolidated
Balance Sheet and Other Data
|
(In
millions)
|
|
|
|
|
|
|
|
As
of
|
|
As
of
|
|
|
September
30,
|
|
December
31,
|
5.1
|
Cash
|
2014
|
|
2013
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
808.8
|
|
$
600.3
|
|
Marketable
securities
|
-
|
|
-
|
|
Total cash and
marketable securities
|
$
808.8
|
|
$
600.3
|
|
|
|
|
|
|
|
|
|
|
|
Debt
|
|
|
|
|
|
|
|
|
|
Series A-1 Tranche A
Term Loan Facility
|
$
182.3
|
|
$
259.0
|
|
Series A-2 Tranche A
Term Loan Facility
|
166.3
|
|
228.1
|
|
Series A-3 Tranche A
Term Loan Facility
|
1,813.9
|
|
1,935.7
|
|
Series D-2 Tranche B
Term Loan Facility
|
1,088.6
|
|
1,256.7
|
|
Series C-2 Tranche B
Term Loan Facility
|
837.5
|
|
966.8
|
|
Series E-1 Tranche B
Term Loan Facility
|
2,544.8
|
|
3,090.5
|
|
Senior
Notes
|
9,629.5
|
|
9,618.9
|
|
Other
|
12.0
|
|
12.0
|
|
|
16,274.9
|
|
17,367.7
|
|
Less: current
portion
|
(191.7)
|
|
(204.8)
|
|
Total long-term
debt
|
$
16,083.2
|
|
$ 17,162.9
|
|
|
|
|
|
5.2
|
Summary of Cash
Flow Statements
|
Three Months
Ended
|
|
|
September
30,
|
|
|
2014
|
|
2013
|
|
Cash flow provided by
(used in):
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities (GAAP)
|
$
618.7
|
|
$
201.7
|
|
Restructuring,
integration and acquisition-related costs(c)
|
63.3
|
|
303.9
|
|
Payment of accrued
legal settlements
|
0.2
|
|
0.2
|
|
Tax benefit from
stock options exercised (a)
|
15.9
|
|
32.2
|
|
Acquired in-process
research and development
|
5.0
|
|
-
|
|
Cash Settlement of
BOD Equity Awards
|
-
|
|
-
|
|
Working capital
change related to business development activities
|
27.1
|
|
-
|
|
Changes in working
capital related to restructuring, integration and
acquisition-related costs(c)
|
41.2
|
|
(129.6)
|
|
Adjusted cash flow
from operations (Non-GAAP)(b)
|
$
771.4
|
|
$
408.4
|
(a)
|
Includes stock
option tax benefit which will reduce taxes in future
periods.
|
|
|
(b)
|
See footnote (a) to
Table 2a.
|
|
|
(c)
|
Total restructuring,
integration and acquisition-related costs cash payments of $104.5
million are broken down as follows:
|
|
Project
Type
|
Amount
Paid
|
|
|
|
|
Bausch &
Lomb
|
57.7
|
|
Project
Vision/Waterford
|
17.3
|
|
Other
|
6.4
|
|
PreCision
Dermatology, Inc.
|
6.2
|
|
Medicis
Pharmaceutical Corporation
|
6.2
|
|
Solta Medical,
Inc.
|
5.2
|
|
Intellectual property
migration
|
2.3
|
|
OnPharma
Inc.
|
1.2
|
|
Manufacturing
integration (Various Deals)
|
1.2
|
|
Europe
|
0.8
|
|
|
|
|
Total
|
104.5
|
|
|
|
|
Expense
Type
|
Amount
Paid
|
|
|
|
|
Severance
payments
|
47.2
|
|
Integration related
consulting, transition services, duplicative labor and
other
|
31.7
|
|
Facility closure
costs, other manufacturing integration, and other
|
25.6
|
|
|
|
|
Total
|
104.5
|
Valeant
Pharmaceuticals International, Inc.
|
Table 6
|
Organic Growth - by
Segment
|
For the Three Months
Ended September 30, 2014
|
(In
millions)
|
As
reported
|
|
For the
Three Months Ended September 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic
growth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
(b)
|
|
|
|
(b)
|
|
(b)
|
|
(1) Sept
QTD
2014
|
(1a) Sept
QTD
Same store
Injectables
|
(1b) Sept
QTD
Same store w/o Inj
|
(2) Acq
impact
|
(3) Sept
QTD
Same store
|
|
(4) Sept
QTD
2013
|
(4a) Sept
QTD
Same store
Injectables
|
(4b) Sept
QTD
2013 w/o Inj
|
(5) Pro
Forma Adj
|
(6) Pro
Forma Sept QTD 2013
|
|
(7) Currency impact Same
store
|
(8) Currency impact
Acq
|
|
(9) Divestitures / Discontinuations
(e)
|
|
Pro
Forma (1b)+(7)+(8) / (6)-(9)
(j)
|
|
Same
store (3)+(7) / (4b)-(9)
(j)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
U.S. (c) (f)
|
1,079.0
|
-
|
1,079.0
|
135.8
|
943.1
|
|
801.5
|
-
|
801.5
|
135.1
|
936.6
|
|
-
|
-
|
|
68.2
|
|
24%
|
|
29%
|
ROW Developed (d)
(g) (i)
|
407.6
|
-
|
407.6
|
118.4
|
289.2
|
|
289.1
|
-
|
289.1
|
110.7
|
399.8
|
|
7.7
|
(1.9)
|
|
7.3
|
|
5%
|
|
5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Developed
Markets
|
1,486.5
|
-
|
1,486.5
|
254.2
|
1,232.3
|
|
1,090.6
|
-
|
1,090.6
|
245.8
|
1,336.4
|
|
7.7
|
(1.9)
|
|
75.5
|
|
18%
|
|
22%
|
Emerging Markets
(h) (i)
|
537.0
|
-
|
537.0
|
89.3
|
447.6
|
|
420.7
|
-
|
420.7
|
95.1
|
515.8
|
|
17.2
|
2.0
|
|
6.2
|
|
9%
|
|
12%
|
Total product
sales
|
2,023.5
|
-
|
2,023.5
|
343.5
|
1,680.0
|
|
1,511.3
|
-
|
1,511.3
|
340.9
|
1,852.2
|
|
24.9
|
0.1
|
|
81.7
|
|
16%
|
|
19%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Note: Currency
effect for constant currency sales is determined by comparing 2014
reported amounts adjusted to exclude currency impact, calculated
using 2013 monthly average exchange rates, to the actual 2013
reported amounts. Constant currency sales is not a GAAP-defined
measure of revenue growth. Constant currency sales as defined and
presented by us may not be comparable to similar measures reported
by other companies.
|
(b) See footnote (a)
to Table 2a.
|
(c) Includes
Valeant's attributable portion of revenue from joint ventures (JV)
- $0.6M Q3'14 and $2.1M Q3'13.
|
(d) Includes
Valeant's attributable portion of revenue from joint ventures (JV)
- $2.9M Q3'13.
|
(e) Includes
divestitures, discontinuations and supply interruptions.
|
(f) Reflects Bausch
& Lomb post-acquisition revenue of $106.6M for Q3'14 and $96.6M
Q3'13 pro forma revenue adjustments.
|
(g) Reflects Bausch
& Lomb post-acquisition revenue of $95.9M Q3'14, currency
impact of $2.1M Q3'14 and $92.9M Q2'13 pro forma revenue
adjustments.
|
(h) Reflects Bausch
& Lomb post-acquisition revenue of $68.6M Q3'14, currency
impact of $1.2M Q3'14 and $71.7M Q3'13 pro forma revenue
adjustments.
|
(i) Reflects Bausch
& Lomb Same Store Europe adjustment between Dev & Emerging
Europe of $29.8M.
|
(j) Organic Growth
Definitions:
|
Same Store (SS): This
measure provides growth rates for businesses that have been owned
for one year or more.
|
((Current Year Total
product sales – acquisitions within the last year + YoY FX impact)-
(Prior Year Total product sales – divestitures &
discontinuations))/( Prior Year Total product sales – divestitures
& discontinuations)
|
Pro Forma (PF):
This measure provides year over year growth rates for the entire
business, including those that have been acquired within the last
year.
|
((Current Year Total
product sales + YoY FX impact) – (Prior Year Total product sales +
Pro Forma impact of acquisitions within the last year -
divestitures or discontinuations))/(Prior Year Total product sales
+ Pro Forma impact of acquisitions within the last year -
divestitures or discontinuations).
|
Contact Information:
Investors:
|
Media:
|
Laurie W.
Little
|
Renee E. Soto/Meghan
Gavigan
|
Valeant
Pharmaceuticals International,
Inc.
|
Sard Verbinnen &
Co.
|
949-461-6002
|
212-687-8080
|
laurie.little@valeant.com
|
rsoto@sardverb.com/mgavigan@sardverb.com
|
Photo -
http://photos.prnewswire.com/prnh/20101025/LA87217LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/valeant-pharmaceuticals-reports-third-quarter-2014-financial-results-103922653.html
SOURCE Valeant Pharmaceuticals International, Inc.