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Valeant Pharmaceuticals Reports Fourth Quarter and Full Year Financial Results
Date:2/24/2009

ALISO VIEJO, Calif., Feb. 24 /PRNewswire-FirstCall/ -- Valeant Pharmaceuticals International (NYSE: VRX) today announced fourth quarter and full year financial results for 2008.

"With our new strategic initiatives beginning to take hold in the fourth quarter, we continue to make strides in staging Valeant for sustainable future growth," said J. Michael Pearson, chairman and chief executive officer. "We added to our future revenue and cash flow potential by acquiring three solid dermatology businesses, while we continue to see the impact of our cost reduction efforts. We exceeded our goal of $0.60 - $0.80 cash earnings per share for 2008 and expect this solid progress to continue into 2009."

New Segment Information:

We restructured our organization in the fourth quarter of 2008 in order to improve our execution and align our resources and product development efforts in the markets in which we operate. Our products are sold through three new segments comprising of Specialty Pharmaceuticals, Branded Generic - Europe and Branded Generic - Latin America. The Specialty Pharmaceuticals segment includes product revenues primarily from the U.S., Canada, Australia and divested businesses located in Argentina, Uruguay and Asia. The Branded Generic - Europe segment includes product revenues from branded generic pharmaceutical products primarily in Poland, Hungary, the Czech Republic and Slovakia. The Branded Generic - Latin America segment includes product revenues from branded generic pharmaceutical products primarily in Mexico and Brazil.

Revenues:

Total revenue was $183.0 million in the fourth quarter of 2008 as compared to $188.9 million in the fourth quarter of 2007.

Specialty Pharmaceutical product sales were $89.2 million in the fourth quarter of 2008, as co
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SOURCE Valeant Pharmaceuticals International
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