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

mpared to $91.7 million in the fourth quarter of 2007, a decrease of 3% primarily due to operations divested in the first half of 2008 and the impact of unfavorable currency fluctuations, partially offset by product sales from acquisitions completed in the fourth quarter of 2008. At constant exchange rates, net of acquired and divested product sales, specialty pharmaceutical product sales in the fourth quarter of 2008 were flat as compared to the fourth quarter of 2007. Excluding divested businesses, product sales for the specialty pharmaceutical operations grew 6% for the quarter, and 11% at constant exchange rates.

Sales in Branded Generic - Latin America in the 2008 fourth quarter were $36.9 million as compared to $44.4 million in the same period in the prior year, primarily due to unfavorable currency fluctuations of $7.3 million. Product sales at constant exchange rates in Latin America were flat as compared to the fourth quarter of 2007.

Sales in Branded Generic - Europe were $35.9 million in the 2008 fourth quarter as compared to $35.9 million in the same period in the prior year. Product sales at constant exchange rate increased $4.4 million, or 12% over the fourth quarter in the prior year.

Alliance revenue increased 24% to $21.0 million in the 2008 fourth quarter as compared to $16.9 million in the same period in 2007. This increase is due to the recognition of deferred revenues of $4.4 million from the retigabine collaboration agreement with GlaxoSmithKline (GSK).

Operating Expenses/Earnings:

The company's cost of goods sold was 26% for both the 2008 fourth quarter and the fourth quarter of 2007.

Selling, General and Administrative expenses decreased 7% in the fourth quarter of 2008 to $66.4 million as compared to $71.5 million in the fourth quarter of 2007, primarily due to the benefit of exchange rates and cost reduction activities at the compan
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SOURCE Valeant Pharmaceuticals International
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