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

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Research and development costs decreased 60% to $11.9 million in the 2008 fourth quarter as compared to $29.4 million reported in the same period in 2007. This decrease is due to the effect of the GSK collaboration, as well as cost reduction efforts by the company. Under collaboration accounting R&D spending in the quarter on the collaboration was offset by a credit from the initial upfront payment.

In the fourth quarter, the company recorded purchased in-process research and development charges of $186.3 million, related primarily to the previously announced acquisition of Dow Pharmaceutical Sciences, Inc. The company also recorded restructuring, asset impairment and disposition expenses of $17.0 million in the quarter.

Loss from continuing operations was $150.5 million for the fourth quarter of 2008, or a loss of $1.82 per diluted share as compared to income from continuing operations of $2.1 million, or $0.02 per diluted share for the fourth quarter of 2007. Valeant intends to continue to buy assets in the future, which means that company financials will be subject to certain adjustments for purchase accounting that could significantly change GAAP EPS. Valeant believes that excluding these adjustments, such as acquired in-process research and development (IPR&D), restructuring, asset impairments and dispositions, amortization expense, gain on early extinguishment of debt and the tax effect of such changes, facilitates investors' understanding of the trends in the company's underlying business. Therefore, the company uses a Cash EPS metric to evaluate company financial performance. On a non-GAAP basis, or Cash EPS basis, adjusted income from continuing operations was $43.2 million or $0.52 per diluted share in the fourth quarter of 2008 as compared to adjusted income from continuing operations of $25.1 million, or $0.28 per diluted share in the fourth quarter of 2007. For the full 2
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SOURCE Valeant Pharmaceuticals International
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