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Valeant Pharmaceuticals Reports Second Quarter Financial Results
Date:8/4/2009

ALISO VIEJO, Calif., Aug. 4 /PRNewswire-FirstCall/ -- Valeant Pharmaceuticals International (NYSE: VRX) today announced second quarter financial results for 2009.

"The second quarter once again demonstrated the strength of our diversified business model," stated J. Michael Pearson, chairman and chief executive officer. "We delivered sales and earnings growth at the high end of our expectations, with all businesses and regions reporting solid results. The performance of our Branded Generic business units was particularly strong and reinforces our confidence in our growth strategies for the regions in which they operate."

Revenues:

Total revenue was $191.7 million in the second quarter of 2009 as compared to $153.6 million in the second quarter of 2008, an increase of 25%. As part of the company's 2008 restructuring efforts, the company brought down its wholesaler inventory levels. The impact of this change was a planned reduction in shipments to wholesaler customers in the United States, Canada and Mexico of approximately $20 million in the second quarter of 2008. Our second quarter growth in product sales at constant currency, net of acquisitions and divestitures and inventory drawdown was 15%.

Specialty Pharmaceutical product sales were $96.6 million in the second quarter of 2009, as compared to $64.4 million in the second quarter of 2008, an increase of 50%. Excluding the impact of acquisitions, divestitures, wholesaler inventory drawdown and currency, Specialty Pharmaceutical product sales increased 13%. Service revenue generated by the company's Dow Pharmaceutical Sciences subsidiary (Dow) was $5.6 million in the second quarter of 2009. Because the company acquired Dow in December 2008, no service r
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SOURCE Valeant Pharmaceuticals International
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