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Valeant Pharmaceuticals Reports 2011 First Quarter Financial Results
Date:5/9/2011

rst quarter of 2011, as compared to $212.0 million in the year-ago quarter.  These increases are primarily due to the acquisition of Valeant Pharmaceuticals International (Legacy Valeant) by Biovail Corporation (Legacy Biovail), which was completed in September 2010. In connection with the acquisition, Biovail was renamed Valeant Pharmaceuticals International, Inc.  Results for the first quarter of 2010 only reflect Legacy Biovail revenues and do not include any revenues from Legacy Valeant.  

Pro forma revenue growth for the combined company (combined Legacy Biovail and Legacy Valeant product sales and royalties) was approximately 21% for the first quarter of 2011. Pro forma organic revenue growth, excluding the impact of foreign exchange and acquisitions, for the combined company was approximately 7% for the first quarter of 2011. Excluding the genericization impact from Diastat and Efudex, pro forma organic growth for the combined company was approximately 11%.  Wellbutrin and Zovirax, Valeant's largest products, delivered 2% and 38% growth in the first quarter of 2011, respectively.

Operating ExpensesThe Company's cost of goods sold was $169.3 million in the first quarter of 2011 and represented 34% of product sales.  This number in the first quarter of 2011 included a $29.9 million fair value adjustment to inventory and a $2.0 million amortization expense adjustment related to the acquisition of Legacy Valeant by Legacy Biovail.  Excluding the adjustments, cost of goods for the first quarter of 2011 were 27% of product sales.  

Selling, General and Administrative expenses were $139.5 million in the first quarter of 2011, which includes a $22.9 million step-up in stock based compensation expenses related to the acquisition of Legacy Valeant.  Excluding the step-up in stock based compensation, SG&A was approximately 21% of revenue. Research and Development expenses were $13.7 million in the firs
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SOURCE Valeant Pharmaceuticals International, Inc.
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