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

t quarter of 2011, or approximately 3% of revenue.

Net Income and Cash Flow from Operating ActivitiesThe Company reported net income of $6.5 million for the first quarter of 2011, or $0.02 per diluted share.  On an adjusted Cash EPS basis, adjusted income was $205.1 million, or $0.62 per diluted share. Excluding the purchase price adjustment on Cloderm as a result of the merger between Legacy Biovail and Legacy Valeant, adjusted income was $186.3 million, or $0.56 per diluted share.

GAAP cash flow from operating activities was $86.3 million in the first quarter of 2011, and adjusted cash flow from operations was $203.6 million in the first quarter of 2011.  

Securities Repurchase ProgramSince December 31st, 2010, under Valeant's securities repurchase program, the company repurchased an additional $63.8 million principal amount of the 5.375% senior convertible notes due 2014, for an aggregate purchase price of $181.3 million, bringing the aggregate repurchases to $190 million of the $350 million face value of the 5.375% convertible notes.

As previously announced, Valeant repurchased 7.4 million common shares of the Company's common stock held by ValueAct Capital in March 2011 for approximately $275 million.  In addition on May 6, 2011, the Company entered into an agreement to purchase approximately 4.5 million of the Company's common shares from ValueAct for $224.9 million. This purchase is expected to close in mid-May, in advance of the redemption of the 4.0% Convertible Notes, which we expect to settle fully in common shares upon conversion of the notes.

2011 GuidanceThe Company is updating its previous Cash EPS guidance and is now targeting Cash EPS of $2.65 to $2.90 in 2011, up from prior guidance of $2.45 to $2.70.

Conference Call and Webcast InformationThe Company will host a conference call and a live Internet webcast along with a slide presentation today at 10:00 a.m. ET (7:00 a.m. PT),
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SOURCE Valeant Pharmaceuticals International, Inc.
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