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Valeant Pharmaceuticals Reports 2011 Second Quarter Financial Results
Date:8/4/2011

MISSISSAUGA, Ontario, Aug. 4, 2011 /PRNewswire/ --

  • 2011 Second Quarter Total Revenue $609 million, including $40 million related to Trobalt milestone
  • Total pro forma revenue growth for the combined company was approximately 27%
  • Excluding the impact of foreign exchange, acquisitions and milestones, pro forma organic growth was approximately 4%
  • Also excluding impact from Diastat and Efudex, pro forma organic growth for the combined company was approximately 7%
  • 2011 Second Quarter GAAP EPS $0.17; Cash EPS $0.73,
  • Includes $0.06 gain from Cephalon investment
  • 2011 Second Quarter GAAP Cash Flow from Operations was $227 million; Adjusted Cash Flow from Operations was $260 million  
  • 2011 Cash EPS Guidance raised to $2.70 - $3.00

  • Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) announces second quarter financial results for 2011.

    “The second quarter once again demonstrated the strength of our diversified business model,” stated J. Michael Pearson, chairman and chief executive officer.  “While the organic growth in our U.S. operations faced a number of headwinds this quarter, such as a tough comparison to the second quarter of 2010 when Legacy Biovail product sales were at unusually high levels, coupled with lower than expected results delivered by partnered Legacy Biovail generic products, we still delivered solid pro forma organic growth.  We remain confident that our full year pro forma organic growth should be approximately 8 percent due in part to the strong performance from our businesses in Europe, Latin America, Canada and Australia. In addition, we are pleased to report that our cash flow from operations generation was particularly robust this quarter, demonstrating the solid execution of our business strategy.”

    RevenueTotal revenue was $609.4 million in the second quarter of 2011 as compared to $238.8 million in the second quarter of 2010.  Included in total revenue for 2011 was $40.0 million of alliance and royalty revenue related to the milestone payment for European launch of retigabine (Trobalt) from GlaxoSmithKline (GSK).  Product sales were $530.0 million in the second quarter of 2011, as compared to $231.2 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.  GAAP results for the second quarter of 2010 only reflect Legacy Biovail revenues and do not include any revenues from Legacy Valeant.  

    Total pro forma revenue growth for the combined company (Legacy Biovail and Legacy Valeant) was approximately 27% for the second quarter of 2011. Pro forma organic revenue growth for the combined company, excluding the impact of foreign exchange and acquisitions, was approximately 4% for the second quarter of 2011. Also, excluding the genericization impact from Diastat and Efudex, pro forma organic revenue growth for the combined company was approximately 7%.  

    Operating Expenses and Gain on InvestmentsThe Company’s cost of goods sold, excluding amortization of intangibles, was $169.9 million in the second quarter of 2011 and represented 32% of product sales.  This number in the second quarter of 2011 included $18.2 million in acquisition step up and amortization primarily related to the acquisition of PharmaSwiss.  Excluding the adjustments, cost of goods for the second quarter of 2011 was 29% of product sales.  

    Selling, General and Administrative expenses were $149.7 million in the second quarter of 2011, which includes a $16.1 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 25% of product sales and service and other revenue. Research and Development expenses were $17.8 million in the second quarter of 2011, or approximately 3% of revenue.

    In connection with an offer to acquire Cephalon, Inc., Valeant acquired approximately 1.0 million shares of common stock of Cephalon.  Subsequently, Cephalon agreed to be acquired by Teva Pharmaceuticals Industries Inc. and consequently, Valeant disposed of its entire investment, which resulted in a realized gain of approximately $0.06 diluted earnings per share.

    Net Income and Cash Flow from Operating ActivitiesThe Company reported net income of $56.4 million for the second quarter of 2011, or $0.17 per diluted share.  On a Cash EPS basis, income was $240.2 million, or $0.73 per diluted share.

    GAAP cash flow from operating activities was $227 million in the second quarter of 2011, and adjusted cash flow from operations was $260 million in the second quarter of 2011.  

    Securities Repurchase ProgramSince March 31st, 2011, under Valeant’s securities repurchase program, the Company repurchased an additional $68 million principal amount of the 5.375% senior convertible notes due 2014, for an aggregate purchase price of $244 million, bringing the aggregate repurchases to $247 million of the $350 million face value of the 5.375% convertible notes.

    2011 GuidanceThe Company is raising its previous Cash EPS guidance to $2.70 to $3.00 in 2011, as compared to prior guidance of $2.65 to $2.90.

    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), August 4, 2011 to discuss its second quarter financial results for 2011. The dial-in number to participate on this call is (877) 295-5743, confirmation code 84713375. International callers should dial (973) 200-3961, confirmation code 84713375. A replay will be available approximately two hours following the conclusion of the conference call through August 11, 2011 and can be accessed by dialing (855) 859-2056, or (404) 537-3406, confirmation code 84713375. The live webcast of the conference call may be accessed through the investor relations section of the Company’s corporate website at www.valeant.com.

    About Valeant Valeant Pharmaceuticals International, Inc. (NYSE/TSX:VRX) is a multinational specialty pharmaceutical company that develops and markets a broad range of pharmaceutical products primarily in the areas of neurology, dermatology and branded generics. More information about Valeant can be found at www.valeant.com.

    Forward-looking Statements This press release may contain forward-looking statements, including, but not limited to, statements regarding our expected growth and Cash EPS guidance for 2011.  Forward-looking statements may be identified by the use of the words “anticipates,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “may,” “will,” “believes,” “estimates,” “potential,” or “continue” and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in the Company's most recent annual or quarterly report filed with the Securities and Exchange Commission (“SEC”) and risks and uncertainties as detailed from time to time in Valeant’s filings with the SEC and the Canadian Securities Administrators (“CSA”), which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. Valeant undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes.

    Note on GuidanceThe guidance contained in this press release is only effective as of the date given, August 4, 2011, and will not be updated or confirmed until the Company publicly announces updated or affirmed guidance.

    Non-GAAP Information  To supplement the financial measures prepared in accordance with generally accepted accounting principles (GAAP), the company uses non-GAAP financial measures that exclude certain items, such as amortization of inventory step-up, amortization of alliance product assets & property, plant and equipment step up, stock-based compensation step-up, contingent consideration fair value adjustments, restructuring, integration and acquisition-related costs, acquired in-process research and development ("IPR&D"), legal settlements outside the ordinary course of business, amortization and other non-cash charges, amortization of deferred financing costs, debt discounts and ASC 470-20 (FSP APB 14-1) interest, loss on extinguishment of debt, (gain) loss on investments, net, and adjusts tax expense to cash taxes. Management uses non-GAAP financial measures internally for strategic decision making, forecasting future results and evaluating current performance. By disclosing non-GAAP financial measures, management intends to provide investors with a meaningful, consistent comparison of the company’s core operating results and trends for the periods presented. Non-GAAP financial measures are not prepared in accordance with GAAP.  Therefore, the information is not necessarily comparable to other companies and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

    Contact Information:
    Laurie W. Little
    949-461-6002
    laurie.little@valeant.com

    Financial Tables follow.Valeant Pharmaceuticals International, Inc. Table 1 Condensed Consolidated Statement of IncomeFor the Three and Six Months Ended June 30, 2011 and 2010Three Months EndedSix Months EndedJune 30,June 30,(In thousands, except per share data)

    20112010(a)

    % Change20112010(a)

    % ChangeProduct sales

    $
    530,035$
    231,245NM$
    ,030,456$
    443,278NMAlliance and royalty

    65,9884,647NM124,4028,996NMService and other

    13,3642,879NM19,5556,132NMTotal revenues

    609,387238,771NM1,174,413458,406NMCost of goods sold (exclusive amortization of   intangible assets shown separately below)

    169,91263,850NM339,199122,805NMCost of services

    3,3953,372NM6,6056,679NMCost of alliances

    --NM30,735-NMSelling, general and administrative ("SG&A")

    149,65745,094NM289,16388,607NMResearch and development

    17,76423,644NM31,43436,221NMContingent consideration fair value adjustments

    1,752-NM2,138-NMAcquired in-process research and development

    2,00010,242NM4,00061,245NMLegal settlements

    2,000-NM2,400-NMRestructuring and acquisition-related costs

    29,49510,458NM48,54111,071NMAmortization of intangible assets

    114,94633,299NM226,98966,599NM490,921189,959981,204393,227Operating income

    118,46648,812193,20965,179Interest expense, net

    (81,987)(9,718)(149,935)(19,357)Loss on extinguishment of debt

    (14,748)-(23,010)-Gain (loss) on investments, net

    21,158(392)22,927(547)Other income, net including translation and exchange

    8476673,65444Income before (recovery of) provision for income taxes

    43,73639,36946,84545,319(Recovery of) provision for income taxes

    (12,624)5,400(15,997)14,500Net income

    $
    56,360
    $
    33,969
    $
    2,842
    $
    30,819
    Earnings per share:Basic:Net income

    $
    .19
    $
    .21
    $
    .21
    $
    .19
    Shares used in per share computation

    303,426158,510303,587158,449Diluted:Net income

    $
    .17
    $
    .21
    $
    .19
    $
    .19
    Shares used in per share computation

    331,369161,019332,130160,115(a) Prior year amounts have been modified to conform to the 2011 disclosure.Valeant Pharmaceuticals International, Inc. Table 2 Reconciliation of GAAP EPS to Adjusted Non-GAAP (Cash) EPS For the Three and Six Months Ended June 30, 2011 and 2010Three Months EndedSix Months EndedJune 30,June 30,(In thousands, except per share data)2011201020112010(a)Net income$   56,360$ 33,969

    (a)$   62,842$   30,819Non-GAAP adjustments (b)(c):Inventory step-up (d)16,262-46,171-Alliance product assets & pp&e step-up (e)275-19,340-Stock-based compensation step-up (f)16,070-39,407-Contingent consideration fair value adjustments1,752-2,138-Restructuring, integration and acquisition-related costs (g)29,49510,45848,54111,071Acquired in-process research and development2,00010,2424,00061,245Legal settlements2,000-2,400-Amortization and other non-cash charges116,86935,950231,39772,078184,72356,650393,394144,394Amortization of deferred financing costs, debt discounts and ASC 470-20 (FSP APB 14-1) interest3,1384,1696,3488,282Loss on extinguishment of debt 14,748-23,010-(Gain) loss on investments, net-392(1,769)547Tax(18,724)700(38,497)5,000Total adjustments183,88561,911382,486158,223Adjusted income$ 240,245$ 95,880$ 445,328$ 189,042GAAP earnings  per share - diluted$
    .17
    $
    .21
    $
    .19
    $
    .19
    Adjusted Non-GAAP (Cash) earnings per share - diluted$
    .73
    $
    .60
    $
    .34
    $
    .18
    Non-GAAP benefit from the out-license of Cloderm (e)$
    .06
    Adjusted Non-GAAP (Cash) earnings per share - diluted (excluding the Non-GAAPbenefit from the out-license of Cloderm) (e)$
    .28
    Shares used in diluted per share calculation - Adjusted Non-GAAP (Cash) earnings per share331,369161,019332,130160,115(a) Prior year non-GAAP adjustments have been modified to conform to the 2011 disclosure.(b) To supplement the financial measures prepared in accordance with generally accepted accounting principles (GAAP), the company uses non-GAAP financial measures that exclude certain items, such as amortization of inventory step-up, amortization of alliance product assets & pp&e step up, stock-based compensation step-up, contingent consideration fair value adjustments, restructuring, integration and acquisition-related costs, acquired in-process research and development ("IPR&D"), legal settlements outside the ordinary course of business, amortization and other non-cash charges, amortization of deferred financing costs, debt discounts and ASC 470-20 (FSP APB 14-1) interest, loss on extinguishment of debt, (gain) loss on investments, net, and adjusts tax expense to cash taxes. Management uses non-GAAP financial measures internally for strategic decision making, forecasting future results and evaluating current performance. By disclosing non-GAAP financial measures, management intends to provide investors with a meaningful, consistent comparison of the company’s core operating results and trends for the periods presented. Non-GAAP financial measures are not prepared in accordance with GAAP.Therefore, the information is not necessarily comparable to other companies and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.(c) This table includes Adjusted Non-GAAP (Cash) Earnings Per Share, which is a non-GAAP financial measure that represents earnings per share, excluding amortization of inventory step-up, alliance product assets & pp&e step up, stock-based compensation step-up, contingent consideration fair value adjustments, restructuring, integration and acquisition-related costs, acquired in-process research and development ("IPR&D"), legal settlements outside the ordinary course of business, amortization and other non-cash charges, amortization of deferred financing costs, debt discounts and ASC 470-20 (FSP APB 14-1) interest, loss on extinguishment of debt, (gain) loss on investments, net, and adjusts tax expense to cash taxes. (d) ASC 805, accounting for business combinations requires an inventory fair value step-up. The impact of the amortization of this step-up is included in cost of goods sold. For the three and six months ended June 30, 2011 the total impact is $16.3 million and $46.2 million, respectively. For the three and six months ended June 30, 2011 a total of  $1.0 million and $27.4 million related to the merger with Valeant Pharmaceutical International, respectively and $15.3 million and $18.8 million related to the acquisition of Pharma Swiss SA on March 10, 2011, respectively.(e) Alliance product assets & pp&e step-up represents the step up to fair market value from Legacy Valeant's original cost resulting from the merger of Legacy Valeant into Legacy Biovail. The impact of the amortization of this step-up is included in cost of alliance and royalty & SG&A. For the three and six months ended June 30, 2011 the total impact is $0.3 million and $19.3 million, respectively. (f) Total stock-based compensation for the three and six months ended June 30, 2011 was $ 25.6 million and $55.5 million, of which $16.1 million and $39.4 million reflect the amortization of the fair value step-up increment resulting from the merger, respectively.(g) Restructuring, integration and acquisition-related costs for the three and six months ended June 30, 2011 represent costs related to the merger of Legacy Valeant and Legacy Biovail. These include $13.0 million and $17.1 million related to facility related costs, $5.3 million and $10.2 million related to contract cancellation fees, consulting, legal and other, $4.4 million and $9.3 million related to employee severance costs, $0.3 million and $3.6 million related to increases in deferred stock unit values related to directors retired as a result of the merger between Legacy Valeant and Legacy Biovail, $1.9 million and $3.4 million related to acquisition costs, $3.3 million and $3.3 million related to manufacturing integration, and $1.3 million and $1.6 million related to wind down costs, respectively.Valeant Pharmaceuticals International, Inc.Table 3Statement of Revenue - by SegmentFor the Three and Six Months Ended June 30, 2011 and 2010(In thousands)Three Months EndedJune 30,Revenue
    (a)(b)2011GAAP2010GAAP%Change (c)2011 currency impact2011 excluding currency impact non-GAAP% Change (c)  U.S. Neurology & Other$
    234,503$ 159,07447%$
    -$
    234,50347%  U.S. Dermatology 109,85441,418165%(203)109,651165%  Total U.S.344,357200,49272%(203)344,15472%Canada/Australia 83,99928,884191%(7,099)76,900166%Specialty Pharmaceuticals428,356229,37687%(7,302)421,05484%Branded Generics - Europe 116,3009,3951138%(19,173)102,016986%Branded Generics - Latin America64,731-NM(2,598)59,383NMBranded Generics181,0319,395NM(21,771)161,399NMTotal revenue$
    9,387
    $ 238,771155%$ (26,934)$
    582,453
    144% Six Months Ended June 30,Revenue
    (a)(b)20112010%Change (c)2011 currency impact2011 excluding currency impact%Change (c)  U.S. Neurology & Other$
    444,102$ 307,37844%$
    -$
    444,10244%  U.S. Dermatology 262,56080,392227%(218)262,342226%  Total U.S.706,662387,77082%(218)706,44482%Canada/Australia154,24453,396189%(11,593)142,651167%Specialty Pharmaceuticals860,906441,16695%(11,811)849,09592%Branded generics - Europe 192,39317,2401016%(14,358)178,035933%Branded generics - Latin America 121,114-NM(8,608)112,506NMBranded Generics313,50717,240NM(22,966)290,541NMTotal revenue$
    ,174,413
    $ 458,406156%$ (34,777)$
    ,139,636
    149%(a) Note: Currency effect for constant currency sales is determined by comparing 2011 reported amounts adjusted to exclude currency impact, calculated using 2010 monthly average exchange rates, to the actual 2010 reported amounts. Constant currency sales is not a GAAP-defined measure of revenue growth. Constant currency sales as defined and presented by us may not be comparable to similar measures reported by other companies.(b) See footnote (b) to Table 2.(c) The % change reflects revenue for the combined company for the three and six months ended June 30, 2011 as compared to Legacy Biovail alone for the three and six months ended June 30, 2010.Valeant Pharmaceuticals International, Inc.Table 4Reconciliation of GAAP Statement of Cost of Goods Sold to Non-GAAP Statement Cost of Goods Sold - by SegmentFor the Three and Six Months Ended June 30, 2011(In thousands) Three Months Ended Six Months Ended Cost of goods sold
    (a)June 30,June 30,2011 as reportedGAAP% of product sales2011 fair value step-up adjustment to inventory and amortization (b)2011 excluding fair value step-up adjustment to inventory and amortizationnon-GAAP% of product sales2011 as reportedGAAP% of product sales2011 fair value step-up adjustment to inventory and amortization (b)2011 excluding fair value step-up adjustment to inventory and amortizationnon-GAAP% of product salesU.S. Neurology & Other $
    35,39119%$
    ,918$
    33,47318%$
    81,77521%$
    3,320$
    8,45517%U.S. Dermatology 12,29115%-12,29115%46,99427%7,69639,29822%Canada/Australia23,69429%69922,99528%44,92730%3,46641,46127%Branded Generics - Europe72,21864%15,27556,94350%112,22260%20,57991,64349%Branded Generics - Latin America26,01840%28725,73140%52,54643%4,98147,56539%Corporate300-300735-735$
    9,912
    32%$
    8,179
    $
    51,733
    29%$
    339,199
    33%$
    50,042
    $
    289,157
    28%  (a) See footnote (b) to Table 2.    (b) For the three and six months ended June 30, 2011 U.S. Neurology and Other and U.S. Dermatology include $0 and $9.4 million and $0 and $7.7 million of fair value step-up adjustment to inventory, respectively and in the three and six months ended June 30, 2011 U.S. Neurology and Other includes $2.0 million and $3.9 million of amortization, respectively.   Valeant Pharmaceuticals International, Inc.Table 5Consolidated  Balance Sheet and Other Data(In thousands)As ofAs ofJune 30,December 31,5.1Cash20112010Cash and cash equivalents

    $
    238,945$
    394,269Marketable securities

    2,9546,083Total cash and marketable securities

    $
    241,899
    $
    400,352
    DebtConvertible notes

    $
    2,617$
    417,555Senior notes

    4,326,6722,185,822Term loan A facility

    -975,000Revolving credit facility

    100,000-Other

    17,50016,9004,546,7893,595,277Less: Current portion

    (17,500)(116,900)$
    4,529,289
    $
    3,478,377
    5.2Summary of Cash Flow StatementThree Months EndedJune 30,20112010Cash flow provided by (used in):Net cash provided by (used in) operating activities (GAAP)

    $
    226,656$
    8,913Restructuring and acquisition-related costs

    29,49510,458Payment of legal settlements

    2,000-Effect of ASC 470-20 (FSP APB 14-1)

    2,712-Working capital change related to Zovirax transaction (a)

    (28,671)-Working capital change related to Elidel

    8,471-Tax benefits from stock options exercised (b)

    7,566-Non-Cash adjustments to Income Taxes Payable

    13,730-Changes in working capital related to restructuring and   acquisition-related costs

    (2,419)-Adjusted cash flow from operations (Non-GAAP) (c)

    $
    259,540$
    9,371  (a) Includes reversal of one time impact to accounts receivable, inventory and accounts payable associated with Zovirax transaction and launch of 30g ointment recorded in Q1.    (b) Includes stock option tax benefit which will reduce taxes in future periods.    (c) See footnote (b) to Table 2.   Valeant Pharmaceuticals InternationalTable 6Pro Forma Organic Growth - by SegmentFor the Three and Six Months Ended June 30, 2011(In thousands) Three Months Ended June 30, (b)
    June QTD
    2011 (b) (c) June QTD
    2010%   Change(a) June QTD 2011 currency impactJune QTD excluding currency impact%   Change (d) (e) June QTD acquisition impact at 2010 rates June QTD excluding currency & acquisition impactJune QTD
    growth at constant currency, net of acquisitionsU.S. Dermatology $
    79,596$
    77,0153%$
    (11)$
    79,5853%$
    (1,069)$
    78,5162%U.S. Neurology & Other (f)190,360203,296-6%-190,360-6%-190,360-6%  Total U.S.269,956280,311-4%(11)269,945-4%(1,069)268,876-4%Canada/Australia82,50765,56226%(7,266)75,24115%(1,191)74,05013%Specialty pharmaceuticals 352,463345,8732%(7,277)345,1860%(2,260)342,926-1%Branded generics - Latin America64,73251,77125%(5,348)59,38415%-59,38415%Branded generics - Europe112,84050,179125%(13,977)98,86397%(40,507)58,35616%Branded Generics177,572101,95074%(19,325)158,24755%(40,507)117,74015%Total product sales530,035447,82318%(26,602)503,43312%(42,767)460,6663%Total Royalty, Alliance & Service Revenue79,35243,64282%-79,35282%18,31897,670124%Total Revenue (h)609,387491,465(26,602)582,785(24,449)558,33614%Less Milestones(46,500)--(46,500)-(46,500)Total Adjusted Revenue$
    562,887
    $
    491,465
    15%$
    (26,602)
    $
    536,285
    9%$
    (24,449)
    $
    511,836
    4%Add: JV Revenue (g)$
    41
    $
    32
    $
    -
    $
    41
    $
    -
    $
    41
    Total$
    563,528
    $
    491,497
    15%$
    (26,602)
    $
    536,926
    9%$
    (24,449)
    $
    512,477
    4%Organic Growth - Excluding Diastat & EfudexDiastat Adjustment$
    3,085$
    3,822-78%$
    -$
    3,085-78%$
    -$
    3,085-78%  U.S. Neurology & Other187,275189,474-1%-187,275-1%-187,275-1%Efudex Adjustment3,2754,338-25%-3,275-25%-3,275-25%  U.S. Dermatology 76,32172,6775%(11)76,3105%(1,069)75,2414%Total product sales523,675429,66322%(26,602)497,07316%(42,767)454,3066%Total Organic Revenue$
    556,527
    $
    473,305
    18%$
    (26,602)
    $
    529,925
    12%$
    (24,449)
    $
    505,476
    7% Six Months Ended June 30, (b)
    June YTD
    2011 (b) (c) June YTD
    2010%   Change(a) June YTD 2011 currency impactJune YTD excluding currency impact%   Change (d) (e) June YTD acquisition impact at 2010 rates June YTD excluding currency & acquisition impactJune YTD
    growth at constant currency, net of acquisitionsU.S. Dermatology $
    75,400$
    50,51417%$
    (36)$
    75,36417%$
    (7,600)$
    7,76411%U.S. Neurology & Other (f)394,416393,0090%-394,4160%(20,625)373,791-5%  Total U.S.569,816543,5235%(36)569,7805%(28,225)541,5550%Canada/Australia151,103124,34022%(11,708)139,39512%(5,034)134,3618%Specialty pharmaceuticals 720,919667,8638%(11,744)709,1756%(33,259)675,9161%Branded generics - Latin America 121,11593,82929%(8,608)112,50720%(6,471)106,03613%Branded generics - Europe 188,42299,73089%(14,119)174,30375%(55,429)118,87419%Branded Generics309,537193,55960%(22,727)286,81048%(61,900)224,91016%Total product sales1,030,456861,42220%(34,471)995,98516%(95,159)900,8265%Total Royalty, Alliance & Service Revenue143,95778,72883%-143,95783%30,481174,438122%Total Revenue (h)1,174,413940,150(34,471)1,139,942(64,678)1,075,264Less Milestones(83,000)--(83,000)-(83,000)Total Adjusted Revenue$
    ,091,413
    $
    940,150
    16%$
    (34,471)
    $
    ,056,942
    12%$
    (64,678)
    $
    992,264
    6%Add: JV Revenue (g)$
    871
    $
    4
    $
    -
    $
    871
    $
    -
    $
    871
    Total$
    ,092,284
    $
    940,214
    16%$
    (34,471)
    $
    ,057,813
    13%$
    (64,678)
    $
    993,135
    6%Organic Growth - Excluding Diastat & EfudexDiastat Adjustment$
    ,999$
    29,686-63%$
    -$
    ,999-63%$
    -$
    ,999-63%  U.S. Neurology & Other383,417363,3236%-383,4176%(20,625)362,7920%Efudex Adjustment4,90514,645-67%-4,905-67%-4,905-67%  U.S. Dermatology 170,495135,86925%(36)170,45925%(7,600)162,85920%Total product sales1,014,552817,09124%(34,471)980,08120%(95,159)884,9228%Total Organic Revenue$
    ,075,509
    $
    895,819
    20%$
    (34,471)
    $
    ,041,038
    16%$
    (64,678)
    $
    976,360
    9%(a) See footnote (a) to Table 3.(b) See footnote (b) to Table 2.(c) Combined Legacy Biovail and Legacy Valeant product sales and royalty, alliance and service revenue.(d) All prior year acquisitions included in organic growth.(e) 2011 increases/decreases related to acquisitions/divestitures, respectively are included on a pro forma basis(f)  2010 data includes adjustments for timing of revenues on certain partnered products of $2.9M in June QTD and $5.8M in June YTD.(g) Represents JV revenue not included in Consolidated Valeant revenues(h) 2010 Includes Legacy Biovail GAAP revenues of $238.8M and $458.4M and Legacy Valeant GAAP revenues of $255.6M and $487.6M for Q2 and Q2 YTD respectively , adjusted per note f.(Logo: http://photos.prnewswire.com/prnh/20101025/LA87217LOGO)


    '/>"/>

    SOURCE Valeant Pharmaceuticals International, Inc.
    Copyright©2010 PR Newswire.
    All rights reserved


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