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Valeant Pharmaceuticals Reports 2012 Third Quarter Financial Results
Date:11/2/2012

approximately 14% and pro forma organic growth was approximately 12% for the third quarter of 2012 (See Table 6).  Total revenue was $884.1 million in the third quarter of 2012, as compared to $600.6 million in the third quarter of 2011, an increase of 47%.  Product sales were $856.9 million in the third quarter of 2012, as compared to $570.4 million in the year-ago quarter, an increase of 50%.Valeant's base business also continued to deliver strong organic growth.  Particularly positive was Valeant's U.S. Dermatology business, which continued its exceptional growth performance in the third quarter.  Key contributors to organic growth included Zovirax®, Elidel®, Retin-A Micro®, Acanya® and CeraVe®.

Our U.S. Neurology and Other portfolio declined slightly in the quarter, but the rate of decline improved significantly, reflecting the diminishing impact of the year over year negative impact from generic competitors of Wellbutrin XL®, Ultram® ER and Cardizem® CD. Excluding these products, the remaining U.S. Neurology and Other segment increased 9% (same store sales), as compared to the third quarter of 2011. We expect that this segment will return to positive organic growth in 2013.

The Canadian and Australian segment delivered negative organic growth this quarter, as expected, due to the rapid genericization of Cesamet® in Canada that began in March 2012. Excluding Cesamet, the Canadian and Australian segment delivered 12% organic growth (same store sales).

Finally, our Emerging Markets segment provided pro forma organic growth of 9%, primarily driven by our operations in Latin America and South East Asia/South Africa. While overall market rates in Central and Eastern Europe slowed, our European operations significantly outperformed and delivered organic growth levels well above the market. 

Financial PerformanceThe Company reported net income of $7.6 million for the t
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SOURCE Valeant Pharmaceuticals International, Inc.
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