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

hird quarter of 2012, or $0.02 per diluted share.  On a Cash EPS basis, adjusted income was $357.5 million, or $1.15 per diluted share.  

GAAP cash flow from operations was $166.8 million in the third quarter of 2012, and adjusted cash flow from operations was $241.2 million.  Cash flow was negatively impacted by an increase in accounts receivable principally due to sequential revenue growth as compared to the second quarter, and the strong seasonal sales in the month of September, primarily in U.S. Dermatology and Europe; the Wellbutrin XL litigation settlement costs of $37.7 million; and restructuring charges from our acquisitions.  

The Company's cost of goods sold (COGS) was $219.7 million in the third quarter of 2012.  After backing out the fair value adjustment to inventory, amortization expense and other items related to acquisitions of $20.0 million, COGS represented 23% of product sales. COGS for the third quarter of 2012 were positively impacted by the strong growth in our U.S. Dermatology segment which has a lower COGS profile than other segments.

Selling, General and Administrative expenses were $188.7 million in the third quarter of 2012, which includes a $9.1 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 20% of revenue. Research and Development expenses were $19.2 million in the third quarter of 2012, or approximately 2% of revenue.

2012 GuidanceThe Company is updating previous 2012 Guidance from $4.55 to $4.75 Cash EPS, or $1.25 to $1.45 Cash EPS for the fourth quarter 2012, to $4.60 - $4.65 Cash EPS, or $1.30 to $1.35 Cash EPS for the fourth quarter of 2012, which excludes the interest expense of $0.12 Cash EPS from the $2.75 billion Medicis related financing. Valeant is lowering 2012 adjusted cash flow from operations expectations from greater than $1.4 billion
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SOURCE Valeant Pharmaceuticals International, Inc.
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