Canada | 001-14956 | 98-0448205 | ||
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) | (I.R.S Employer Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit | ||
Number | Description | |
99.1
|
Press Release of Valeant Pharmaceuticals International, Inc. dated August 4, 2011. |
VALEANT PHARMACEUTICALS INTERNATIONAL, INC. |
||||
Date: August 4, 2011 | By: | /s/ Philipe W. Loberg | ||
Philipe W. Loberg | ||||
Executive Vice President, Interim
Chief Financial Officer |
Exhibit | ||
Number | Description | |
99.1
|
Press Release of Valeant Pharmaceuticals International, Inc. dated August 4, 2011. |
| 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 |
###
Three Months Ended | Six Months Ended | |||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||
(In thousands, except per share data) | 2011 | 2010(a) | % Change | 2011 | 2010(a) | % Change | ||||||||||||||||||
Product sales |
$ | 530,035 | $ | 231,245 | NM | $ | 1,030,456 | $ | 443,278 | NM | ||||||||||||||
Alliance and royalty |
65,988 | 4,647 | NM | 124,402 | 8,996 | NM | ||||||||||||||||||
Service and other |
13,364 | 2,879 | NM | 19,555 | 6,132 | NM | ||||||||||||||||||
Total revenues |
609,387 | 238,771 | NM | 1,174,413 | 458,406 | NM | ||||||||||||||||||
Cost of goods sold (exclusive amortization of
intangible assets shown separately below) |
169,912 | 63,850 | NM | 339,199 | 122,805 | NM | ||||||||||||||||||
Cost of services |
3,395 | 3,372 | NM | 6,605 | 6,679 | NM | ||||||||||||||||||
Cost of alliances |
| | NM | 30,735 | | NM | ||||||||||||||||||
Selling, general and administrative (SG&A) |
149,657 | 45,094 | NM | 289,163 | 88,607 | NM | ||||||||||||||||||
Research and development |
17,764 | 23,644 | NM | 31,434 | 36,221 | NM | ||||||||||||||||||
Contingent consideration fair value adjustments |
1,752 | | NM | 2,138 | | NM | ||||||||||||||||||
Acquired in-process research and development |
2,000 | 10,242 | NM | 4,000 | 61,245 | NM | ||||||||||||||||||
Legal settlements |
2,000 | | NM | 2,400 | | NM | ||||||||||||||||||
Restructuring and acquisition-related costs |
29,495 | 10,458 | NM | 48,541 | 11,071 | NM | ||||||||||||||||||
Amortization of intangible assets |
114,946 | 33,299 | NM | 226,989 | 66,599 | NM | ||||||||||||||||||
490,921 | 189,959 | 981,204 | 393,227 | |||||||||||||||||||||
Operating income |
118,466 | 48,812 | 193,209 | 65,179 | ||||||||||||||||||||
Interest 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 |
847 | 667 | 3,654 | 44 | ||||||||||||||||||||
Income before (recovery of) provision for income taxes |
43,736 | 39,369 | 46,845 | 45,319 | ||||||||||||||||||||
(Recovery of) provision for income taxes |
(12,624 | ) | 5,400 | (15,997 | ) | 14,500 | ||||||||||||||||||
Net income |
$ | 56,360 | $ | 33,969 | $ | 62,842 | $ | 30,819 | ||||||||||||||||
Earnings per share: |
||||||||||||||||||||||||
Basic: |
||||||||||||||||||||||||
Net income |
$ | 0.19 | $ | 0.21 | $ | 0.21 | $ | 0.19 | ||||||||||||||||
Shares used in per share computation |
303,426 | 158,510 | 303,587 | 158,449 | ||||||||||||||||||||
Diluted: |
||||||||||||||||||||||||
Net income |
$ | 0.17 | $ | 0.21 | $ | 0.19 | $ | 0.19 | ||||||||||||||||
Shares used in per share computation |
331,369 | 161,019 | 332,130 | 160,115 | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(In thousands, except per share data) | 2011 | 2010 | 2011 | 2010(a) | ||||||||||||
Net income |
$ | 56,360 | $ | 33,969 | (a) | $ | 62,842 | $ | 30,819 | |||||||
Non-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 adjustments |
1,752 | | 2,138 | | ||||||||||||
Restructuring, integration and acquisition-related costs (g) |
29,495 | 10,458 | 48,541 | 11,071 | ||||||||||||
Acquired in-process research and development |
2,000 | 10,242 | 4,000 | 61,245 | ||||||||||||
Legal settlements |
2,000 | | 2,400 | | ||||||||||||
Amortization and other non-cash charges |
116,869 | 35,950 | 231,397 | 72,078 | ||||||||||||
184,723 | 56,650 | 393,394 | 144,394 | |||||||||||||
Amortization of deferred financing costs, debt discounts and ASC 470-20 (FSP APB 14-1)
interest |
3,138 | 4,169 | 6,348 | 8,282 | ||||||||||||
Loss on extinguishment of debt |
14,748 | | 23,010 | | ||||||||||||
(Gain) loss on investments, net |
| 392 | (1,769 | ) | 547 | |||||||||||
Tax |
(18,724 | ) | 700 | (38,497 | ) | 5,000 | ||||||||||
Total adjustments |
183,885 | 61,911 | 382,486 | 158,223 | ||||||||||||
Adjusted income |
$ | 240,245 | $ | 95,880 | $ | 445,328 | $ | 189,042 | ||||||||
GAAP earnings per share diluted |
$ | 0.17 | $ | 0.21 | $ | 0.19 | $ | 0.19 | ||||||||
Adjusted Non-GAAP (Cash) earnings per share diluted |
$ | 0.73 | $ | 0.60 | $ | 1.34 | $ | 1.18 | ||||||||
Non-GAAP benefit from the out-license of Cloderm (e) |
$ | 0.06 | ||||||||||||||
Adjusted Non-GAAP (Cash) earnings per share diluted (excluding the Non-GAAP benefit
from the out-license of Cloderm) (e) |
$ | 1.28 | ||||||||||||||
Shares used in diluted per share calculation Adjusted Non-GAAP (Cash) earnings per share |
331,369 | 161,019 | 332,130 | 160,115 | ||||||||||||
(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 companys 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 Valeants 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. |
Three Months Ended | ||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||
2011 | ||||||||||||||||||||||||
excluding | ||||||||||||||||||||||||
% | 2011 | currency | % | |||||||||||||||||||||
2011 | 2010 | Change | currency | impact | Change | |||||||||||||||||||
GAAP | GAAP | (c) | impact | non-GAAP | (c) | |||||||||||||||||||
Revenue (a)(b) |
||||||||||||||||||||||||
U.S. Neurology & Other |
$ | 234,503 | $ | 159,074 | 47 | % | $ | | $ | 234,503 | 47 | % | ||||||||||||
U.S. Dermatology |
109,854 | 41,418 | 165 | % | (203 | ) | 109,651 | 165 | % | |||||||||||||||
Total U.S. |
344,357 | 200,492 | 72 | % | (203 | ) | 344,154 | 72 | % | |||||||||||||||
Canada/Australia |
83,999 | 28,884 | 191 | % | (7,099 | ) | 76,900 | 166 | % | |||||||||||||||
Specialty Pharmaceuticals |
428,356 | 229,376 | 87 | % | (7,302 | ) | 421,054 | 84 | % | |||||||||||||||
Branded Generics Europe |
116,300 | 9,395 | 1138 | % | (19,173 | ) | 102,016 | 986 | % | |||||||||||||||
Branded Generics Latin America |
64,731 | | NM | (2,598 | ) | 59,383 | NM | |||||||||||||||||
Branded Generics |
181,031 | 9,395 | NM | (21,771 | ) | 161,399 | NM | |||||||||||||||||
Total revenue |
$ | 609,387 | $ | 238,771 | 155 | % | $ | (26,934 | ) | $ | 582,453 | 144 | % | |||||||||||
Six Months Ended | ||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||
2011 | ||||||||||||||||||||||||
% | 2011 | excluding | % | |||||||||||||||||||||
Change | currency | currency | Change | |||||||||||||||||||||
2011 | 2010 | (c) | impact | impact | (c) | |||||||||||||||||||
Revenue (a)(b) |
||||||||||||||||||||||||
U.S. Neurology & Other |
$ | 444,102 | $ | 307,378 | 44 | % | $ | | $ | 444,102 | 44 | % | ||||||||||||
U.S. Dermatology |
262,560 | 80,392 | 227 | % | (218 | ) | 262,342 | 226 | % | |||||||||||||||
Total U.S. |
706,662 | 387,770 | 82 | % | (218 | ) | 706,444 | 82 | % | |||||||||||||||
Canada/Australia |
154,244 | 53,396 | 189 | % | (11,593 | ) | 142,651 | 167 | % | |||||||||||||||
Specialty Pharmaceuticals |
860,906 | 441,166 | 95 | % | (11,811 | ) | 849,095 | 92 | % | |||||||||||||||
Branded generics Europe |
192,393 | 17,240 | 1016 | % | (14,358 | ) | 178,035 | 933 | % | |||||||||||||||
Branded generics Latin America |
121,114 | | NM | (8,608 | ) | 112,506 | NM | |||||||||||||||||
Branded Generics |
313,507 | 17,240 | NM | (22,966 | ) | 290,541 | NM | |||||||||||||||||
Total revenue |
$ | 1,174,413 | $ | 458,406 | 156 | % | $ | (34,777 | ) | $ | 1,139,636 | 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. |
Cost of goods sold (a) | Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||||||||||||||
2011 | 2011 | |||||||||||||||||||||||||||||||||||||||
excluding | excluding | |||||||||||||||||||||||||||||||||||||||
2011 | fair value | 2011 | fair value | |||||||||||||||||||||||||||||||||||||
fair value | step-up | fair value | step-up | |||||||||||||||||||||||||||||||||||||
step-up | adjustment | step-up | adjustment | |||||||||||||||||||||||||||||||||||||
adjustment | to inventory | adjustment | to inventory | |||||||||||||||||||||||||||||||||||||
2011 | % | to inventory | and | 2011 | % of | to inventory | and | |||||||||||||||||||||||||||||||||
as reported | of product | and | amortization | % | as reported | product | and | amortization | % | |||||||||||||||||||||||||||||||
GAAP | sales | amortization(b) | non-GAAP | of product sales | GAAP | sales | amortization(b) | non-GAAP | of product sales | |||||||||||||||||||||||||||||||
U.S. Neurology & Other |
$ | 35,391 | 19 | % | $ | 1,918 | $ | 33,473 | 18 | % | $ | 81,775 | 21 | % | $ | 13,320 | $ | 68,455 | 17 | % | ||||||||||||||||||||
U.S. Dermatology |
12,291 | 15 | % | | 12,291 | 15 | % | 46,994 | 27 | % | 7,696 | 39,298 | 22 | % | ||||||||||||||||||||||||||
Canada/Australia |
23,694 | 29 | % | 699 | 22,995 | 28 | % | 44,927 | 30 | % | 3,466 | 41,461 | 27 | % | ||||||||||||||||||||||||||
Branded Generics Europe |
72,218 | 64 | % | 15,275 | 56,943 | 50 | % | 112,222 | 60 | % | 20,579 | 91,643 | 49 | % | ||||||||||||||||||||||||||
Branded Generics Latin America |
26,018 | 40 | % | 287 | 25,731 | 40 | % | 52,546 | 43 | % | 4,981 | 47,565 | 39 | % | ||||||||||||||||||||||||||
Corporate |
300 | | 300 | 735 | | 735 | ||||||||||||||||||||||||||||||||||
$ | 169,912 | 32 | % | $ | 18,179 | $ | 151,733 | 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. |
As of | As of | |||||||
June 30, | December 31, | |||||||
2011 | 2010 | |||||||
Cash and cash equivalents |
$ | 238,945 | $ | 394,269 | ||||
Marketable securities |
2,954 | 6,083 | ||||||
Total cash and marketable securities |
$ | 241,899 | $ | 400,352 | ||||
Debt |
||||||||
Convertible notes |
$ | 102,617 | $ | 417,555 | ||||
Senior notes |
4,326,672 | 2,185,822 | ||||||
Term loan A facility |
| 975,000 | ||||||
Revolving credit facility |
100,000 | | ||||||
Other |
17,500 | 16,900 | ||||||
4,546,789 | 3,595,277 | |||||||
Less: Current portion |
(17,500 | ) | (116,900 | ) | ||||
$ | 4,529,289 | $ | 3,478,377 | |||||
Three Months Ended | ||||||||
June 30, | ||||||||
2011 | 2010 | |||||||
Cash flow provided by (used in): |
||||||||
Net cash provided by (used in) operating activities (GAAP) |
$ | 226,656 | $ | 108,913 | ||||
Restructuring and acquisition-related costs |
29,495 | 10,458 | ||||||
Payment 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 | $ | 119,371 | ||||
(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. |
Three Months Ended | ||||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||
June QTD | ||||||||||||||||||||||||||||||||||||
(a) | (d) (e) | June QTD | growth at | |||||||||||||||||||||||||||||||||
June QTD | June QTD | June QTD | excluding | constant | ||||||||||||||||||||||||||||||||
(b) | (b) (c) | 2011 | excluding | acquisition | currency & | currency, | ||||||||||||||||||||||||||||||
June QTD | June QTD | currency | currency | impact at | acquisition | net of | ||||||||||||||||||||||||||||||
2011 | 2010 | % Change | impact | impact | % Change | 2010 rates | impact | acquisitions | ||||||||||||||||||||||||||||
U.S. Dermatology |
$ | 79,596 | $ | 77,015 | 3 | % | $ | (11 | ) | $ | 79,585 | 3 | % | $ | (1,069 | ) | $ | 78,516 | 2 | % | ||||||||||||||||
U.S. Neurology & Other (f) |
190,360 | 203,296 | -6 | % | | 190,360 | -6 | % | | 190,360 | -6 | % | ||||||||||||||||||||||||
Total U.S. |
269,956 | 280,311 | -4 | % | (11 | ) | 269,945 | -4 | % | (1,069 | ) | 268,876 | -4 | % | ||||||||||||||||||||||
Canada/Australia |
82,507 | 65,562 | 26 | % | (7,266 | ) | 75,241 | 15 | % | (1,191 | ) | 74,050 | 13 | % | ||||||||||||||||||||||
Specialty pharmaceuticals |
352,463 | 345,873 | 2 | % | (7,277 | ) | 345,186 | 0 | % | (2,260 | ) | 342,926 | -1 | % | ||||||||||||||||||||||
Branded generics Latin America |
64,732 | 51,771 | 25 | % | (5,348 | ) | 59,384 | 15 | % | | 59,384 | 15 | % | |||||||||||||||||||||||
Branded generics Europe |
112,840 | 50,179 | 125 | % | (13,977 | ) | 98,863 | 97 | % | (40,507 | ) | 58,356 | 16 | % | ||||||||||||||||||||||
Branded Generics |
177,572 | 101,950 | 74 | % | (19,325 | ) | 158,247 | 55 | % | (40,507 | ) | 117,740 | 15 | % | ||||||||||||||||||||||
Total product sales |
530,035 | 447,823 | 18 | % | (26,602 | ) | 503,433 | 12 | % | (42,767 | ) | 460,666 | 3 | % | ||||||||||||||||||||||
Total Royalty, Alliance & Service Revenue |
79,352 | 43,642 | 82 | % | | 79,352 | 82 | % | 18,318 | 97,670 | 124 | % | ||||||||||||||||||||||||
Total Revenue (h) |
609,387 | 491,465 | (26,602 | ) | 582,785 | (24,449 | ) | 558,336 | 14 | % | ||||||||||||||||||||||||||
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) |
$ | 641 | $ | 32 | $ | | $ | 641 | $ | | $ | 641 | ||||||||||||||||||||||||
Total |
$ | 563,528 | $ | 491,497 | 15 | % | $ | (26,602 | ) | $ | 536,926 | 9 | % | $ | (24,449 | ) | $ | 512,477 | 4 | % | ||||||||||||||||
Organic Growth Excluding Diastat & Efudex |
||||||||||||||||||||||||||||||||||||
Diastat Adjustment |
$ | 3,085 | $ | 13,822 | -78 | % | $ | | $ | 3,085 | -78 | % | $ | | $ | 3,085 | -78 | % | ||||||||||||||||||
U.S. Neurology & Other |
187,275 | 189,474 | -1 | % | | 187,275 | -1 | % | | 187,275 | -1 | % | ||||||||||||||||||||||||
Efudex Adjustment |
3,275 | 4,338 | -25 | % | | 3,275 | -25 | % | | 3,275 | -25 | % | ||||||||||||||||||||||||
U.S. Dermatology |
76,321 | 72,677 | 5 | % | (11 | ) | 76,310 | 5 | % | (1,069 | ) | 75,241 | 4 | % | ||||||||||||||||||||||
Total product sales |
523,675 | 429,663 | 22 | % | (26,602 | ) | 497,073 | 16 | % | (42,767 | ) | 454,306 | 6 | % | ||||||||||||||||||||||
Total Organic Revenue |
$ | 556,527 | $ | 473,305 | 18 | % | $ | (26,602 | ) | $ | 529,925 | 12 | % | $ | (24,449 | ) | $ | 505,476 | 7 | % | ||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||||||||||||
June YTD | ||||||||||||||||||||||||||||||||||||
(a) | (d) (e) | June YTD | growth at | |||||||||||||||||||||||||||||||||
June YTD | June YTD | June YTD | excluding | constant | ||||||||||||||||||||||||||||||||
(b) | (b) (c) | 2011 | excluding | Acquisition | currency & | currency, | ||||||||||||||||||||||||||||||
June YTD | June YTD | currency | currency | impact at | acquisition | net of | ||||||||||||||||||||||||||||||
2011 | 2010 | % Change | impact | impact | % Change | 2010 rates | impact | acquisitions | ||||||||||||||||||||||||||||
U.S. Dermatology |
$ | 175,400 | $ | 150,514 | 17 | % | $ | (36 | ) | $ | 175,364 | 17 | % | $ | (7,600 | ) | $ | 167,764 | 11 | % | ||||||||||||||||
U.S. Neurology & Other (f) |
394,416 | 393,009 | 0 | % | | 394,416 | 0 | % | (20,625 | ) | 373,791 | -5 | % | |||||||||||||||||||||||
Total U.S. |
569,816 | 543,523 | 5 | % | (36 | ) | 569,780 | 5 | % | (28,225 | ) | 541,555 | 0 | % | ||||||||||||||||||||||
Canada/Australia |
151,103 | 124,340 | 22 | % | (11,708 | ) | 139,395 | 12 | % | (5,034 | ) | 134,361 | 8 | % | ||||||||||||||||||||||
Specialty pharmaceuticals |
720,919 | 667,863 | 8 | % | (11,744 | ) | 709,175 | 6 | % | (33,259 | ) | 675,916 | 1 | % | ||||||||||||||||||||||
Branded generics Latin America |
121,115 | 93,829 | 29 | % | (8,608 | ) | 112,507 | 20 | % | (6,471 | ) | 106,036 | 13 | % | ||||||||||||||||||||||
Branded generics Europe |
188,422 | 99,730 | 89 | % | (14,119 | ) | 174,303 | 75 | % | (55,429 | ) | 118,874 | 19 | % | ||||||||||||||||||||||
Branded Generics |
309,537 | 193,559 | 60 | % | (22,727 | ) | 286,810 | 48 | % | (61,900 | ) | 224,910 | 16 | % | ||||||||||||||||||||||
Total product sales |
1,030,456 | 861,422 | 20 | % | (34,471 | ) | 995,985 | 16 | % | (95,159 | ) | 900,826 | 5 | % | ||||||||||||||||||||||
Total Royalty, Alliance & Service Revenue |
143,957 | 78,728 | 83 | % | | 143,957 | 83 | % | 30,481 | 174,438 | 122 | % | ||||||||||||||||||||||||
Total Revenue (h) |
1,174,413 | 940,150 | (34,471 | ) | 1,139,942 | (64,678 | ) | 1,075,264 | ||||||||||||||||||||||||||||
Less Milestones |
(83,000 | ) | | | (83,000 | ) | | (83,000 | ) | |||||||||||||||||||||||||||
Total Adjusted Revenue |
$ | 1,091,413 | $ | 940,150 | 16 | % | $ | (34,471 | ) | $ | 1,056,942 | 12 | % | $ | (64,678 | ) | $ | 992,264 | 6 | % | ||||||||||||||||
Add: JV Revenue (g) |
$ | 871 | $ | 64 | $ | | $ | 871 | $ | | $ | 871 | ||||||||||||||||||||||||
Total |
$ | 1,092,284 | $ | 940,214 | 16 | % | $ | (34,471 | ) | $ | 1,057,813 | 13 | % | $ | (64,678 | ) | $ | 993,135 | 6 | % | ||||||||||||||||
Organic Growth Excluding Diastat & Efudex |
||||||||||||||||||||||||||||||||||||
Diastat Adjustment |
$ | 10,999 | $ | 29,686 | -63 | % | $ | | $ | 10,999 | -63 | % | $ | | $ | 10,999 | -63 | % | ||||||||||||||||||
U.S. Neurology & Other |
383,417 | 363,323 | 6 | % | | 383,417 | 6 | % | (20,625 | ) | 362,792 | 0 | % | |||||||||||||||||||||||
Efudex Adjustment |
4,905 | 14,645 | -67 | % | | 4,905 | -67 | % | | 4,905 | -67 | % | ||||||||||||||||||||||||
U.S. Dermatology |
170,495 | 135,869 | 25 | % | (36 | ) | 170,459 | 25 | % | (7,600 | ) | 162,859 | 20 | % | ||||||||||||||||||||||
Total product sales |
1,014,552 | 817,091 | 24 | % | (34,471 | ) | 980,081 | 20 | % | (95,159 | ) | 884,922 | 8 | % | ||||||||||||||||||||||
Total Organic Revenue |
$ | 1,075,509 | $ | 895,819 | 20 | % | $ | (34,471 | ) | $ | 1,041,038 | 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 $487.6M for Q2 and Q2 YTD respectively , adjusted per note f. |
XXHK,6"1"A:9F3&` M'Y8:%H4"A>ASR9EH?G=`-6R2=V8_:9(CQC.HU*#PP@PW_(S"-SPS`PHU/2(! M*\D4H8$<.8!QRA2F4/``#"4D$P8#%-R&PY`.'/.7P`X(\3#?S!2$=##'$8 M"SSP,YL'>3CQ`!D%=F2A+(D4\X4:3<011PE*C!-L85NH(LL>HHC@#Y$)A#0$ M`=!\L<0A`3AHR4O T0@#L91A71DH0S$6(=%&J`% M(.`@"&\HPAA"<26!_.-Z%V7G`_+0!7(@(Q0AF((6!I"!?T0!)AETR>)FNK@, M=($YL;1 :J! M>VP,T!$0(4>/1($"FE"".1!P@"SX@&9>^X<*JC`&!#B"'"7XP0M>T($'N,,= MDBC"#S^0@0P01!M16)SO-F`&!I[T"@WXB4&T,5.++$XA!E%+`WZ0A=C_A$>6 M)>0I>7J0!DK`8I=%=6$-GO&+"C9S&Z=@!",ZX`\$5($<4O.!2A=1@HCZ0SHY M(X@_7D")3AP"$:P@QR"F,`JZ?J2M-"`'!N3&"+F:MR-G3&/W%@`)`2SC$?VL M*P,N@`$7@,`819#$=;TV!!6(XABCD`#?]N&!(\R!!2.51`O&\-+.?O9PH=V` M'W:`C&H@8V9,P1%HM:&XW[G$"090P!W(\:]9]A26DNL!'TQ@B!D2M:@*JX-7 MFYD`7IP"#E>@A0LZT0,,"*"B_E#!)>ZY.%%MI!O^D(`2HN$/?V@B#9?X@3\: MH+/SRB"]Z\7!%>BQC;F"9)[[L``?.,"!$ERB_PN*\$>7<2;6+#"!JTL@1P2@ M$`JOC6*QI?`$&\90`DX(`@`RF$,4.F#@4L2DLY".=#88P>$>7(`10``*-_P0 MZ0Q.V`;PYT*`: M&/"'1'IQD`@EX.R+^\<92X!7-B@`"G7P02CH(X,&L,$`08AR%I0`@:A_PA$] M((8U0D&&`9!!.MPH+S2*0((H:&$*'3@&)8I0A3=L80Y,<&1P&,Z0(36@$+,@ MQP7B`8K[<:,A(L%&-FJDC$Z$,',N9M-/AR$%*4QB$C&7N0P=X`,,#6``V?9' M.M)0#&:\(PZ=T`$.\H,-9I\=&R_+PA(4`0(!(,(+?/C"&FFU@;,C[MI?!KO_ M9C9`BVY@XPJ,L*Q,<,`--*M1[`I(0@@2D(,<+$4!!C``#BPQ"$'\(`75EP*H M40SFX`\?@`A7HFGEQ6]>$!,O,`#NL`H74`;W``"-,`X3U@ULD'HY`'H'<`&G M4'H&`!8F,0`T@@-^,`9\$!L`$WL[502?(`RH@`J3(`PU-G/%10#`-V=UU0C[ M``^#P`1$=PL=T`TUD0W
0`"'PPTYH`#\9@Y#$`0O_]`-*R4`-!`+HK`'"'`/ M>K`[(I%X'LA)0*`H)&@20X!!']"%Y)!J+L@FCG$)J:`.4F`(DW`#J+!+(V`& M940&%(`C9.0/UY`&CN`(]:`'.+`!:\,1GI8!*J`$@Q`/GP($(3`$S'`)Y(!O MIG!MQJ@^7T<,P>`)3G`*3L`&+F`-"H`-,S4*\14+TN`/#R`#?Y`'>8`0GI8# MHS``,M!(B>`/[D`'WG`%"H``HA!O^-(`'>`3W)`!,@`Y".`/&90$[A!:*;`$ M:9`&Q'`/Q^!IFS@*D#`+Q.,/':``"<`L)X$-VT`-U``' /2`& MAL!RDY`)4B!#=O`('Y"+V/]``100$J!5"X!7#"H0`D#0#2NP`8R3./50`J40 M"J"04BRE`%W`"?P``J)FC1OA#]-`4"4@`-Y#"V<$# '"C-Y`S67(>^1(2*Q`OXP",E@9$XP!0TP"HR#.'-P M!HG0`JP``A!"#0V@1+Q6!;$0!NA0"(;Q#UN$#H#9`@&`!$A`!.,@!A"0&4-2 M(P3_(%;%4`;[H`+:"0"4$`!B5UX AA0TYL`T4X`.OD`6Q8`]:``HB\0'4P``1D`P1@`)R M,`QCM!$`0$(`[XP`]-F*65L*7M.00#H`.)L`DE<`$DL`7EY0?8X`ET MX`7$<# :JX$>$!"3,=H*XD"C)J$`*[`" MA.`"`\!UW?`3:K$R`O($8RD5'1`$Q?0`"5`(RJ`5W3``!*`1&>`-6_`.[R`# M")05R@`#IH`(B)!A7M$`D)`+]@$&M(`(II`+B.`.HY`#G@8&.Z"6,/`.1]`` M<#`%+S`*"="LC2`EO+,!Y3H' 0$EI(#MX$+.+`%"D"4EA"I[Z0` MIE`(6C$%$P*BIP`&6@$'JD`!1[`'*)JBWY$F/A4!7,!RSR`/.HD2V+`"HT`' M/N"9%N$5.?`23C``I@`)J>4$U/_S#ROC!PF@"AU))`-@E)62`6`0#V"@`-CT M`@O0`2E"`1";2NX0!"N@`&:0!Q^0`W_03BM`!GF``Z-0<4^P`V4("5DR`$"@ M"G7G!-3P`DG@((>Q`B=+!_^@K?@1$UJ@`%J1#:.`"PE@";+`!BM@"B*Q#7Z0 MA01@)-S0)SO9J1.;%130(R\P!EG`L?XR.;%`!>J`"JY0"\"7BZ&)"X)&`7-@ M$=S0%T8($]J0(@W@#D`P.R]```UP!-WP`%$A1-2@2@G13):P""_0((O@!\*: M`5 /R`TKL`4BX2+9X`ZX8`"V0``=\`8`">L`V7%`1D:+-9 M^)$Y&00=D`%"M)/>L`%*2PLZ2@&G\P)L<`6Z2P#Q0`],81$QL0'!L![NL'I: MD``$@")!P*E&@0TIL`_DT!@GQR^`S"\!+'(]D`P<``VU(!('_Y%QV=`-!ZM$ M<8L?JM>E*V`+;/`3*]`993@`.FD0-<+)W;@IG.P"!_2`P>XDVC*&+S"^` M"!N`"%%1(%I``:8P`&9P!@!Z.K>*#16A`!1`8M/P`GF``@P0"M $`8B$`EH```5]*.D\`D\L`I<8`/7 ML`[04`E&X`(>@`8V(`\","ZMP`!6``&IP`PHT`>?``W4@`4<0`2$<`T50`A? M'@9Z(`!8`.(B``5N4`Y$8`OXL`=;,T;:(`<`T`2%,.]`&Z^`%E&`#*/`&>_`#,,`# M8A`'>["=;<`$NR`!1/`)KW`$;=`&]@`!NY`"`E`*3;`)D2`"`1#C];`$`B`0 M0_`*E$`"1CX.32`!W:D/(!``E6`NZ]`,39`"8Q``;?`&<;``*G`!8I`!;W`! MC7`,$,`,KX`&I1`#FR```7`-@B(`DG`!`:``=SZE#<`@+A#HA``!FM`NQU`/ M/V`/C7#*N+@VND@2A@=\\D`%E`X.!4`%5/_`#B;P#-]P\S#,``"[`@,2C@ M!]V`"*+>$7_]HSRP">8P:LQ0#B30#*_@`.>@!%@`! CP!F*P M"3,@`DU``O;P":Q`VW-P[I]``C_.#&WP"B10#RK``$9`Y42P#FT@8&?_!N,0 M!ZL``9U0#W*@`F(@`6?/#"3P"3$0`&%@]V]P#3%P#)L`\(40`X,0!+_T#T$` MZ,UP!C;`!&^`#R```3$`#82P#`[``CGIJB61(3J#`O(0",[O_(`0_8"@"WB` M![IP_=1?_=IO_6O_D`!:\!0L,D )`2`&5"L'5$ M>,AAP,R#.$++S@@@M?"%@@P"*K@0L(P0.D+6*C"3(X<9D5HO)D#QYV("")4+ M]#`32(@'#X)R"BU#4F&!SW43UBT0X84'(@;V'IG0D2!!DG4,R.@``46<@C.O M2%E#40<;A7__L,6E6]?NOP%FY`[PLV@1&$NTMFW[L"U;MSDO7G1CW"W;J2MP MLGGK9HL`#@)WZ4;!K$T;F0&RDB1Y0<8,Z08OYIBB0("%+5L4&G1KT"`#_P4S M%`:0Z=";0A`Z,I*P"+)B#K8@`QKXH>`#48/GW2@DF4.!#0$P8.C8DI.D]@ +-#`ORW?)Z6]`@]Y8M?%@!L5PJFZ*0 M:1;``9%I?""D&VKB,P42+1)8H(,*MWG"%!^"T.8M\N;2;$2YY.I&`105R.8P MQFI#*8/94,J&L`]HH^VM%4C4!@=M_M&&L`VTF2V*#;CYQ[&X!J"#C17.6X$; M;`;X0)LH""!`FP\^((""#BC`1IL-PLR&``\)&^P#\CY0`P(`.S\_ ` end
00`0P58`4%E`'`8C`""_(@&Q?0@US5((+U<@'.FA`-J*:[<9@`(!2
M/?&"2&RC%[_0QC-RD``%[$,-+HA#!Y3`!2[D0E?2D((,.L"#)5C``OL`KS`^
MP(^HA..M30!'/N6U7BX$(P0*&(4);H`''/2A_P(Y(X(A[O`%DS[@%H\HA1X"
M(`%(\&,7(C!&-A:\@3MHP0^L8`$[[#"!1Z"C"VHPQ`Z,0(0,7&,!1N"!`T2,
M"2(48RKA*$8TP/&2HHA9!%480QZ$BK8;DXT&,C`#!R3A`P%$PA?$V`5W3*&'
M?FB`!PT@Y1"(X0L/H($'J&A``MR`A#@DH!\=N$0%3C0'+[^5C_?AIQ'H4`Q"
M&H`1=9`"&:[!#`](XQL0N(,/)@&&.*0""81X0CX.L(I$[((-($:`!?Z@ABSX
MH`-Y4``])/"#=OA@`C$82S-Z`8Y*9($';L@EB9,A#C;<)AKF>$EC#G`--O3A
M%BR@\1./E[P+[.$1Z?_P1#:0,8U?F$-I3M!$!`A!RD!HX!T3:$8PN-"##$C#
M$O:@QSK$X,9VV"'0R%@(,+ZL1TKT:45TI0.W"1F(`-A6L-:P!C(JH`)$B,$`
M#1`##&!@#SX\@A$D6,4Q,-T+!"C@#^,PA@"DH`=6R"`$#:@!$>+D#',$0QC;
MJ$0/-&V!-9#@&L$PASD\H`QQ=&,;S!#&O+)!%5AT8`]"928SMT"(.+"#4KSI
M1<^S8