LAVAL, Quebec, July 31, 2014 /PRNewswire/ --
- 2014 Second Quarter Total Revenue $2.0 billion; an increase of 86% over the prior
year
- Overall organic growth was 4% for same store sales and 8%
pro forma, excluding divested facial injectable products; Bausch +
Lomb grew 12%
- 2014 Second Quarter GAAP EPS $0.37; Cash EPS $1.91, an increase of 43%
- 2014 Second Quarter GAAP Operating Cash Flow $376 million; Adjusted Operating Cash Flow
$500 million
- Highlights of the Second Quarter
- Launched 17 new products in the U.S. year-to-date
- Sold facial injectable assets to Galderma S.A. for
approximately $1.4 billion; $300+
million gain
- Proceeds will be used to fund Allergan and/or deploy on
additional business development opportunities
- Received FDA approval for Jublia® earlier than expected;
stronger than anticipated label
- Reached agreement with Irish Government and Unions to
successfully restructure the Bausch + Lomb contact lens plant in
Ireland
- Signed three small, but critical business development deals
in Indonesia, the Middle East and North Africa, and Asian colored contact
lens
- Items to Be Discussed on the Conference Call Scheduled for
8:00 am ET Today
- Second Quarter 2014 review
- Financial guidance for 2014
- Financial outlook for 2015 - 2016
- Allergan update
- Presentation immediately available under the Investor
Relations tab at www.valeant.com
Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX:
VRX) announces second quarter financial results for 2014.
"Valeant once again delivered strong quarterly results and, as
expected, organic growth has accelerated from the first quarter,"
stated J. Michael Pearson, chairman
and chief executive officer. "As we look across the entire
business, I have never been more confident about the growth
trajectory across the entire company. For the first time, we
are providing a financial outlook for revenue and organic growth,
by business unit and geography, for 2015 and 2016 so that investors
can both model and track our performance going forward."
Valeant Second Quarter Financial Results
Valeant's total revenues were $2.0
billion, up 86% compared to the second quarter of 2013
driven by strong growth in almost all of our businesses, including
a rebound in our emerging markets in Europe (same store sales organic growth of
13%), continued strong results in Asia (same store sales organic growth of 17%),
and robust performance in the U.S. contact lens business (organic
growth of 37%) and the U.S. Bausch + Lomb consumer businesses
(organic growth of 12%).
Same store organic product sales growth for Valeant was 4% in
the second quarter of 2014, while pro forma organic growth was 8%,
both which exclude certain aesthetic products that were divested to
Galderma S.A., as well as 12% organic growth in our Bausch + Lomb
businesses. Excluding the impact of generics, same store
sales organic product sales growth was 10% and pro forma organic
product sales growth for Valeant was 11%. As mentioned in
previous conference calls, we continue to expect a significant
acceleration of organic growth in the second half of the year.
The Company reported net income of $126
million for the second quarter of 2014, or $0.37 per diluted share. On a Cash EPS basis,
adjusted income was $651 million or
$1.91 per diluted share, an increase
of 43% over the prior year.
GAAP cash flow from operations was $376
million in the second quarter of 2014, an increase of 23%
over the second quarter of 2013, and adjusted cash flow from
operations was $500 million, an
increase of 18% over the prior year.
Conference Call and Webcast Information
The Company will host a conference call and a live Internet
webcast along with a slide presentation today at 8:00 a.m. ET (5:00 a.m.
PT), July 31, 2014 to discuss
its second quarter financial results for 2014. The dial-in number
to participate on this call is (877) 876-8393 confirmation code
72826220. International callers should dial (973) 200-3961,
confirmation code 72826220. A replay will be available
approximately two hours following the conclusion of the conference
call through August 9, 2014 and can
be accessed by dialing (855) 859-2056, or (404) 537-3406,
confirmation code 72826220. 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,
manufactures and markets a broad range of pharmaceutical products
primarily in the areas of dermatology, eye health, neurology 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 expectations
with respect to future organic growth and matters expected to be
discussed in the scheduled conference call. Forward-looking
statements may generally be identified by the use of the words
"anticipates," "expects," "intends," "plans," "should," "could,"
"would," "may," "will," "believes," "estimates," "potential,"
"target," 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 and detailed from time to time in Valeant's other
filings with the Securities and Exchange Commission and the
Canadian Securities Administrators, which factors are incorporated
herein by reference. Readers are cautioned not to place undue
reliance on any of these forward-looking statements. These
forward-looking statements speak only as of the date hereof.
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.
Non-GAAP Information
To supplement the financial measures prepared in accordance with
U.S. 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, acquisition-related and other
costs, In-process research and development, impairments and other
charges, ("IPR&D"), legal settlements outside the ordinary
course of business, the impact of currency fluctuations,
amortization and other non-cash charges, amortization including
intangible asset impairments and write-down of deferred financing
costs, debt discounts and ASC 470-20 (FSP APB 14-1) interest, loss
on extinguishment of debt, (gain) loss on assets sold/held for
sale/impairment, net, (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.
Financial Tables follow.
Valeant
Pharmaceuticals International, Inc.
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Table
1
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Condensed
Consolidated Statements of Income (Loss)
|
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|
|
|
|
|
|
For the Three and
Six Months Ended June 30, 2014 and 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
(In
millions)
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
Product
sales
|
|
$ 1,994.1
|
|
$ 1,063.5
|
|
$ 3,845.2
|
|
$ 2,102.4
|
Other
revenues
|
|
47.0
|
|
32.2
|
|
82.1
|
|
61.7
|
Total
revenues
|
|
2,041.1
|
|
1,095.7
|
|
3,927.3
|
|
2,164.1
|
|
|
|
|
|
|
|
|
|
Cost of goods sold
(exclusive of amortization and impairments of finite-lived
intangible assets shown separately below)
|
|
569.6
|
|
283.2
|
|
1,073.7
|
|
568.1
|
Cost of other
revenues
|
|
16.0
|
|
14.5
|
|
30.3
|
|
29.9
|
Selling, general and
administrative ("SG&A")
|
|
515.7
|
|
257.3
|
|
997.7
|
|
499.2
|
Research and
development
|
|
66.5
|
|
24.5
|
|
127.8
|
|
48.3
|
Acquisition-related
contingent consideration
|
|
1.9
|
|
3.7
|
|
10.8
|
|
1.5
|
In-process research
and development impairments and other charges
|
|
8.4
|
|
4.8
|
|
20.4
|
|
4.8
|
Other
(Income)/Expense
|
|
(0.4)
|
|
1.1
|
|
(43.7)
|
|
5.6
|
Restructuring,
integration, acquisition-related and other costs
|
|
142.7
|
|
61.5
|
|
277.8
|
|
118.4
|
Amortization and
impairments of finite-lived intangible assets
|
|
365.6
|
|
303.6
|
|
720.8
|
|
629.8
|
|
|
1,686.0
|
|
954.2
|
|
3,215.6
|
|
1,905.6
|
Operating income
(loss)
|
|
355.1
|
|
141.5
|
|
711.7
|
|
258.5
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|
|
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Interest expense,
net
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(240.0)
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(175.8)
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(484.7)
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|
(329.5)
|
Loss on
extinguishment of debt
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-
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-
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(93.7)
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(21.4)
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Gain (loss) on
investments, net
|
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2.5
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|
3.9
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|
2.5
|
|
5.8
|
Foreign exchange and
other
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3.4
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(10.0)
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(10.0)
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(8.6)
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|
Income (loss) before
(recovery of) provision for income taxes
|
|
121.0
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(40.4)
|
|
125.8
|
|
(95.2)
|
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|
|
|
|
|
|
|
|
(Recovery of)
provision for income taxes
|
|
(1.0)
|
|
(51.2)
|
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24.1
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|
(78.5)
|
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|
|
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|
Net income
(loss)
|
|
122.0
|
|
10.8
|
|
101.7
|
|
(16.7)
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|
|
|
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Less: Net
income (loss) attributable to noncontrolling interest
|
|
(3.8)
|
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-
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|
(1.5)
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-
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|
Net income (loss)
attributable to Valeant Pharmaceuticals International,
Inc.
|
|
$ 125.8
|
|
$ 10.8
|
|
$ 103.2
|
|
$ (16.7)
|
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Earnings (loss)
per share:
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Basic:
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Earnings
(loss)
|
|
$ 0.38
|
|
$ 0.04
|
|
$ 0.31
|
|
$ (0.05)
|
Shares used in per
share computation
|
|
335.3
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|
308.1
|
|
335.1
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|
307.7
|
|
|
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|
|
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|
Diluted:
|
|
|
|
|
|
|
|
|
Earnings
(loss)
|
|
$ 0.37
|
|
$ 0.03
|
|
$ 0.30
|
|
$ (0.05)
|
Shares used in per
share computation
|
|
341.3
|
|
314.4
|
|
341.4
|
|
307.7
|
Valeant
Pharmaceuticals International, Inc.
|
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Table
2
|
Reconciliation of
GAAP EPS to Cash EPS
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|
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|
|
|
For the Three and
Six Months Ended June 30, 2014 and 2013
|
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|
|
|
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|
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|
|
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Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
(In
millions)
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
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|
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|
Net income (loss)
attributable to Valeant Pharmaceuticals International,
Inc.
|
|
$ 125.8
|
|
$ 10.8
|
|
$ 103.2
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|
$ (16.7)
|
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Non-GAAP
adjustments (a):
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Inventory step-up
(b)
|
|
4.3
|
|
26.6
|
|
9.6
|
|
69.8
|
PP&E step-up/down
(c)
|
|
4.6
|
|
0.6
|
|
9.5
|
|
0.6
|
Stock-based
compensation (d)
|
|
(1.7)
|
|
17.1
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|
4.3
|
|
16.8
|
Acquisition-related
contingent consideration (e)
|
|
1.9
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|
3.7
|
|
10.8
|
|
1.5
|
In-process research
and development impairments and other charges (f)
|
|
8.4
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|
4.8
|
|
20.4
|
|
4.8
|
Other
Income/(Expense) (g)
|
|
(0.4)
|
|
1.1
|
|
(43.7)
|
|
5.6
|
Restructuring,
integration, acquisition-related and other costs (h)
|
|
142.7
|
|
61.5
|
|
277.8
|
|
118.4
|
Amortization and
impairments of finite-lived intangible assets and other non-GAAP
charges (i)
|
|
380.6
|
|
316.0
|
|
744.7
|
|
652.9
|
|
|
540.4
|
|
431.4
|
|
1,033.4
|
|
870.4
|
Amortization of
deferred financing costs, debt discounts and ASC 470-20 (FSP APB
14-1) interest (j)
|
|
11.2
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|
33.3
|
|
23.4
|
|
42.9
|
Loss on
extinguishment of debt
|
|
-
|
|
-
|
|
93.7
|
|
21.4
|
(Gain) loss on
disposal of fixed assets and assets held for sale/impairment,
net
|
|
-
|
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-
|
|
0.8
|
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-
|
Foreign exchange and
other (k)
|
|
(5.4)
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|
8.3
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7.2
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8.3
|
Tax (l)
|
|
(21.4)
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(63.3)
|
|
(11.4)
|
|
(100.6)
|
Total
adjustments
|
|
524.8
|
|
409.7
|
|
1,147.1
|
|
842.4
|
|
|
|
|
|
|
|
|
|
Adjusted net income
attributable to Valeant Pharmaceuticals International,
Inc.
|
|
$ 650.6
|
|
$ 420.5
|
|
$ 1,250.3
|
|
$ 825.7
|
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|
GAAP earnings (loss)
per share - diluted
|
|
$ 0.37
|
|
$ 0.03
|
|
$ 0.30
|
|
$ (0.05)
|
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|
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|
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|
Cash earnings per
share - diluted
|
|
$ 1.91
|
|
$ 1.34
|
|
$ 3.66
|
|
$ 2.63
|
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|
|
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|
|
Shares used in
diluted per share calculation - Cash earnings per share
|
|
341.3
|
|
314.4
|
|
341.4
|
|
314.1
|
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(a) See footnote (a)
to Table 2a and Table 2b.
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(b) See footnote (b)
to Table 2a and Table 2b.
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(c) See footnote (c)
to Table 2a and Table 2b.
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(d) See footnote (d)
to Table 2a and Table 2b.
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(e) See footnote (e)
to Table 2a and Table 2b.
|
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(f) See footnote (f)
to Table 2a and Table 2b.
|
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|
(g) See footnote (g)
to Table 2a and Table 2b.
|
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(h) See footnote
(h)(i) to Table 2a and Table 2b.
|
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|
(i) See footnote (c)
to Table 2a and Table 2b.
|
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(j) See footnote (j)
to Table 2a and Table 2b.
|
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(k) See footnote (k)
to Table 2a and Table 2b.
|
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(l) See footnote (l)
to Table 2a and Table 2b.
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Valeant
Pharmaceuticals International, Inc.
|
|
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|
Table
2a
|
|
Reconciliation of
GAAP EPS to Cash EPS
|
|
|
|
|
|
For the Three
Months Ended June 30, 2014 and 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Adjustments(a) for
|
|
|
|
Three Months
Ended
|
|
|
|
June
30,
|
|
(In
millions)
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
Product
sales
|
|
$ -
|
|
$
-
|
|
Other
revenues
|
|
-
|
|
-
|
|
Total
revenues
|
|
-
|
|
-
|
|
|
|
|
|
|
|
Cost of goods sold
(exclusive of amortization and impairments of finite-lived
intangible assets shown separately below)
|
|
(17.7)
|
(b)(c)
|
(39.1)
|
(b)(c)
|
Cost of other
revenues
|
|
-
|
|
-
|
|
Selling, general and
administrative ("SG&A")
|
|
(4.1)
|
(d)
|
(17.6)
|
(d)
|
Research and
development
|
|
(0.4)
|
|
-
|
|
Acquisition-related
contingent consideration
|
|
(1.9)
|
(e)
|
(3.7)
|
(e)
|
In-process research
and development impairments and other charges
|
|
(8.4)
|
(f)
|
(4.8)
|
(f)
|
Other
Income/(Expense)
|
|
0.4
|
|
(1.1)
|
(g)
|
Restructuring,
integration, acquisition-related and other costs
|
|
(142.7)
|
(h)
|
(61.5)
|
(i)
|
Amortization and
impairments of finite-lived intangible assets
|
|
(365.6)
|
|
(303.6)
|
|
|
|
(540.4)
|
|
(431.4)
|
|
Operating income
(loss)
|
|
540.4
|
|
431.4
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
11.2
|
(j)
|
33.3
|
(j)
|
Gain (loss) on
extinguishment of debt
|
|
-
|
|
-
|
|
Foreign exchange and
other
|
|
(5.4)
|
(k)
|
8.3
|
(k)
|
|
|
|
|
|
|
Income (loss) before
(recovery of) provision for income taxes
|
|
546.2
|
|
473.0
|
|
|
|
|
|
|
|
(Recovery of)
provision for income taxes
|
|
(21.4)
|
(l)
|
(63.3)
|
(l)
|
|
|
|
|
|
|
Total adjustments to
net income (loss) attributable to Valeant Pharmaceuticals
International, Inc.
|
$ 524.8
|
|
$ 409.7
|
|
|
|
|
|
|
|
Earnings (loss)
per share:
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
Total adjustments to
earnings (loss)
|
|
$ 1.54
|
|
$ 1.30
|
|
Shares used in per
share computation
|
|
341.3
|
|
314.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) To supplement the
financial measures prepared in accordance with U.S. 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, acquisition-related and other costs,
In-process research and development, impairments and other charges,
("IPR&D"), legal settlements outside the ordinary course of
business, the impact of currency fluctuations, amortization
including intangible asset impairments and other non-cash charges,
amortization and write-down of deferred financing costs, debt
discounts and ASC 470-20 (FSP APB 14-1) interest, loss on
extinguishment of debt, (gain) loss on assets sold/held for
sale/impairment, net, (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.
|
|
(b) ASC 805,
accounting for business combinations requires an inventory fair
value step-up whose total impact for the three months ended June
30, 2014 is $4.3 million primarily relating to the acquisition of
Solta Medical, Inc. on January 23, 2014. For the three months
ended June 30, 2013 the impact of inventory fair value step-up is
$26.6 million primarily relating to the acquisition of Medicis
Pharmaceutical Corporation on December 11, 2012.
|
|
(c) For the three
months ended June 30, 2014 and 2013 cost of goods sold include
costs associated with integration related tech transfers, $7.0
million and $10.7 million, respectively and $1.5 million and $1.4
million, respectively, of amortization of a BMS fair value
inventory adjustment. For the three months ended June 30,
2014 cost of goods sold includes PP&E step up of $4.9 million
related to the acquisition of Bausch & Lomb Holdings
Incorporated.
|
|
(d) For the three
months ended June 30, 2014 SG&A primarily includes ($1.7)
million of stock-based compensation which reflects the acceleration
of certain equity instruments and registration fees associated with
the pending Allergan transaction, $6.2 million. For the three
months ended June 30, 2013 SG&A primarily includes $17.1
million of stock-based compensation which reflects the one time
modification and cash settlement of certain board of directors
equity instruments and the amortization of the fair value step-up
increment resulting from the merger of Legacy Valeant into Legacy
Biovail.
|
|
(e) Net expense from
the changes in acquisition-related contingent consideration for the
three months ended June 30, 2014 and 2013 of $1.9 million and $3.7
million, respectively.
|
|
(f) In-process
research and development impairments and other charges for the
three months ended June 30, 2014 of $8.4 million primarily due to
payments to third parties with the achievement of specific
development and regulatory milestones under our R&D programs,
including Jublia®. In-process research and development
impairments and other charges for the three months ended June 30,
2013 of $4.8 million relates to impairment charges for IPR&D
assets.
|
|
(g) For the three
months ended June 30, 2013 other income/(expense) of ($1.1) million
relates to the litigation settlements and associated legal fees of
patent-related and anti-trust litigations.
|
|
(h) Restructuring,
integration, acquisition-related and other costs of $142.7 million
primarily represent costs relating to the restructuring of a
manufacturing facility in Waterford, Ireland, the acquisitions of
Bausch & Lomb Holdings Incorporated and Solta Medical, Inc.,
other Valeant restructuring and integration initiatives and the
acquisition of OnPharma Inc. These include $69.1 million of
employee severance costs, $50.2 million relating to duplicative
labor, contract terminations, integration consulting, transition
services, and other, $14.4 million relating to facility closure
costs, $4.9 million relating to other, $2.8 million relating
to non-personnel manufacturing integration costs, $0.7 million of
other non-cash charges and $0.6 million relating to acquisition
costs.
|
|
(i) Restructuring,
integration, acquisition-related and other costs of $61.5 million
represent costs related to the acquisitions of Medicis
Pharmaceutical Corporation, Obagi Medical Products, Inc. and other
internal Valeant restructuring and integration initiatives. These
include $25.5 million related to integration consulting,
duplicative labor, transition services, and other, $11.6 million
related to employee severance costs, $7.9 million related to
acquisition costs, $5.1 million related to facility closure costs,
$4.6 million related to other, $3.5 million of other non-cash
charges and $2.2 million of stock-based compensation and $1.1
million related to non-personnel manufacturing integration
costs.
|
|
(j) Non-cash interest
expense associated with amortization and write-down of deferred
financing costs and debt discounts for the three months ended June
30, 2014 is $11.2 million. For the three months ended June
30, 2013 non-cash interest expense associated with amortization and
write-down of deferred financing costs and debt discounts is $33.3
million.
|
|
(k) Unrealized
foreign exchange (gain)/loss on intercompany financing arrangements
for the three months ended June 30, 2014 and 2013 of ($5.4) million
and $8.3 million, respectively.
|
|
(l) Total tax effect
of non-GAAP pre-tax adjustments, resolution of uncertain tax
positions and change in valuation allowance associated with
deferred tax asset.
|
Valeant
Pharmaceuticals International, Inc.
|
|
|
|
Table
2b
|
|
Reconciliation of
GAAP EPS to Cash EPS
|
|
|
|
|
|
For the Six Months
Ended June 30, 2014 and 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Adjustments(a) for
|
|
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
(In
millions)
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
Product
sales
|
|
$
-
|
|
$
-
|
|
Other
revenues
|
|
-
|
|
-
|
|
Total
revenues
|
|
-
|
|
-
|
|
|
|
|
|
|
|
Cost of goods sold
(exclusive of amortization and impairments of finite-lived
intangible assets shown separately below)
|
|
(37.3)
|
(b)(c)
|
(93.0)
|
(b)(c)
|
Cost of other
revenues
|
|
-
|
|
-
|
|
Selling, general and
administrative ("SG&A")
|
|
(10.1)
|
(d)
|
(17.3)
|
(d)
|
Research and
development
|
|
(0.7)
|
|
-
|
|
Acquisition-related
contingent consideration
|
|
(10.8)
|
(e)
|
(1.5)
|
(e)
|
In-process research
and development impairments and other charges
|
|
(20.4)
|
(f)
|
(4.8)
|
(f)
|
Other
Income/(Expense)
|
|
43.7
|
(g)
|
(5.6)
|
(g)
|
Restructuring,
integration, acquisition-related and other costs
|
|
(277.8)
|
(h)
|
(118.4)
|
(i)
|
Amortization and
impairments of finite-lived intangible assets
|
|
(720.8)
|
|
(629.8)
|
|
|
|
(1,034.2)
|
|
(870.4)
|
|
Operating income
(loss)
|
|
1,034.2
|
|
870.4
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
23.4
|
(j)
|
42.9
|
(j)
|
Loss on
extinguishment of debt
|
|
93.7
|
|
21.4
|
|
Foreign exchange and
other
|
|
7.2
|
(k)
|
8.3
|
(k)
|
|
|
|
|
|
|
Income (loss) before
(recovery of) provision for income taxes
|
|
1,158.5
|
|
943.0
|
|
|
|
|
|
|
|
(Recovery of)
provision for income taxes
|
|
(11.4)
|
(l)
|
(100.6)
|
(l)
|
|
|
|
|
|
|
Total adjustments to
net income (loss) attributable to Valeant Pharmaceuticals
International, Inc.
|
|
$ 1,147.1
|
|
$
842.4
|
|
|
|
|
|
|
|
Earnings (loss)
per share:
|
|
|
|
|
|
|
|
|
|
|
|
Diluted:
|
|
|
|
|
|
Total adjustments to
earnings (loss)
|
|
$
3.36
|
|
$
2.68
|
|
Shares used in per
share computation
|
|
341.4
|
|
314.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) To supplement the
financial measures prepared in accordance with U.S. 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, acquisition-related and other costs,
In-process research and development, impairments and other charges,
("IPR&D"), legal settlements outside the ordinary course of
business, the impact of currency fluctuations, amortization
including intangible asset impairments and other non-cash charges,
amortization and write-down of deferred financing costs, debt
discounts and ASC 470-20 (FSP APB 14-1) interest, loss on
extinguishment of debt, (gain) loss on assets sold/held for
sale/impairment, net, (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.
|
|
|
|
(b) ASC 805,
accounting for business combinations requires an inventory fair
value step-up whose total impact for the six months ended June 30,
2014 is $9.6 million primarily relating to the acquisition of Solta
Medical, Inc. on January 23, 2014. For the six months ended
June 30, 2013 the impact of inventory fair value step-up is $69.8
million primarily relating to the acquisition of Medicis
Pharmaceutical Corporation on December 11, 2012.
|
|
|
|
(c) For the six
months ended June 30, 2014 and 2013 cost of goods sold include
$14.6 million and $18.1 million, respectively, of cost associated
with integration related tech transfers and $3.0 million and $3.5
million, respectively, of amortization of a BMS fair value
inventory adjustment. The six months ended June 30, 2014 also
includes $10.1 million of PP&E step up primarily relating to
the acquisition of Bausch & Lomb Holdings Incorporated on
August 5, 2013.
|
|
|
|
(d) For the six
months ended June 30, 2014 SG&A primarily includes $4.3 million
of stock-based compensation which reflects the acceleration of
certain equity instruments and registration fees associated with
the pending Allergan transaction, $6.2 million. For the six
months ended June 30, 2013 SG&A primarily includes $16.8
million of stock-based compensation which reflects the one time
modification and cash settlement of certain board of directors
equity instruments and the amortization of the fair value step-up
increment resulting from the merger of Legacy Valeant into Legacy
Biovail.
|
|
(e) Net expense from
the changes in acquisition-related contingent consideration for the
six months ended June 30, 2014 and 2013 is $10.8 million and $1.5
million, respectively.
|
|
|
|
(f) In-process
research and development impairments and other charges for the six
months ended June 30, 2014 of $20.4 million related to an up-front
payment made in connection with an amendment to a license and
distribution agreement with a third party, $12.0 million, and
payments to third parties with the achievement of specific
development and regulatory milestones under our R&D programs,
including Jublia®, $8.4 million. For the six months ended
June 30, 2013 of $4.8 million relates to impairment charges for
IPR&D assets.
|
|
|
|
(g) For the six
months ended June 30, 2014 other income/(expense) of $43.7 million
primarily relates to the reversal of the AntiGrippin® litigation
reserve, $50.0 million, partially offset by ($5.6) million expense
related to a settlement of a preexisting relationship with respect
to the acquisition of Solta Medical, Inc. For the six months
ended June 30, 2013 other income/(expense) of ($5.6) million
relates to the litigation settlements and associated legal fees of
patent-related and anti-trust litigations.
|
|
|
|
(h) Restructuring,
integration, acquisition-related and other costs of $277.8 million
primarily represent costs relating to the acquisition of Bausch
& Lomb Holdings Incorporated, the restructuring of a
manufacturing facility in Waterford, Ireland, the acquisition of
Solta Medical, Inc., other Valeant restructuring and integration
initiatives and the acquisition of OnPharma Inc. These
include $123.8 million relating to duplicative labor, contract
terminations, integration consulting, transition services, and
other, $102.9 million relating to employee severance costs, $27.6
million relating to facility closure costs, $12.6 million relating
to other, $4.5 million relating to non-personnel manufacturing
integration costs, $3.5 million relating to stock-based
compensation, $2.1 million relating to acquisition costs and $0.8
million of other non-cash charges.
|
|
|
|
(i) Restructuring,
integration, acquisition-related and other costs of $118.4 million
represent costs related to the acquisitions of Medicis
Pharmaceutical Corporation, Obagi Medical Products, Inc. and
internal Valeant restructuring and integration initiatives.
These include $49.9 million related to integration consulting,
duplicative labor, transition services, and other, $27.4 million
related to employee severance costs, $15.8 million related to
acquisition costs, $9.3 million related to facility closure costs,
$7.5 million related to other, $3.5 million of other non-cash
charges, $2.2 million stock-based compensation and $2.8 million
related to non-personnel manufacturing integration
costs.
|
|
|
|
(j) Non-cash interest
expense associated with amortization of deferred financing costs
and debt discounts for the six months ended June 30, 2014 is $23.4
million. For the six months ended June 30, 2013 non-cash
interest expense associated with amortization and write-down of
deferred financing costs, debt discounts and ASC 470-20 (FSP APB
14-1) interest is $42.9 million.
|
|
|
|
(k) Unrealized
foreign exchange loss on intercompany financing arrangements for
the six months ended June 30, 2014 and 2013 of $7.2 million and
$8.3 million, respectively.
|
|
(l) Total tax effect
of non-GAAP pre-tax adjustments, resolution of uncertain tax
positions and change in valuation allowance associated with
deferred tax asset.
|
|
Valeant
Pharmaceuticals International, Inc.
|
|
|
|
|
|
|
|
|
Table
3
|
Statement of
Revenues - by Segment
|
|
|
|
|
|
|
|
|
|
For the Three and
Six Months Ended June 30, 2014 and 2013
|
|
|
|
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
June
30,
|
Revenues(a)(b)
|
2014
GAAP
|
|
2013
GAAP
|
|
%Change
|
|
2014 currency
impact
|
|
2014 excluding
currency impact
non-GAAP
|
|
%
Change
|
Total U.S.
|
$ 1,038.1
|
|
$ 650.4
|
|
60%
|
|
$ -
|
|
$ 1,038.1
|
|
60%
|
ROW Developed
|
441.6
|
|
149.4
|
|
196%
|
|
(0.1)
|
|
441.5
|
|
196%
|
Developed
Markets
|
1,479.7
|
|
799.8
|
|
85%
|
|
(0.1)
|
|
1,479.6
|
|
85%
|
Emerging Markets-Europe/Middle East
|
303.4
|
|
179.4
|
|
69%
|
|
(2.6)
|
|
300.8
|
|
68%
|
Emerging Markets-Latin America
|
109.8
|
|
89.0
|
|
23%
|
|
9.3
|
|
119.1
|
|
34%
|
Emerging Markets-Asia/Africa
|
148.2
|
|
27.5
|
|
439%
|
|
2.6
|
|
150.8
|
|
448%
|
Emerging
Markets
|
561.4
|
|
295.9
|
|
90%
|
|
9.3
|
|
570.7
|
|
93%
|
Total
revenues
|
$ 2,041.1
|
|
$ 1,095.7
|
|
86%
|
|
$ 9.2
|
|
$ 2,050.3
|
|
87%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
June
30,
|
Revenues(a)(b)
|
2014
GAAP
|
|
2013
GAAP
|
|
%
Change
|
|
2014 currency
impact
|
|
2014 excluding
currency impact
non-GAAP
|
|
%
Change
|
Total U.S.
|
$ 2,044.5
|
|
$ 1,293.1
|
|
58%
|
|
$ -
|
|
$ 2,044.5
|
|
58%
|
ROW Developed
|
857.0
|
|
287.0
|
|
199%
|
|
12.7
|
|
869.7
|
|
203%
|
Developed
Markets
|
2,901.5
|
|
1,580.1
|
|
84%
|
|
12.7
|
|
2,914.2
|
|
84%
|
Emerging
Markets-Europe/Middle East
|
540.5
|
|
359.9
|
|
50%
|
|
2.4
|
|
542.9
|
|
51%
|
Emerging Markets-Latin
America
|
209.1
|
|
170.7
|
|
22%
|
|
22.5
|
|
231.6
|
|
36%
|
Emerging
Markets-Asia/Africa
|
276.2
|
|
53.4
|
|
417%
|
|
6.8
|
|
283.0
|
|
430%
|
Emerging
Markets
|
1,025.8
|
|
584.0
|
|
76%
|
|
31.7
|
|
1,057.5
|
|
81%
|
Total
revenues
|
$ 3,927.3
|
|
$ 2,164.1
|
|
81%
|
|
$ 44.4
|
|
$ 3,971.7
|
|
84%
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Note: Currency
effect for constant currency sales is determined by comparing 2014
reported amounts adjusted to exclude currency impact, calculated
using 2013 monthly average exchange rates, to the actual 2013
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 (a)
to Table 2a.
|
|
Valeant
Pharmaceuticals International, Inc.
|
|
|
|
|
Table
4
|
Reconciliation of
GAAP Cost of Goods Sold to Non-GAAP Cost of Goods Sold - by
Segment
|
|
For the Three and
Six Months Ended June 30, 2014
|
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.1
|
Cost of goods sold
(a)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
June
30,
|
|
|
|
2014
as reported
GAAP
|
|
%
of product sales
|
|
2014
fair value step-up adjustment to inventory and other
non-GAAP (b)
|
|
2014 excluding
fair value step-up adjustment to inventory and other
non-GAAP
|
|
%
of product sales
|
|
Developed
Markets
|
|
$ 356.8
|
|
25%
|
|
$
14.2
|
|
$ 342.6
|
|
24%
|
|
Emerging
Markets
|
|
212.8
|
|
39%
|
|
3.5
|
|
209.3
|
|
38%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 569.6
|
|
29%
|
|
$
17.7
|
|
$ 551.9
|
|
28%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
June
30,
|
|
|
|
2014
as reported
GAAP
|
|
%
of product sales
|
|
2014
fair value step-up adjustment to inventory and other
non-GAAP (c)
|
|
2014 excluding
fair value step-up adjustment to inventory and other
non-GAAP
|
|
%
of product sales
|
|
Developed
Markets
|
|
$ 686.4
|
|
24%
|
|
$
31.3
|
|
$ 655.1
|
|
23%
|
|
Emerging
Markets
|
|
387.3
|
|
38%
|
|
6.0
|
|
381.3
|
|
38%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 1,073.7
|
|
28%
|
|
$
37.3
|
|
$ 1,036.4
|
|
27%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) See footnote (a)
to Table 2a.
|
|
(b) Developed Markets
include $6.2 million of fair value step-up adjustment to inventory,
$2.1 million of integration related tech transfer costs and $1.5
million BMS fair value inventory adjustment and PP&E net step
up adjustment of $4.4 million. Emerging Markets include
($1.9) million of fair value step down adjustment to inventory,
$4.9 million of integration related tech transfer costs and $0.5
million of PP&E step up adjustment.
|
|
(c) Developed Markets
include $13.4 million of fair value step-up adjustment to
inventory, $5.9 million of integration related tech transfer costs
and $3.0 million BMS fair value inventory adjustment and PP&E
net step up adjustment of $9.0 million. Emerging Markets
include ($3.8) million of fair value step down adjustment to
inventory, $8.7 million of integration related tech transfer costs
and $1.1 million of PP&E step up adjustment.
|
|
Valeant
Pharmaceuticals International, Inc.
|
|
|
|
|
Table
5
|
|
Consolidated
Balance Sheet and Other Data
|
|
|
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
As
of
|
|
As
of
|
|
|
|
|
|
June
30,
|
|
December
31,
|
|
|
|
5.1
|
Cash
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$ 531.2
|
|
$
600.3
|
|
|
|
|
Marketable
securities
|
-
|
|
-
|
|
|
|
|
Total cash and
marketable securities
|
$ 531.2
|
|
$
600.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series A-1 Tranche A
Term Loan Facility
|
$ 225.5
|
|
$
259.0
|
|
|
|
|
Series A-2 Tranche A
Term Loan Facility
|
203.4
|
|
228.1
|
|
|
|
|
Series A-3 Tranche A
Term Loan Facility
|
2,110.4
|
|
1,935.7
|
|
|
|
|
Series D-2 Tranche B
Term Loan Facility
|
1,252.8
|
|
1,256.7
|
|
|
|
|
Series C-2 Tranche B
Term Loan Facility
|
963.8
|
|
966.8
|
|
|
|
|
Series E-1 Tranche B
Term Loan Facility
|
2,931.6
|
|
3,090.5
|
|
|
|
|
Senior
Notes
|
9,626.0
|
|
9,618.9
|
|
|
|
|
Other
|
12.0
|
|
12.0
|
|
|
|
|
|
17,325.5
|
|
17,367.7
|
|
|
|
|
Less: current
portion
|
(266.7)
|
|
(204.8)
|
|
|
|
|
Total long-term
debt
|
$ 17,058.8
|
|
$ 17,162.9
|
|
|
|
|
|
|
|
|
|
|
|
5.2
|
Summary of Cash
Flow Statements
|
Three Months
Ended
|
|
|
|
|
June
30,
|
|
|
|
|
2014
|
|
2013
|
|
|
|
|
Cash flow provided by
(used in):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities (GAAP)
|
$ 376.0
|
|
$
305.1
|
|
|
|
|
Restructuring,
integration and acquisition-related costs(c)
|
142.0
|
|
58.0
|
|
|
|
|
Payment of accrued
legal settlements
|
0.9
|
|
11.7
|
|
|
|
|
Tax benefit from
stock options exercised (a)
|
-
|
|
11.8
|
|
|
|
|
Acquired in-process
research and development
|
3.0
|
|
-
|
|
|
|
|
Cash Settlement of
BOD Equity Awards
|
-
|
|
21.4
|
|
|
|
|
Working capital
change related to business development activities
|
6.0
|
|
21.7
|
|
|
|
|
Changes in working
capital related to restructuring, integration and
acquisition-related costs(c)
|
(27.7)
|
|
(6.2)
|
|
|
|
|
Adjusted cash flow
from operations (Non-GAAP)(b)
|
$ 500.2
|
|
$
423.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes stock
option tax benefit which will reduce taxes in future
periods.
|
|
(b) See footnote (a)
to Table 2a.
|
|
(c) Total
restructuring, integration and acquisition-related costs cash
payments of $114.3 million are broken down as follows:
|
Project
Type
|
Amount
Paid
|
|
|
Bausch &
Lomb
|
83.8
|
Solta
|
10.4
|
Intellectual property
migration
|
4.4
|
Other
|
5.3
|
Europe
|
2.7
|
Obagi
|
2.4
|
OnPharma
|
2.1
|
Manufacturing
integration (various deals)
|
1.8
|
Medicis
|
1.4
|
|
|
Total
|
114.3
|
|
|
Expense
Type
|
Amount
Paid
|
|
|
Integration related
consulting, duplicative labor, transition services, and
other
|
69.1
|
Severance
payments
|
31.5
|
Facility closure
costs, other manufacturing integration, and other
|
13.7
|
|
|
Total
|
114.3
|
Valeant
Pharmaceuticals International, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table
6
|
Organic Growth -
by Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
reported
|
|
For the
Three Months Ended June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic
growth
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
(b)
|
|
|
|
(b)
|
|
(b)
|
|
(1)
Jun QTD
2014
|
(1a)
Jun QTD
Same store
Injectables
|
(1b)
Jun QTD
Same store
w/o Inj
|
(2)
Acq
impact
|
(3)
Jun QTD
Same store
|
|
(4)
Jun QTD
2013
|
(4a)
Jun QTD
Same store
Injectables
|
(4b)
Jun QTD
2013 w/o Inj
|
(5)
Pro Forma
Adj
|
(6)
Pro Forma
Jun QTD 2013
|
|
(7)
Currency
impact
Same store
|
(8)
Currency
impact Acq
|
|
(9)
Divestitures /
Discontinuations
(e )
|
|
Pro Forma
(1b)+(7)+(8)+(9) /
(6)
(j)
|
|
Same store
(3)+(7) / (4b)-(9)
(j)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
U.S. (c) (g)
|
1,016.9
|
(40.8)
|
976.1
|
397.5
|
578.6
|
|
639.6
|
(72.5)
|
567.1
|
344.7
|
911.8
|
|
-
|
-
|
|
15.4
|
|
9%
|
|
5%
|
ROW Developed (d)
(h)
|
425.3
|
(4.3)
|
421.0
|
311.8
|
109.2
|
|
141.4
|
(3.7)
|
137.7
|
277.1
|
414.8
|
|
6.5
|
(6.9)
|
|
8.9
|
|
4%
|
|
-10%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Developed
Markets
|
1,442.2
|
(45.1)
|
1,397.1
|
709.3
|
687.8
|
|
781.0
|
(76.2)
|
704.8
|
621.8
|
1,326.5
|
|
6.5
|
(6.9)
|
|
24.3
|
|
7%
|
|
2%
|
Emerging Markets
(i)
|
552.0
|
(1.8)
|
550.2
|
250.7
|
299.5
|
|
287.1
|
(4.3)
|
282.8
|
230.9
|
513.8
|
|
1.6
|
8.2
|
|
4.6
|
|
10%
|
|
8%
|
Total product
sales
|
1,994.1
|
(46.8)
|
1,947.3
|
959.9
|
987.4
|
|
1,068.1
|
(80.5)
|
987.6
|
852.7
|
1,840.3
|
|
8.0
|
1.2
|
|
28.8
|
|
8%
|
|
4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excludes
Generics
|
|
For the
Three Months Ended June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic
growth
|
|
(f)
|
|
|
|
|
|
(f)
|
|
|
|
|
|
(a)
|
(b)
|
|
|
|
(b)
|
|
(b)
|
|
(1)
Jun QTD
2014
|
(1a)
Jun QTD
Same store
Injectables
|
(1b)
Jun QTD
Same store
w/o Inj
|
(2)
Acq
impact
|
(3)
Jun QTD
Same store
|
|
(4)
Jun QTD
2013
|
(4a)
Jun QTD
Same store
Injectables
|
(4b)
Jun QTD
2013 w/o Inj
|
(5)
Pro Forma
Adj
|
(6)
Pro Forma
Jun QTD 2013
|
|
(7)
Currency
impact
Same store
|
(8)
Currency
impact Acq
|
|
(9)
Divestitures /
Discontinuations
(e )
|
|
Pro
Forma
(1b)+(7)+(8)+(9) /
(6)
(j)
|
|
Same
store
(3)+(7) / (4b)-(9)
(j)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
U.S. (c) (g)
|
1,012.9
|
(40.8)
|
972.0
|
397.5
|
574.6
|
|
589.7
|
(72.5)
|
517.2
|
344.7
|
861.9
|
|
-
|
-
|
|
15.4
|
|
15%
|
|
15%
|
ROW Developed (d)
(h)
|
418.4
|
(4.3)
|
414.1
|
311.8
|
102.4
|
|
126.7
|
(3.7)
|
123.0
|
277.1
|
400.1
|
|
6.5
|
(6.9)
|
|
8.9
|
|
6%
|
|
-5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Developed
Markets
|
1,431.3
|
(45.1)
|
1,386.2
|
709.3
|
677.0
|
|
716.4
|
(76.2)
|
640.2
|
621.8
|
1,262.0
|
|
6.5
|
(6.9)
|
|
24.3
|
|
12%
|
|
11%
|
Emerging Markets
(i)
|
552.0
|
(1.8)
|
550.2
|
250.7
|
299.5
|
|
287.1
|
(4.3)
|
282.8
|
230.9
|
513.8
|
|
1.6
|
8.2
|
|
4.6
|
|
10%
|
|
8%
|
Total product
sales
|
1,983.3
|
(46.8)
|
1,936.4
|
959.9
|
976.5
|
|
1,003.5
|
(80.5)
|
923.1
|
852.7
|
1,775.8
|
|
8.0
|
1.2
|
|
28.8
|
|
11%
|
|
10%
|
(a) Note: Currency
effect for constant currency sales is determined by comparing 2014
reported amounts adjusted to exclude currency impact, calculated
using 2013 monthly average exchange rates, to the actual 2013
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 (a)
to Table 2a.
|
(c) Includes
Valeant's attributable portion of revenue from joint ventures (JV)
- $2.1M Q2'13.
|
(d) Includes
Valeant's attributable portion of revenue from joint ventures (JV)
- $2.5M Q2'13.
|
(e) Includes
divestitures, discontinuations and supply interruptions.
|
(f) Excludes Generic
impact of $10.9M in Q2 '14 and $64.6M in Q2 '13.
|
(g) Reflects Bausch
& Lomb post-acquisition revenue of $368.4M for Q2'14 and
$322.1M Q2'13 pro forma revenue adjustments.
|
(h) Reflects Bausch
& Lomb post-acquisition revenue of $294.1M Q2'14, currency
impact of $6.8M Q2'14 and $264.9M Q2'13 pro forma revenue
adjustments.
|
(i) Reflects Bausch
& Lomb post-acquisition revenue of $228.2M Q2'14, currency
impact of $8.1M Q2'14 and $208.6M Q2'13 pro forma revenue
adjustments.
|
(j) Organic Growth
Definitions:
|
Same Store (SS): This
measure provides growth rates for businesses that have been owned
for one year or more.
|
((Current Year Total
product sales – acquisitions within the last year + YoY FX impact)-
(Prior Year Total product sales – divestitures &
discontinuations))/( Prior Year Total product sales – divestitures
& discontinuations)
|
Pro Forma (PF):
This measure provides year over year growth rates for the entire
business, including those that have been acquired within the last
year.
|
((Current Year Total
product sales + YoY FX impact + divestitures or discontinuations) –
(Prior Year Total product sales + Pro Forma impact of acquisitions
within the last year))/(Prior Year Total product sales + Pro Forma
impact of acquisitions within the last
year).
|
Contact
Information:
|
|
Investors:
|
Media:
|
Laurie W.
Little
|
Renee E. Soto/Meghan
Gavigan
|
Valeant
Pharmaceuticals International, Inc.
|
Sard Verbinnen &
Co.
|
949-461-6002
|
212-687-8080
|
laurie.little@valeant.com
|
rsoto@sardverb.com/mgavigan@sardverb.com
|
Logo -
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SOURCE Valeant Pharmaceuticals International, Inc.