-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Bj+WpYbb0ekvLEtCTiV9Zp9cyM8NQ+X9wEGu0IwLuQt/I3TulI7rrDn62ntwyxV/ wHwc3VCY9GxxLoFzN3xbSQ== 0000950123-10-070853.txt : 20100802 0000950123-10-070853.hdr.sgml : 20100802 20100802081533 ACCESSION NUMBER: 0000950123-10-070853 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20100802 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100802 DATE AS OF CHANGE: 20100802 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VALEANT PHARMACEUTICALS INTERNATIONAL CENTRAL INDEX KEY: 0000930184 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 330628076 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11397 FILM NUMBER: 10982823 BUSINESS ADDRESS: STREET 1: ONE ENTERPRISE CITY: ALISO VIEJO STATE: CA ZIP: 92656 BUSINESS PHONE: 949-461-6000 MAIL ADDRESS: STREET 1: ONE ENTERPRISE CITY: ALISO VIEJO STATE: CA ZIP: 92656 FORMER COMPANY: FORMER CONFORMED NAME: ICN PHARMACEUTICALS INC DATE OF NAME CHANGE: 19941114 FORMER COMPANY: FORMER CONFORMED NAME: ICN MERGER CORP DATE OF NAME CHANGE: 19940915 8-K 1 a56894e8vk.htm FORM 8-K e8vk
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
August 2, 2010
Valeant Pharmaceuticals International
(Exact Name of Registrant as Specified in Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
     
1-11397   33-0628076
(Commission File Number)   (IRS Employer Identification No.)
One Enterprise
Alisa Viejo, California 92656
(Address of Principal Executive Offices)
Registrant’s telephone number, including area code:
(949) 461-6000
 
     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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))
 
 

 

 

Item 2.02 Results of Operations and Financial Condition.
     On August 2, 2010, Valeant issued a press release announcing results of operations for the quarter ended June 30, 2010 and certain other financial information as of and for the quarter ended June 30, 2010. A copy of the press release is attached as Exhibit 99.1 to this report and is incorporated herein by this reference.
     The information in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Item 2.02 and Exhibit 99.1 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1   Press Release dated August 2, 2010.

 

 

SIGNATURE
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  Valeant Pharmaceuticals International
 		  
Date: August 2, 2010  By:   /s/ Peter J. Blott    
    Peter J. Blott   
    Executive Vice President and Chief Financial Officer   
 

 

 

INDEX TO EXHIBITS
99.1   Press Release dated August 2, 2010.

 

EX-99.1 2 a56894exv99w1.htm EX-99.1 exv99w1
Exhibit 99.1
(VALEANT LOGO)
Contact:
Laurie W. Little
Valeant Pharmaceuticals
949-461-6002
laurie.little@valeant.com
VALEANT PHARMACEUTICALS REPORTS
2010 SECOND QUARTER FINANCIAL RESULTS
  •   Revenue increased 33% to $255.6 million; Product Sales increased 32%
 
  •   Each business segment grew over 20% from previous year
 
  •   GAAP EPS flat at $0.39; Adjusted Non-GAAP (Cash) EPS increased 33% to $0.69
 
  •   GAAP Cash Flow from Operations was $60 million; Adjusted Non-GAAP Cash Flow from Operations $62 million
 
  •   2010 Guidance increased to $2.80 - $3.05 Adjusted Non-GAAP (Cash) EPS
     ALISO VIEJO, Calif., August 2, 2010 — Valeant Pharmaceuticals International (NYSE: VRX) today announced second quarter financial results for 2010.
     “The team at Valeant accomplished a great deal this quarter, both operationally and strategically,” stated J. Michael Pearson, chairman and chief executive officer. “We completed five acquisitions in the quarter and grew our top and bottom line over 30% over 2009. We also embarked upon an exciting new strategic opportunity with our announcement of the proposed merger between Biovail and Valeant, which we hope to complete before the end of the year. These activities continue the transformation of Valeant into a diversified, specialty pharmaceutical company focused on growth and cash flow generation.”
Revenues
     Total revenue was $255.6 million in the second quarter of 2010 as compared to $191.7 million in the second quarter of 2009, an increase of 33%.
     Product sales in the Specialty Pharmaceuticals segment were $126.9 million in the second quarter of 2010, as compared to $96.6 million in the second quarter of 2009, an increase of 31%. At constant exchange rates, Specialty Pharmaceuticals product sales increased 27%. Within the Specialty Pharmaceuticals segment, alliance and service revenue was $30.1 million in the second quarter of 2010 as compared to $12.2 million in the year-ago quarter, which included an $11.2 million profit share related to the 1% clindamycin and 5% benzoyl peroxide product (IDP-111) that was launched by Mylan in August 2009.

 

 

(VALEANT LOGO)
     Product sales in Branded Generics — Latin America were $51.8 million in the second quarter of 2010 as compared to $36.2 million in the same period in 2009, an increase of 43%. At constant exchange rates, product sales in Latin America increased 33%.
     Product sales in Branded Generics — Europe were $40.8 million in the second quarter of 2010 as compared to $34.0 million in the same period in 2009, an increase of 20%. At constant exchange rates, product sales in Europe increased 17%.
     Ribavirin royalties were $6.0 million in the second quarter of 2010 as compared to $12.6 million in the second quarter of 2009, a decrease of 53%. This expected decrease is primarily attributable to the expiration of royalty terms in most European countries.
Organic Growth
     Organic growth for total product sales in the second quarter of 2010 was 6% as compared to the second quarter of 2009. This included the Specialty Pharmaceutical organic growth rate of 7%; Branded Generics — Latin America organic growth rate of 1% and Branded Generics — Europe organic growth rate of 9%. Organic growth for the first six months of 2010 was 9% as compared to the first six months of 2009. This included the Specialty Pharmaceutical organic growth rate of 15%; Branded Generics — Latin America organic growth rate of 2% and Branded Generics — Europe organic growth rate of 0%.
Income and Cash Flow
     Income from continuing operations was $32.2 million for the second quarter of 2010, or $0.39 per diluted share, as compared to $33.0 million, or $0.39 per diluted share, for the second quarter of 2009. On an adjusted non-GAAP (Cash) EPS basis, adjusted income from continuing operations was $57.1 million, or $0.69 per diluted share, in the second quarter of 2010 as compared to adjusted income from continuing operations of $43.2 million, or $0.52 per diluted share, in the second quarter of 2009, an increase of 33%.
     GAAP cash flow from operations, which includes acquisition transaction fees, for the second quarter of 2010 was $59.9 million as compared to $44.5 million for the second quarter of 2009. Adjusted non-GAAP cash flow from operations for the second quarter of 2010 was $61.7 million as compared to $55.0 million for the second quarter of 2009.
Merger With Biovail Corporation
     On June 20, 2010, Valeant and Biovail entered into a definitive merger agreement providing for a business combination whereby Valeant will merge with a wholly owned subsidiary of Biovail and the name of the combined company will be changed to Valeant Pharmaceuticals International, Inc. Valeant and Biovail currently expect to complete the merger before the end of 2010, subject to the receipt of required shareholder and regulatory approvals and the satisfaction or waiver of the financing and other conditions to the merger described in the merger agreement. On July 22, 2010, the Federal Trade Commission granted early termination of

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(VALEANT LOGO)
the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, with respect to the proposed merger.
2010 Guidance
     The company is updating its previous adjusted non-GAAP (Cash) EPS target and is now targeting adjusted non-GAAP (cash) EPS between $2.80 - $3.05 in 2010, up from prior guidance of $2.65 to $2.90. This guidance does not assume the completion of any business-development transactions not completed as of August 2, 2010 and excludes the potential effect of certain costs incurred and expected to be incurred in connection with the pending Biovail merger.
Conference Call and Webcast Information
     Valeant will host a conference call and a live Internet webcast along with a slide presentation today at 10:00 a.m. EDT (7:00 a.m. PDT) to discuss its second quarter financial results for 2010. The dial-in number to participate on this call is (877) 295-5743, confirmation code 87267374. International callers should dial (973) 200-3961, confirmation code 87267374. A replay will be available approximately two hours following the conclusion of the conference call through August 9, 2010 and can be accessed by dialing (800) 642-1687, or (706) 645-9291, confirmation code 87267374. The live webcast of the conference call may be accessed through the investor relations section of Valeant’s corporate Web site at www.valeant.com.
About Valeant
     Valeant Pharmaceuticals International (NYSE:VRX) is a multinational specialty pharmaceutical company that develops and markets a broad range of pharmaceutical products primarily in the areas of neurology and dermatology. 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 performance and growth in 2010 and guidance with respect to expected adjusted non-GAAP (cash) earnings per share, the transformation of Valeant, and the expected timing and consummation of the proposed merger with Biovail. 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 relating to the proposed merger, as detailed

3

 

(VALEANT LOGO)
from time to time in Valeant’s and Biovail’s filings with the SEC and, in Biovail’s case, 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.
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. 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 more 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. A reconciliation of GAAP to non-GAAP measures can be found in the tables below. The company has provided guidance with respect to adjusted non-GAAP (cash) earnings per share, which is a non-GAAP financial measure that represents earnings per share, excluding special charges and credits, restructuring and acquisition-related costs, amortization expense, ASC 470-20 (FSP APB 14-1) interest, gain on early extinguishment of debt and the non-GAAP tax effect of such charges. The company has not provided a reconciliation of this forward-looking non-GAAP financial measure due to the difficulty in forecasting and quantifying the exact amount of the items excluded from the non-GAAP financial measure that will be included in the comparable GAAP financial measure.
Note on Guidance
     The guidance contained in this press release is only effective as of the date given, August 3, 2010, and will not be updated or confirmed until the Company publicly announces updated or affirmed guidance.
Financial Tables, including a reconciliation of GAAP to non-GAAP financial measures, follow.
Additional Information
     In connection with the proposed merger, Biovail has filed with the SEC a Registration Statement on Form S-4 that includes a preliminary joint proxy statement of Valeant and Biovail that also constitutes a prospectus of Biovail. Valeant and Biovail will mail the definitive joint proxy statement/prospectus to their respective shareholders. INVESTORS ARE URGED TO READ THE PRELIMINARY JOINT PROXY STATEMENT/PROSPECTUS AND THE DEFINITIVE VERSION THEREOF WHEN IT BECOMES AVAILABLE BECAUSE THEY

4

 

(VALEANT LOGO)
WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors may obtain the preliminary joint proxy statement/prospectus and the definitive version thereof when it becomes available, as well as other filings containing information about Valeant and Biovail, free of charge, at the website maintained by the SEC at www.sec.gov and, in Biovail’s case, on SEDAR at www.sedar.com. Investors may also obtain these documents, free of charge, from Valeant’s website (www.valeant.com) under the tab “Investor Relations” and then under the heading “SEC Filings,” or by directing a request to Valeant, One Enterprise, Aliso Viejo, California, 92656, Attention: Corporate Secretary. Investors may also obtain these documents, free of charge, from Biovail’s website (www.biovail.com) under the tab “Investor Relations” and then under the heading “Regulatory Filings” and then under the item “Current SEC Filings,” or by directing a request to Biovail, 7150 Mississauga Road, Mississauga, Ontario, Canada, L5N 8M5, Attention: Corporate Secretary.
     The respective directors and executive officers of Valeant and Biovail and other persons may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Valeant’s directors and executive officers is available in its Annual Report on Form 10-K for the fiscal year ended December 31, 2009, which was filed with the SEC on February 24, 2010, and in its definitive proxy statement filed with the SEC by Valeant on March 25, 2010. Information regarding Biovail’s directors and executive officers is available in its Annual Report on Form 10-K for the fiscal year ended December 31, 2009, which was filed with the SEC on February 26, 2010, and in its definitive proxy statement filed with the SEC and CSA by Biovail on April 21, 2010. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the preliminary joint proxy statement/prospectus filed with the SEC. These documents can be obtained free of charge from the sources indicated above. Other information regarding the interests of the participants in the proxy solicitation will be included in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC and the CSA when they become available. This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
###

5

 

     
Valeant Pharmaceuticals International   Table 1
Statement of Income    
For the Three and Six Months Ended June 30, 2010 and 2009    
                                                 
    Three Months Ended             Six Months Ended        
    June 30,             June 30,        
(In thousands, except per share data)   2010     2009     %Change     2010     2009     % Change  
Product sales
   $ 219,458     $ 166,865       32 %   $ 423,965     $ 319,698       33 %
Service revenue
     4,396       5,606       -22 %     9,356       12,344       -24 %
Alliance revenue
     31,720       19,227       65 %     54,244       37,579       44 %
 
                                        
Total revenues
     255,574       191,698       33 %     487,565       369,621       32 %
 
                                        
 
                                                
Cost of goods sold
     60,638       42,750       42 %     114,841       82,447       39 %
Cost of services
     3,279       5,337       -39 %     6,445       9,663       -33 %
Selling, general and administrative (“SG&A”)
     73,485       61,626       19 %     144,026       125,842       14 %
Research and development costs, net
     11,951       9,146       31 %     22,353       17,880       25 %
Special charges and credits
     1,012       1,974               1,550       1,974          
Restructuring and acquisition-related costs
     10,706       2,603               11,730       3,814          
Amortization expense
     22,335       17,105       31 %     41,665       34,109       22 %
 
                                        
 
                                                
 
     183,406       140,541       30 %     342,610       275,729       24 %
 
                                        
Income from operations
     72,168       51,157               144,955       93,892          
 
                                                
Interest expense, net
     (20,171 )     (7,825 )             (32,802 )     (14,004 )        
Gain on early extinguishment of debt
     —       2,777               —       7,376          
Other income (expense), net including translation and exchange
     (1,413 )     (647 )             (1,938 )     564          
 
                                        
 
                                                
Income from continuing operations before income taxes
     50,584       45,462               110,215       87,828          
 
                                                
Provision for income taxes
     18,348       12,427               42,378       23,996          
 
                                        
Income from continuing operations
     32,236       33,035               67,837       63,832          
 
                                                
Income (loss) from discontinued operations, net
     17       (175 )             432       223          
 
                                        
 
                                                
Net income
   $ 32,253     $ 32,860             $ 68,269     $ 64,055          
 
                                        
 
                                                
Earnings per share:
                                                
 
                                                
Basic:
                                                
Income from continuing operations
   $ 0.42     $ 0.40             $ 0.87     $ 0.77          
Discontinued operations
     —       —               0.01       —          
 
                                        
Basic earnings per share
   $ 0.42     $ 0.40             $ 0.88     $ 0.77          
 
                                        
Shares used in per share computation
     77,136       82,794               77,797       82,733          
 
                                        
 
                                                
Diluted:
                                                
Income from continuing operations
   $ 0.39     $ 0.39             $ 0.82     $ 0.76          
Discontinued operations
     —       —               0.01       0.01          
 
                                        
Diluted earnings per share
   $ 0.39     $ 0.39             $ 0.83     $ 0.77          
 
                                        
Shares used in per share computation
     82,638       83,673               82,355       83,566          
 
                                        

 

Table 2
Valeant Pharmaceuticals International
Reconciliation of GAAP EPS to Adjusted Non-GAAP (Cash) EPS
For the Three and Six Months Ended June 30, 2010 and 2009
                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
(In thousands, except per share data)   2010     2009     2010     2009  
Income from continuing operations
   $ 32,236     $ 33,035     $ 67,837     $ 63,832  
 
                                
Non-GAAP adjustments (a)(b):
                                
Inventory step-up (c)
     2,500       —       2,500       —  
Special charges and credits
     1,012       1,974       1,550       1,974  
Restructuring and acquisition-related costs (d)
     10,706       2,603       11,730       3,814  
Amortization expense
     22,335       17,105       41,665       34,109  
 
                        
 
     36,553       21,682       57,445       39,897  
ASC 470-20 (FSP APB 14-1) interest
     2,037       2,695       4,034       6,174  
Gain on early extinguishment of debt
     —       (2,778 )     —       (7,376 )
Tax
     (13,755 )     (11,388 )     (19,432 )     (21,225 )
 
                        
Total adjustments
     24,835       10,211       42,047       17,470  
 
                                
Adjusted income from continuing operations
   $ 57,071     $ 43,246     $ 109,884     $ 81,302  
 
                        
 
                                
GAAP earnings per share — diluted
   $ 0.39     $ 0.39     $ 0.82     $ 0.76  
 
                        
 
                                
Adjusted Non-GAAP (Cash) earnings per share — diluted
   $ 0.69     $ 0.52     $ 1.33     $ 0.97  
 
                        
 
                                
Shares used in diluted per share calculation — GAAP earnings per share
     82,638       83,673       82,355       83,566  
 
                        
 
                                
Shares used in diluted per share calculation — Adjusted Non-GAAP (Cash) earnings per share
     82,638       83,673       82,355       83,566  
 
                        
 
(a)   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, special charges and credits, restructuring and acquisition-related costs, amortization expense, ASC 470-20 (FSP APB 14-1) interest, gain on early extinguishment of debt and the non-GAAP tax effect of such charges. 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 more 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)   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, special charges and credits, restructuring and acquisition-related costs, amortization expense, ASC 470-20 (FSP APB 14-1) interest, gain on early extinguishment of debt and the non-GAAP tax effect of such charges.
 
(c)   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, 2010 the impact is $0.6 million for Instituto Terapeutico Delta, $0.8 million for another acquired company in Brazil and $1.1 million for our acquisition of Aton Pharma, Inc.
 
(d)   Restructuring and acquisition-related costs for the three and six months ended June 30, 2010 include $4.8 million of expenses related to the merger with Biovail, $3.2 million related to the acquisition and integration of Aton Pharma, Inc. in the U.S., $0.2 million related to the acquisition and integration of Dr. Renaud and Vital Sciences in Canada, as well as $1.8 million and $2.2 million related to the acquisition and integration of Instituto Terapeutico Delta and another acquired company in Brazil, $0.6 million and $0.8 million related to the acquisition and integration of PFI in Australia, and $0.1 million and $0.4 million related to the acquisition and integration of Tecnofarma S.A. de C.V. in Mexico. Restructuring charges in the six months ended June 30, 2010 were $0.2 million.

 

Table 3
Valeant Pharmaceuticals International
Statement of Revenue — by Segment
For the Three and Six Months Ended June 30, 2010 and 2009
(In thousands)
                                                                         
    Three Months Ended  
    June 30,  
                                                                    Q2 2010  
                                                            2010     growth at  
                                    2010             2010     excluding     constant  
                            2010     excluding             acquisition     currency &     currency, net  
                    %     currency     currency     %     impact at     acquisition     of  
Revenue(a)(b)   2010     2009     Change     impact     impact     Change     2009 rates     impact     acquisitions  
Specialty pharmaceuticals
                                                                        
U.S.
                                                                        
Dermatology
   $ 35,694     $ 29,486       21 %   $ (17 )   $ 35,677       21 %   $ (3,668 )   $ 32,009       9 %
Neurology & Other
     54,727       41,842       31 %     —       54,727       31 %     (7,822 )     46,905       12 %
 
                                                            
Total U.S.
     90,421       71,328       27 %     (17 )     90,404       27 %     (11,490 )     78,914       11 %
Canada
     22,817       15,831       44 %     (2,674 )     20,143       27 %     (3,543 )     16,600       5 %
Australia
     13,663       9,475       44 %     (1,936 )     11,727       24 %     (3,936 )     7,791       -18 %
 
                                                            
Specialty pharmaceuticals product sales
     126,901       96,634       31 %     (4,627 )     122,274       27 %     (18,969 )     103,305       7 %
Services and alliance revenue
     30,143       12,196     NM       13       30,156     NM       —       30,156     NM  
 
                                                            
 
                                                                        
Total specialty pharmaceuticals revenue
     157,044       108,830       44 %     (4,614 )     152,430       40 %     (18,969 )     133,461       23 %
 
                                                                        
Branded generics — Latin America product sales
     51,772       36,199       43 %     (3,464 )     48,308       33 %     (11,837 )     36,471       1 %
 
                                                                        
Branded generics — Europe product sales
     40,785       34,032       20 %     (979 )     39,806       17 %     (2,713 )     37,093       9 %
 
                                                                        
Alliances (ribavirin royalties only)
     5,973       12,637       -53 %     —       5,973       -53 %     —       5,973     NM  
 
                                                            
 
                                                                        
Total revenue
   $ 255,574     $ 191,698       33 %   $ (9,057 )   $ 246,517       29 %   $ (33,519 )   $ 212,998       11 %
 
                                                            
Total product sales included above
   $ 219,458     $ 166,865       32 %   $ (9,070 )   $ 210,388       26 %   $ (33,519 )   $ 176,869       6 %
                                                                         
    Six Months Ended  
    June 30,  
                                                                    Jun Ytd 2010  
                                                            2010     growth at  
                                    2010             2010     excluding     constant  
                            2010     excluding             acquisition     currency &     currency, net  
                    %     currency     currency     %     impact at     acquisition     of  
Revenue(a)(b)   2010     2009     Change     impact     impact     Change     2009 rates     impact     acquisitions  
Specialty pharmaceuticals
                                                                        
U.S.
                                                                        
Dermatology
   $ 70,219     $ 60,454       16 %   $ (37 )   $ 70,182       16 %   $ (4,634 )   $ 65,548       8 %
Neurology & Other
     106,480       77,853       37 %     —       106,480       37 %     (7,822 )     98,658       27 %
 
                                                            
Total U.S.
     176,699       138,307       28 %     (37 )     176,662       28 %     (12,456 )     164,206       19 %
Canada
     44,640       30,319       47 %     (6,219 )     38,421       27 %     (5,572 )     32,849       8 %
Australia
     26,304       14,321       84 %     (5,282 )     21,022       47 %     (8,408 )     12,614       -12 %
 
                                                            
Specialty pharmaceuticals product sales
     247,643       182,947       35 %     (11,538 )     236,105       29 %     (26,436 )     209,669       15 %
Services and alliance revenue
     52,666       24,101     NM       (113 )     52,553     NM       —       52,553     NM  
 
                                                            
 
                                                                        
Total specialty pharmaceuticals revenue
     300,309       207,048       45 %     (11,651 )     288,658       39 %     (26,436 )     262,222       27 %
 
                                                                        
Branded generics — Latin America product sales
     93,829       67,381       39 %     (9,037 )     84,792       26 %     (15,976 )     68,816       2 %
Branded generics — Europe product sales
     82,493       69,370       19 %     (7,909 )     74,584       8 %     (4,983 )     69,601       0 %
 
                                                                        
Alliances (ribavirin royalties only)
     10,934       25,822       -58 %     —       10,934       -58 %     —       10,934     NM  
 
                                                            
 
                                                                        
Total revenue
   $ 487,565     $ 369,621       32 %   $ (28,597 )   $ 458,968       24 %   $ (47,395 )   $ 411,573       11 %
 
                                                            
Total product sales included above
   $ 423,965     $ 319,698       33 %   $ (28,484 )   $ 395,481       24 %   $ (47,395 )   $ 348,086       9 %
                                         
            Three Months Ended     Six Months Ended  
            June 30,     June 30,  
Alliance Revenue   Segment     2010     2009     2010     2009  
Ribavirin royalty
   Alliances   $ 5,973     $ 12,637     $ 10,934     $ 25,822  
1% clindamycin and 5% benzoyl peroxide (IDP 111) profit share
   Specialty     11,232       —       20,530       —  
Other royalties
   Specialty     4,160       3,790       7,585       5,639  
License payments
   Specialty     765       —       1,466       —  
GSK collaboration
   Specialty     9,590       2,800       13,729       6,118  
 
                                
 
                                        
Total alliance revenue
           $ 31,720     $ 19,227     $ 54,244     $ 37,579  
 
                                
 
(a)   Note: Currency effect for constant currency sales is determined by comparing 2010 reported amounts adjusted to exclude currency impact, calculated using 2009 monthly average exchange rates, to the actual 2009 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 2.

 

Table 4
Valeant Pharmaceuticals International
Statement of Cost of Goods Sold and Non-GAAP Operating Income — by Segment
For the Three and Six Months Ended June 30, 2010 and 2009
(In thousands)
4.1 Cost of goods sold
                                                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
            % of             % of             % of             % of  
            product             product             product             product  
    2010     sales     2009     sales     2010     sales     2009     sales  
Specialty pharmaceuticals
   $ 22,120       17 %   $ 18,181       19 %   $ 45,123       18 %   $ 33,544       18 %
Branded generics — Latin America
     20,656       40 %     9,598       27 %     33,621       36 %     17,496       26 %
Branded generics — Europe
     17,638       43 %     14,984       44 %     35,770       43 %     31,401       45 %
 
                                                                
Corporate
     224               (13 )             327               6          
 
                                                        
 
                                                                
 
   $ 60,638       28 %   $ 42,750       26 %   $ 114,841       27 %   $ 82,447       26 %
 
                                                        
4.2 Non-GAAP operating income excluding currency impact (a)(b)
                                                         
    Three Months Ended  
    June 30,  
                            2010                      
                    2010     excluding                      
            % of     currency     currency     % of             % of  
    2010     revenue     impact     impact     revenue     2009     revenue  
Specialty pharmaceuticals
   $ 88,853       57 %   $ (1,516 )   $ 87,337       56 %   $ 49,842       46 %
Branded generics — Latin America
     15,097       29 %     (844 )     14,253       28 %     14,628       40 %
Branded generics — Europe
     10,830       27 %     (342 )     10,488       26 %     8,196       24 %
 
                                                
 
                                                        
 
     114,780       46 %     (2,702 )     112,078       45 %     72,666       41 %
 
                                                        
Alliances & Corporate
     (6,059 )             —       (6,059 )             174          
 
                                                
 
                                                        
 
   $ 108,721       43 %   $ (2,702 )   $ 106,019       41 %   $ 72,840       38 %
 
                                                
                                                         
    Six Months Ended  
    June 30,  
                            2010                      
                    2010     excluding                      
            % of     currency     currency     % of             % of  
    2010     revenue     impact     impact     revenue     2009     revenue  
Specialty pharmaceuticals
   $ 167,520       56 %   $ (3,574 )   $ 163,946       55 %   $ 94,083       45 %
Branded generics — Latin America
     29,623       32 %     (2,909 )     26,714       28 %     27,615       41 %
Branded generics — Europe
     22,530       27 %     (2,481 )     20,049       24 %     17,294       25 %
 
                                                
 
                                                        
 
     219,673       46 %     (8,964 )     210,709       44 %     138,992       40 %
 
                                                        
Alliances & Corporate
     (17,273 )             —       (17,273 )             (5,203 )        
 
                                                
 
                                                        
 
   $ 202,400       42 %   $ (8,964 )   $ 193,436       40 %   $ 133,789       36 %
 
                                                
 
(a)   See footnote (a) to Table 2
 
(b)   Non-GAAP operating income of $108.7 million and $202.4 million for the three and six months ended June 30, 2010 excludes the following GAAP items from GAAP operating income of $72.2 million and $145.0 million: amortization of inventory step-up of $2.5 million and $2.5 million, special charges and credits of $1.0 million and $1.5 million, restructuring and acquisition-related costs of $10.7 million and $11.7 million and amortization expense of $22.3 million and $41.7 million respectively. Non-GAAP operating income of $72.8 million and $133.8 million for the three and six months ended June 30, 2009 excludes the following GAAP items from GAAP operating income of $51.2 million and $93.9 million: special charges and credits of $2.0 million and $2.0 million, restructuring and acquisition-related costs of $2.6 million and $3.8 million and amortization expense of $17.0 million and $34.1 million respectively.

 

     
Valeant Pharmaceuticals International   Table 5
Consolidated Balance Sheet and Other Data    
(In thousands)    
5.1 Cash
                 
    As of     As of  
    June 30,     December 31,  
    2010     2009  
Cash and cash equivalents
   $ 75,383     $ 68,080  
Marketable securities
     —       13,785  
 
            
Total cash and marketable securities
   $ 75,383     $ 81,865  
 
            
5.2 Summary of Cash Flow Statement
                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2010     2009     2010     2009  
Cash flow provided by (used in):
                                
 
                                
Operating activities, continuing operations (GAAP)
   $ 59,881     $ 44,461     $ 128,071     $ 82,283  
Effect of ASC 470-20 (FSP APB 14-1) (a)(b)
     —       9,710       —       22,987  
Acquisition transaction fees (a)(b)
     1,814       866       2,774       866  
 
                        
 
                                
Operating activities, continuing operations (Non-GAAP) (a)(b)
     61,695       55,037       130,845       106,136  
Operating activities, discontinued operations
     30       (285 )     (11 )     (2,434 )
 
                                
Investing activities (GAAP) (c)
     (448,972 )     (151,028 )     (461,200 )     (187,594 )
Acquisition transaction fees (a)(b)
     (1,814 )     (866 )     (2,774 )     (866 )
 
                        
 
                                
Investing activities (Non-GAAP) (a)(b)(c)
     (450,786 )     (151,894 )     (463,974 )     (188,460 )
 
                                
Financing activities (GAAP)
     319,108       305,512       341,155       261,775  
Effect of ASC 470-20 (FSP APB 14-1) (a)(b)
     —       (9,710 )     —       (22,987 )
 
                        
 
                                
Financing activities (Non-GAAP) (a)(b)
     319,108       295,802       341,155       238,788  
 
                                
Effect of exchange rate changes on cash and cash equivalents
     (1,967 )     7,051       (712 )     (7,992 )
 
                        
 
                                
Net increase (decrease) in cash and cash equivalents (c)
     (71,920 )     205,711       7,303       146,038  
Net increase (decrease) in marketable securities
     (7,979 )     101,429       (13,785 )     88,166  
 
                        
 
                                
Net increase (decrease) in cash and marketable securities (c)
   $ (79,899 )   $ 307,140     $ (6,482 )   $ 234,204  
 
                        
 
(a)   See footnote (a) to Table 2.
 
(b)   Cash flow for the three and six months ended June 30, 2010 includes $1.3 million and $1.5 million for acquisition fees related to the purchase of Delta and another acquired company in Brazil, $0.2 million and $0.4 million for acquisition fees related to the purchase of Dr. Renaud and Vital Science in Canada, $0.2 million and $0.2 million for acquisition fees related to the purchase of Aton in the US, $0.1 million and $0.1 million for acquisition fees related to the merger with Biovail in Canada and $0.0 million and $0.6 million for acquisition fees related to the purchase of PFI in Australia, respectively. Cash flow for the three and six months ended June 30, 2009 includes $9.7 million and $23.0 million, respectively relating to payments of accreted interest on long-term debt and notes payable made during these periods as determined by and pursuant to FSP APB 14-1, as well as $0.9 million in both the three and six months ended June 30, 2009 for acquisition fees related to the purchase of Emo-Farm in Poland.
 
(c)   Includes results from discontinued operations.
5.3 GSK Collaboration — Retigabine
         
    Three Months Ended  
    June 30, 2010  
Valeant SG&A
   $ 54  
Valeant R&D
     3,673  
 
      
 
     3,727  
GSK incurred cost
     9,009  
 
      
 
   $ 12,736  
 
      
 
        
Equalization (difference between individual partner costs and 50% of total)
   $ (2,641 )
 
      
                                 
    Three Months Ended June 30, 2010  
            Alliance              
    Balance sheet     revenue     SG&A     R&D  
Accounting impact
                                
 
                                
Upfront payment from GSK
   $ 125,000     $ —     $ —     $ —  
Release from upfront payment in prior quarters
     (67,835 )     —       —       —  
Incurred cost in current quarter
     —       —       54       3,673  
Release from upfront payment in current quarter
     (15,958 )     (9,590 )     (661 )     (5,707 )
 
                              
Remaining upfront payment from GSK
   $ 41,207       —       —       —  
 
                              
 
                                
Equalization payable to GSK
   $ (2,641 )     —       607       2,034  
 
                        
 
           $ (9,590 )   $ —     $ —  
 
                          

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