Valeant Reports Third Quarter 2015 Financial Results
LAVAL, Quebec, Oct. 19, 2015/PRNewswire/ --
2015 Third Quarter Results
- Total Revenues of $2.8 billion; an increase of 36% over the prior year despite negative foreign exchange impact of $172 million
- Same store sales organic growth of 13%; 5th consecutive quarter of > 10% organic growth, driven by:
- Continued outperformance of U.S. businesses, particularly dermatology and contact lens
- Strong results in China (23%), South Korea (15%) and Mexico (10%)
- Total company growth was 8.2% volume and 4.4% price
- U.S. branded pharmaceuticals growth was 18.8% volume and 15.2% price
- Excluding the impact from genericization of Targretin Capsules during the quarter, same store sales organic growth would have been 14%
- Impact from generic Xenazine expected fully in fourth quarter
- Salix revenue was $461 million
- Strong Xifaxan script uptake following IBS-D approval
- Salix wholesaler inventory levels reduced from 3-3.5 months to 2-2.5 months
- GAAP EPS $0.14; Cash EPS $2.74, an increase of 30% over prior year despite the negative foreign exchange impact of $0.13 versus the prior year
- GAAP Operating Cash Flow $737 million, an increase of 19% over prior year; excluding the impact of foreign exchange, the increase was 26%
- Adjusted Operating Cash Flow $865 million, an increase of 12% over prior year; excluding the impact of foreign exchange, the increase was 18%
- Deals recently closed include Sprout, brodalumab, Synergetics and Amoun, which is expected to close later today
Fourth Quarter 2015 Guidance
- Total Revenue increased to $3.25 - $3.45 billion from $3.2 - $3.4 billion
- Cash EPS increased to $4.00 - $4.20 from $3.98 - $4.18
Full Year 2015 Guidance
- Total Revenue increased to $11.0 - $11.2 billion from $10.7 - $11.1 billion,
- Salix revenue expected to be ~$1.35 billion
- Cash EPS increased to $11.67 - $11.87 from $11.50 - $11.80
- Adjusted Cash Flow from Operations of greater than $3.35 billion
- Same Store Sales Organic Growth of >10% for Q4 and FY 2015
Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) today announced third quarter financial results for 2015.
"Today, we reported yet another consecutive quarter of strong financial results that exceeded expectations," stated J. Michael Pearson, chairman and chief executive officer. "I am incredibly proud of the hard work and effort put forth by Valeant's employees around the world. I would also like to thank all the doctors who prescribe our products and the patients who use them. We will be discussing our outperformance on our conference call later today, as well as addressing the most frequently asked questions we have been hearing from our shareholders. With our strong product portfolio and growth prospects, we feel very confident in our future outlook and we are reaffirming our $7.5 billion EBITDA floor for 2016."
Conference Call and Webcast Information
Valeant will host a conference call and a live webcast along with a slide presentation today at 8:00 a.m. ET (5:00 a.m. PT) to discuss results for the 2015 third quarter. The dial-in number to participate on this call is (877) 876-8393, confirmation code 49576177. International callers should dial (973) 200-3961, confirmation code 49576177. A replay will be available approximately two hours following the conclusion of the conference call to October 26, 2015, and can be accessed by dialing (855) 859-2056 or (404) 537-3406, confirmation code 49576177.
The webcast and slide presentation will be hosted in the investor relations section of its corporate website at www.valeant.com.
To read full press release, please click here.
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