LAVAL, Quebec, April 29, 2015 /PRNewswire/ --
2015 First Quarter Results
- Total Revenue $2.2 billion; an increase of 16% over the prior year despite negative foreign exchange impact of $140 million
- Excluding negative impact of foreign exchange and last year's divestiture of the aesthetics injectable business, revenue increased 27% over the prior year
- Same Store Sales Organic Growth was 15%, driven by:
- Growth from launch brands, including BioTrue Multipurpose Solution, BioTrue ONEday Contact Lens, Jublia, Luzu, and Ultra Contact Lens
- Double digit growth in U.S. businesses such as Contact Lens, Dermatology, Neurology and Other, Obagi, and Oral Health
- Double digit growth in many Emerging Markets including Asia, Mexico, the Middle East, and Poland
- GAAP EPS $0.21; Cash EPS $2.36, an increase of 34% despite negative foreign exchange impact of $0.12 over the prior year
- Excluding negative impact of foreign exchange and last year's divestiture of the aesthetics injectable business, Cash EPS increased 50% over the prior year
- GAAP Operating Cash Flow $491 million; Adjusted Operating Cash Flow $708 million
- As projected, restructuring, integration and other acquisition related costs for pre-2015 transactions were less than $25 million
- Salix and Dendreon integrations largely complete
- Salix to exceed $530 million in synergies and will achieve $500 million run rate synergies by the end of Q2
- Dendreon, profitable in Q1, to exceed $130 million in synergies and achieve 90% run rate by year-end
- Valeant currently in labeling discussions with the FDA regarding IBS-D indication for Xifaxan, ahead of the May 28, 2015 PDUFA date
2015 Guidance
- Increasing Total Revenue to $10.4 - $10.6 billion up from $9.2 - $9.3 billion
- Expect Salix Revenue of ~$1.0 billion in 2015
- Reflects implementation of wholesaler inventory reduction program; plan to reduce Salix wholesaler inventory levels to approximately 1.5 months by year-end
- Increasing Cash EPS to $10.90 - $11.20 per share up from $10.10 - $10.40
- Expect Same Store Sales Organic Growth of >10% for the second through fourth quarters of 2015
Second Quarter 2015 Guidance
- Total Revenue $2.45 - $2.55 billion
- Cash EPS $2.40 - $2.50 per share
- Reflects significant inventory work down of Salix products at the wholesalers
2016 Outlook
- Accretion from Salix acquisition will be greater than 20% in 2016 and EBITDA expected to exceed $7.5 billion in 2016
Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) announces first quarter financial results for 2015.
"Our first quarter results demonstrate the strong performance of our diversified business model as we exceeded our first quarter guidance despite losing $140 million in revenue and $0.12 in Cash EPS to foreign exchange headwinds," stated J. Michael Pearson, chairman and chief executive officer. "The Company delivered exceptional double digit organic growth for the third quarter in a row, driven by the strength of most of our business units around the world."
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), April 29, 2015 to discuss its first quarter financial results for 2015. The dial-in number to participate on this call is (877) 876-8393 confirmation code 20635721. International callers should dial (973) 200-3961, confirmation code 20635721. A replay will be available approximately two hours following the conclusion of the conference call through May 6, 2015 and can be accessed by dialing (855) 859-2056, or (404) 537-3406, confirmation code 20635721. 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 the expected integration of the Dendreon Corporation and Salix Pharmaceuticals, Ltd. ("Salix") businesses, the amount and timing of expected synergies, and our expected future performance, including 2015 guidance with respect to revenue, Cash EPS and organic growth, our inventory reduction program, and our outlook with respect to performance in 2016. 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.
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