LAVAL, Quebec, Oct. 20, 2014 /PRNewswire/ --
- 2014 Third Quarter Results
- Total Revenue $2.1 billion; an increase of 33% over the prior year
- Total same store sales organic growth was 19%, including impact from generics
- Bausch + Lomb organic growth was 12%, adjusted only for foreign exchange
- GAAP EPS $0.81; Cash EPS $2.11, an increase of 48%
- GAAP Operating Cash Flow $619 million, an increase of 207%; Adjusted Operating Cash Flow $771 million, an increase of 89%
- Net debt reduced to $15.5 billion, with net leverage ratio approximately 4 times adjusted pro forma EBITDA
- 2014 Guidance for Cash EPS updated to$8.22 to $8.32 to reflect third quarter outperformance and stronger expected fourth quarter financial results
- Fourth quarter Cash EPS raised to $2.45 to $2.55
- Expect double-digit same store organic growth in the fourth quarter
- 2015 Outlook raised to 10%+ Organic Growth and $10.00 Cash EPS, assuming no acquisitions
Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) announces third quarter financial results for 2014.
“Valeant delivered exceptional results for the third quarter and exceeded our expectations on all key metrics,” stated J. Michael Pearson, chairman and chief executive officer. “With our acquisition of Bausch + Lomb now annualized (August 5) and the impact of generics largely behind us, the true strength of our business and operating model can be clearly seen by our financial results. We are particularly pleased to deliver over $600 million in GAAP operating cash flow to our shareholders.”
The Third Quarter Financial Results Presentation may be accessed through the investor relations section of the Company’s corporate website at http://ir.valeant.com/investor-relations/default.aspx.
Conference Call and Webcast Information
The Company will host a conference call and a live Internet webcast today at 8:00 a.m. ET (5:00 a.m. PT), October 20, 2014 to discuss its third quarter financial results for 2014. The dial-in number to participate on this call is (877) 876-8393, confirmation code 6783694. International callers should dial (973) 200-3961, confirmation code 6783694. A replay will be available approximately two hours following the conclusion of the conference call through October 27, 2014 and can be accessed by dialing (855) 859-2056, or (404) 537-3406, confirmation code 6783694. 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 2014 financial guidance, 2015 outlook 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.
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