Valeant Pharmaceuticals Reports 2010 First Quarter Financial Results

Valeant Pharmaceuticals Reports 2010 First Quarter Financial Results
-- Revenue up 30% to $232.0 million; Actual Product Sales Growth 34%; Organic Product Sales Growth 12% -- GAAP EPS $0.43; Adjusted Non-GAAP (Cash) EPS $0.64 -- GAAP Cash Flow from Operations $68 million; Adjusted Non-GAAP Cash Flow from Operations $69 million -- 2010 Guidance increased to $2.65 - $2.90 Adjusted Non-GAAP (Cash) EPS -- Valeant to acquire Aton Pharma, Inc. for approximately $318 million -- Valeant repurchases 2.6 million shares from ValueAct Capital under the Company's Securities Repurchase program for $107 million
ALISO VIEJO, Calif., May 3, 2010 /PRNewswire via COMTEX/ --Valeant Pharmaceuticals International (NYSE: VRX) today announced first quarter financial results for 2010.

"We are pleased to report that the positive trend of 2009 has continued into the first quarter of 2010, which has historically been our softest quarter of the year," stated J. Michael Pearson, chairman and chief executive officer. "Our strong performance this quarter, coupled with the additional transactions we have announced so far in 2010, puts us in a position to increase our adjusted non-GAAP (Cash) EPS guidance for the year to $2.65 - $2.90, and expected total product sales growth to greater than 30%."

Revenues:

Total revenue was $232.0 million in the first quarter of 2010 as compared to $177.9 million in the first quarter of 2009, an increase of 30%.

Product sales in the Specialty Pharmaceuticals segment were $120.7 million in the first quarter of 2010, as compared to $86.3 million in the first quarter of 2009, an increase of 40%. At constant exchange rates, Specialty Pharmaceuticals product sales increased 32%. Within the Specialty Pharmaceuticals segment, alliance and service revenue was $22.5 million in the first quarter of 2010 as compared to $11.9 million in the year-ago quarter.

Product sales in Branded Generics - Latin America were $42.1 million in the first quarter of 2010 as compared to $31.2 million in the same period in 2009, an increase of 35%. At constant exchange rates, product sales in Latin America increased 17%.

Product sales in Branded Generics - Europe were $41.7 million in the first quarter of 2010 as compared to $35.3 million in the same period in 2009, an increase of 18%. At constant exchange rates, product sales in Europe decreased 2%. This decrease was primarily attributable to underlying market conditions in the first quarter of 2010 and we expect to see growth in subsequent quarters in 2010 over comparable quarters in 2009.

Ribavirin royalties were $5.0 million in the first quarter of 2010 as compared to $13.2 million in the first quarter of 2009, a decrease of 62%. This expected decrease is primarily attributable to the expiration of royalty terms in most European countries.

Income and Cash Flow:

Income from continuing operations was $35.6 million for the first quarter of 2010, or $0.43 per diluted share, as compared to $30.8 million, or $0.37 per diluted share, for the first quarter of 2009. On an adjusted non-GAAP (Cash) EPS basis, adjusted income from continuing operations was $52.8 million, or $0.64 per diluted share, in the first quarter of 2010 as compared to adjusted income from continuing operations of $38.1 million, or $0.46 per diluted share, in the first quarter of 2009.

GAAP cash flow from operations, which includes acquisition transaction fees, for the first quarter of 2010 was $68 million as compared to $38 million for the first quarter of 2009. Adjusted non-GAAP cash flow from operations for the first quarter of 2010 was $69 million as compared to $51 million for the first quarter of 2009.

2010 Guidance:

The company is updating its previous adjusted non-GAAP (Cash) EPS target and is now targeting adjusted non-GAAP (cash) EPS between $2.65 - $2.90 in 2010, up from prior guidance of $2.45 to $2.70.

Aton Pharma, Inc. Acquisition:

Valeant is also announcing that it has signed an agreement to acquire Aton Pharma, Inc., a specialty pharmaceutical company focused on ophthalmology and certain orphan drug indications, located in Lawrenceville, New Jersey. The transaction significantly enhances Valeant's neurology and other products franchise in the United States through the acquisition of a specialty pharmaceutical company with both an in-line business and a development pipeline consisting primarily of orphan drug compounds. Valeant will pay certain milestones based predominately on the achievement of development and commercial targets for certain pipeline products still in development. Future development of a portion of the pipeline portfolio will be co-funded by the Sellers under a profit sharing agreement with Valeant. In addition, Valeant will retain global rights to the majority of the Aton products.

Under the terms of the agreement, Valeant will pay approximately $318 million. Aton is expected to have $80 - $100 million in annual revenue in 2010. The transaction is subject to certain closing adjustments and is expected to be accretive in 2010. Aton is owned by affiliates of Cerberus Capital Management, L.P.

"The acquisition of Aton fits into our long-term strategy to pursue diversified opportunities within the pharmaceutical market and offers us another platform for future growth," stated J. Michael Pearson, chairman and chief executive officer. "With a business that has historically grown over 30% on an annual basis, and operating margins around 35%, along with a solid pipeline of niche products under development, we now have significantly strengthened our Neuro and Other business which we expect to drive significant value for shareholders."

Share Repurchase Transaction:

Valeant has repurchased 2.6 million shares of the Company's common stock held by ValueAct Capital for $107 million, negotiated at a discount calculated in a similar manner to the Company's privately negotiated, share repurchase completed in November 2009. To date, the Company has repurchased approximately $520 million, in total, of its convertible debt and its common stock out of the $1.0 billion currently authorized under the securities repurchase program.

"We are very committed to the company and intend to keep Valeant as a top position in our portfolio," said G. Mason Morfit, partner, ValueAct Capital and Valeant board member. "We pursued this transaction for portfolio management reasons given Valeant's significant outperformance and we remain confident in the company's strategy for future growth."

Conference Call and Webcast Information:

Valeant will host a conference call and a live Internet webcast along with a slide presentation today at 11:00 a.m. EDT (8:00 a.m. PDT) to discuss its first quarter financial results for 2010. The dial-in number to participate on this call is (877) 295-5743, confirmation code 68923004. International callers should dial (973) 200-3961, confirmation code 68923004. A replay will be available approximately two hours following the conclusion of the conference call through May 10, 2010 and can be accessed by dialing (800) 642-1687, or (706) 645-9291, confirmation code 68923004. 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 impact of the Aton acquisition on our business, our ability to enhance our product franchise and drive value for shareholders and the expected timing and consummation of the Aton acquisition. 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, 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, May 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.

 

    Contact:
    Laurie W. Little
    Valeant Pharmaceuticals
    949-461-6002
    [email protected]

 

    Valeant Pharmaceuticals International                          Table 1
    Statement of Income
    For the Three Months Ended March 31, 2010 and 2009

                                                 Three Months Ended
                                                      March 31,
                                              --------------------------
    In thousands, except per share data)       2010      2009   % Change
                                              ------    ------  --------
    Product sales                            $204,507  $152,833   34%
    Service revenue                             4,960     6,738  -26%
    Alliance revenue                           22,524    18,352   23%
                                               ------    ------
        Total revenues                        231,991   177,923   30%
                                              -------   -------

    Cost of goods sold                         54,203    39,697   37%
    Cost of services                            3,166     4,326  -27%
    Selling, general and administrative
     ("SG&A")                                  70,541    64,216   10%
    Research and development costs, net        10,402     8,734   19%
    Special charges and credits                   538         -
    Restructuring and acquisition-
     related costs                              1,024     1,211
    Amortization expense                       19,330    17,004   14%
                                               ------    ------
                                              159,204   135,188   18%
                                              -------   -------
        Income from operations                 72,787    42,735

    Interest expense, net                     (12,631)   (6,179)
    Gain on early extinguishment of debt            -     4,599
    Other income (expense), net including
     translation and exchange                    (525)    1,211

    Income from continuing operations
     before income taxes                       59,631    42,366

    Provision for income taxes                 24,030    11,569
                                               ------    ------
    Income from continuing operations          35,601    30,797

    Income from discontinued operations,
     net                                          415       398
                                                  ---       ---

    Net income                                $36,016   $31,195
                                              =======   =======

    Earnings per share:

    Basic:
        Income from continuing operations       $0.45     $0.37
        Discontinued operations                  0.01      0.01
                                                 ----      ----
        Basic earnings per share                $0.46     $0.38
                                                =====     =====
        Shares used in per share computation   78,465    82,548
                                               ======    ======

    Diluted:
        Income from continuing operations       $0.43     $0.37
        Discontinued operations                  0.01         -
                                                 ----       ---
        Diluted earnings per share              $0.44     $0.37
                                                =====     =====
        Shares used in per share computation   82,332    83,402
                                               ======    ======

 

    Valeant Pharmaceuticals International                    Table 2
    Reconciliation of GAAP EPS to Cash EPS
    For the Three Months Ended March 31, 2010 and  2009


                                                  Three Months Ended
                                                      March 31,
                                                      ---------
    (In thousands, except per share data)          2010      2009
                                                   ----      ----

    Income from continuing operations             $35,601  $30,797

    Non-GAAP adjustments (a)(b):
    Special charges and credits                       538        -
    Restructuring and acquisition-related costs     1,024    1,211
    Amortization expense                           19,330   17,004
                                                   ------   ------
                                                   20,892   18,215
    ASC 470-20 (FSP APB 14-1) interest              1,997    3,479
    Gain on early extinguishment of debt                -   (4,599)
    Tax                                            (5,677)  (9,837)
                                                   ------   ------
    Total adjustments                              17,212    7,258

    Adjusted income from continuing operations    $52,813  $38,055
                                                  =======  =======

    GAAP earnings  per share - diluted              $0.43    $0.37
                                                    =====    =====

    Adjusted Non-GAAP (Cash) earnings per share
     - diluted                                      $0.64    $0.46
                                                    =====    =====

    Shares used in diluted per share calculation
     - GAAP earnings per share                     82,332   83,402
                                                   ======   ======

    Shares used in diluted per share
     calculation - Adjusted Non-GAAP
     (Cash) earnings per share                     82,332   83,402
                                                   ======   ======

    (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
        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 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.

 

    Valeant Pharmaceuticals International                Table 3
    Statement of Revenue - by Segment
    For the Three Months Ended March 31, 2010 and 2009
    (In thousands)

                                             Three Months Ended
                                                  March 31,
                                           ------------------------
    3.1  Revenue                           2010    2009  % Change
                                           ------  ------ ---------
     Specialty pharmaceuticals
     U.S.
       Dermatology                        $34,525  $30,968  11%
       Neurology & Other                   51,753   36,011  44%
                                           ------   ------
       Total U.S.                          86,278   66,979  29%
     Canada                                21,823   14,488  51%
     Australia                             12,641    4,846 161%
       Specialty pharmaceuticals product
        sales                             120,742   86,313  40%
     Services and alliance revenue         22,523   11,905  89%
     Total specialty pharmaceuticals
      revenue                             143,265   98,218  46%

      Branded generics -Latin America
       product sales                       42,057   31,182  35%
      Branded generics -Europe product
       sales                               41,708   35,338  18%

      Alliances (ribavirin royalties
       only)                                4,961   13,185 -62%
                                            -----   ------

     Total revenue                       $231,991 $177,923  30%
                                         ======== ========
      Total product sales included
       above                             $204,507 $152,833  34%

 

    3.2  Currency impact and revenue
     excluding currency impact (a)(b)
                                                Three Months Ended
                                                     March 31,
                                            --------------------------------
                                                       2010
                                              2010   excluding
                                            currency currency           %
                                             impact   impact   2009  Change
                                            -------- -------- ------ -------

    Specialty pharmaceuticals
     U.S.                                     $(20)  $86,258  $66,979  29%
     Canada                                 (3,545)   18,278   14,488  26%
     Australia                              (3,346)    9,295    4,846  92%
                                            ------     -----    -----
       Specialty pharmaceuticals product
        sales                               (6,911)  113,831   86,313  32%
     Services and alliance revenue            (126)   22,397   11,905  88%
                                              ----    ------   ------
     Total specialty pharmaceuticals
      revenue                               (7,037)  136,228   98,218  39%

     Branded generics -Latin America
      product sales                         (5,573)   36,484   31,182  17%
     Branded generics -Europe product
      sales                                 (6,930)   34,778   35,338  -2%

     Alliances (ribavirin royalties only)        -     4,961   13,185 -62%
                                               ---     -----   ------

     Total revenue                        $(19,540) $212,451 $177,923  19%
                                          ========  ======== ========
     Total product sales included above   $(19,414) $185,093 $152,833  21%


                                                        Three Months Ended
                                                            March 31,
                                                           ---------
                                                         2010        2009
                                                         ----        ----
     3.3  Alliance Revenue

      Ribavirin royalty                               $4,961     $13,185
      1% clindamycin and 5% benzoyl peroxide
       (IDP 111) profit share                          9,298           -
      Other royalties                                  3,425       1,849
      License payments                                   701           -
      GSK collaboration                                4,139       3,318
                                                       -----       -----

      Total alliance revenue                           $22,524     $18,352
                                                       =======     =======

      (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.

 


    Valeant Pharmaceuticals International                              Table 4
    Statement of Cost of Goods Sold and Non-GAAP Operating Income - by Segment
    For the Three Months Ended March 31, 2010 and 2009
    (In thousands)
                                                  Three Months Ended
    4.1 Cost of goods sold                              March 31,
                                           ----------------------------------
                                                    % of               % of
                                                   product           product
                                           2010     sales      2009   sales
                                           ----    -------     ----  --------
     Specialty pharmaceuticals           $23,003     19%     $15,363   18%
     Branded generics - Latin America     12,965     31%       7,898   25%
     Branded generics - Europe            18,132     43%      16,417   46%

     Corporate                               103                  19
                                             ---                 ---

                                         $54,203     27%     $39,697   26%
                                         =======             =======

 

    4.2  Non-GAAP operating income excluding currency impact (a)(b)

                                       Three Months Ended
                                             March 31,
                           --------------------------------------------
                                                   2010
                                          2010   excluding
                                  % of  currency currency % of
                            2010 revenue impact  impact  revenue 2009
                          ---------------------------------------------
    Specialty
     pharmaceuticals      $78,672  55% $(2,058)  $76,614   56% $44,241
    Branded generics -
     Latin America         14,526  35%  (2,065)   12,461   34%  12,988
    Branded generics -
     Europe                11,700  28%  (2,139)    9,561   27%   9,098
                           ------       ------     -----        -----

                          104,898  46%  (6,262)   98,636   48%  66,327

    Alliances & Corporate (11,219)           -   (11,219)       (5,377)
                          -------          ---   -------        ------

                          $93,679  40% $(6,262)  $87,417   41% $60,950
                          =======      =======   =======       =======

     (a) See footnote (a) to Table 2
      (b) Non-GAAP operating income of $93.7 million for the three months
       ended March 31, 2010 excludes the following GAAP items from GAAP
       operating income of $72.8 million: special charges and credits of
       $0.5 million, restructuring and acquisition-related costs of $1.0
       million  and amortization expense of $19.4 million. Non-GAAP
       operating income of $61.0 million for the three months ended March
       31, 2009 excludes the following GAAP items from GAAP operating
       income of $42.7 million:  restructuring costs of $1.2 million and
       amortization expense of $17.1 million.

 

                                                              Table 5
    Valeant Pharmaceuticals International
    Consolidated  Balance Sheet and Other Data
    (In thousands)
                                             As of      As of
                                              March    December
                                               31,       31,
      5.1  Cash                                2010      2009
                                               ----      ----
    Cash and cash equivalents              $147,303 $68,080
     Marketable securities                     7,979  13,785
                                               -----  ------
       Total cash and marketable securities $155,282 $81,865
                                            ======== =======

 

     5.2 Summary of Cash flow Statement       Three Months Ended
                                                  March 31,
                                                  ---------
                                            2010            2009
                                            ----            ----
    Cash flow provided by (used in):

      Operating activities, continuing
      operations (GAAP)                        $68,190   $37,822
      Effect of ASC 470-20 (FSP APB 14-1)
      (a)(b)                                         -    13,277
     Acquisition transaction fees (a)(b)           960         -
                                                   ---       ---
      Operating activities, continuing
      operations (Non-GAAP) (a)(b)              69,150    51,099
      Operating activities, discontinued
      operations                                   (41)   (2,149)

     Investing activities (GAAP) (c)           (12,228)  (36,566)
     Acquisition transaction fees (a)(b)          (960)        -
                                                  ----       ---
     Investing activities (Non-GAAP) (a)(b)(c) (13,188)  (36,566)

     Financing activities (GAAP)                22,047   (43,737)
      Effect of ASC 470-20 (FSP APB 14-1)
      (a)(b)                                         -   (13,277)
                                                   ---   -------
     Financing activities (Non-GAAP) (a)(b)     22,047   (57,014)
      Effect of exchange rate changes on cash
      and cash equivalents                       1,255   (15,043)
                                                 -----   -------

      Net increase (decrease) in cash and cash
      equivalents (c)                           79,223   (59,673)
     Net decrease in marketable securities      (5,806)  (13,263)
                                                ------   -------

      Net increase (decrease) in cash and
      marketable securities (c)                $73,417  $(72,936)
                                               =======  ========
           (a) See footnote (a) to Table 2.
            (b) Cash flow for the three months ended March 31, 2010 includes
            $0.6 million, $0.2 million and $0.2 million for acquisition fees
            related to the purchase of PFI in Australia, Delta in Brazil and
             Dr. Renaud in Canada, respectively. Cash flow for the three
             months ended March 31, 2009 includes $13.3 million relating to
            accreted interest on long-term debt and notes payable made
            during the period as determined by and pursuant to ASC 470-20
            (FSP APB 14-1).
           (c) Includes results from discontinued operations.

 

                                                      Three Months Ended
     5.3 GSK Collaboration - Retagibine                 March 31, 2010
                                                        --------------

         Valeant SG&A                                           $28
         Valeant R&D                                          3,691
                                                              -----
                                                              3,719
         GSK incurred cost                                    7,556
                                                              -----
                                                            $11,275
                                                            =======
          Equalization (difference between individual
          partner costs and 50% of total)                   $(1,919)
                                                            =======

                                        Three Months Ended March 31, 2010
                                          -------------------------------
                                           Balance   Alliance
                                            sheet     revenue  SG&A   R&D
                                          --------   --------  ----   ---

     Accounting impact

     Upfront payment from GSK             $125,000       $-    $-      $-
     Release from upfront payment in
      prior quarters                       (58,058)       -     -       -
     Incurred cost in current quarter            -        -    28   3,691
     Release from upfront payment in
      current quarter                       (9,777)  (4,139) (479) (5,159)
     Remaining upfront payment from GSK    $57,165        -     -       -
    Equalization payable to GSK            $(1,919)       -   451   1,468
                                           =======      ---   ---   -----
                                                    $(4,139    $-      $-
                                                    =======   ===     ===

 


    Valeant Pharmaceuticals International
    Reconciliation of Product Sales Excluding Acquisitions and Currency Impact
    For the Three Months Ended March 31, 2010 and 2009
    (In thousands)

                                         Three Months Ended
                                           March 31, 2010
                                           --------------
                                                                      2010
                                       2010                        excluding
                                    acquisition           2010     currency &
                         2010 as      impact at         currency   acquisition
                         reported    2010 rates (a)       impact       impact


    Specialty
     pharmaceuticals
      Dermatology        $34,525          $(984)             $-         33,541
      Neurology &
       Other              51,753              -               -         51,753
                          ------            ---             ---         ------
    U.S.                  86,278           (984)              -         85,294
    Canada                21,823         (2,427)         (3,147)        16,249
    Australia             12,641         (6,078)         (1,743)         4,820
                          ------         ------          ------          -----
      Specialty
       pharmaceuticals
       product sales     120,742         (9,489)         (4,890)       106,363

    Branded generics
     -Latin America
     product sales        42,057         (4,674)         (5,038)        32,345
    Branded generics
     -Europe
     product sales        41,708         (2,738)         (6,462)        32,508
                          ------         ------          ------         ------


    Total product
     sales              $204,507       $(16,901)       $(16,390)      $171,216
                        --------       --------        --------       --------
                                               Three Months
                                                   Ended
                                             March 31, 2009
                                             --------------
                                                                  Q1 2010
                                                               growth at
                                                                 constant
                                                                currency,
                                                 2009             net of
                                              as reported      acquisitions
                                                               ------------
    Specialty pharmaceuticals
      Dermatology                                $30,968           8%
      Neurology & Other                           36,011          44%
                                                  ------
    U.S.                                          66,979          27%
    Canada                                        14,488          12%
    Australia                                      4,846          -1%
                                                   -----
      Specialty pharmaceuticals
       product sales                              86,313          23%

    Branded generics -Latin America
     product sales                                31,182           4%
    Branded generics -Europe
     product sales                                35,338          -8%
                                                  ------


    Total product sales                         $152,833          12%
                                                --------


    (a) Acquisitions excluded from 2010 product sales include PFI in the
    U.S. and Australia, Dr. Renaud in the U.S. and Canada, other
    acquired products in Australia and the U.S., Tecnofarma S.A. de C.V.
    in Branded generics-Latin America and EMO-Farm in Branded
    generics-Europe.

    See footnote (a) to Table 2 and Table 3.

 

(Logo: http://www.newscom.com/cgi-bin/prnh/20081125/VALEANTLOGO)

SOURCE Valeant Pharmaceuticals International 

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