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2015 Second Quarter Results
Total Revenue $2.7 billion; an increase of 34% over the prior year
Excluding negative impact of foreign exchange ($173 million) and the contribution of Salix ($313 million), revenue increased 27% over the prior year
Same Store Sales Organic Growth was 19%, driven by:
U.S. businesses, driven by the strength of dermatology, contact lenses, dental and Obagi
Emerging markets including China, the Middle East/North Africa, and Russia
GAAP EPS Loss of $0.15; Cash EPS $2.56
Excluding negative impact of foreign exchange ($0.13) and the negative contribution of Salix ($0.04) , Cash EPS would have been $2.73, a growth rate of 43%
GAAP Operating Cash Flow $411 million; Adjusted Operating Cash Flow $773 million
Excluding Salix, GAAP Operating Cash Flow $714 million
Salix Revenue was $313 million
Strong Xifaxan script uptake following IBS-D approval
Salix wholesaler inventory levels reduced from 4-5 months to 3-3.5 months
Continued Progress of R&D pipeline
New Drug Application (NDA) submitted for RELISTOR (methylnaltrexone bromide) Tablets
NDA submitted for VESNEO (latanoprostene bunod ophthalmic solution) 0.024%
Full Year 2015 Guidance Update
Increasing 2015 Total Revenue to $10.7 – $11.1 billion up from $10.4 – $10.6 billion
Salix revenue expected to be ~$1.2 billion
Increasing 2015 Cash EPS to $11.50 – $11.80 per share up from $10.90 – $11.20 to reflect continued business outperformance and approval of IBS-D indication for Xifaxan
Increasing Adjusted Cash Flow from Operations to greater than $3.2 billion, up from greater than $3.1 billion
Expect Same Store Sales Organic Growth of >10% for second half of 2015
Third Quarter 2015 Guidance
Total Revenue $2.6 – $2.8 billion
Cash EPS $2.60 – $2.70 per share
Fourth Quarter 2015 Guidance
Total Revenue $3.2 – $3.4 billion
Cash EPS $3.98 – $4.18 per share
On July 23, 2015 Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) reported second quarter financial results for 2015(Press release, Valeant, JUL 23, 2015, http://ir.valeant.com/investor-relations/news-releases/news-release-details/2015/Valeant-Pharmaceuticals-Reports-Second-Quarter-2015-Financial-Results/default.aspx [SID:1234506602]) .
"We once again exceeded our guidance and delivered our fourth consecutive quarter of greater than 15% organic growth," stated J. Michael Pearson, chairman and chief executive officer. "Our strong second quarter results were driven by outperformance in our U.S. businesses, strong results in certain emerging markets and outstanding starts to both the Salix and Dendreon acquisitions. In addition, we have signed eight new transactions so far this year and have realized several significant R&D milestones, including the approval of Xifaxan for IBS-D and the NDA submissions for Vesneo and Relistor Oral. As a result, we feel confident in raising our guidance for the remainder of 2015."