On October 19, 2015 Valeant Pharmaceuticals reported Third Quarter 2015 Financial results Results (Press release, Valeant, OCT 19, 2015, http://ir.valeant.com/investor-relations/news-releases/news-release-details/2015/Valeant-Pharmaceuticals-Reports-Third-Quarter-2015-Financial-Results/default.aspx [SID:1234507738]).
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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