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Valeant Pharmaceuticals Reports 2013 First Quarter Financial Results(Canada Newswire Via Acquire Media NewsEdge) LAVAL, Quebec, May 2, 2013 /CNW/ - 2013 First Quarter Total Revenue $1.068 billion; an increase of 25% over the prior year 2013 First Quarter Product Sales $1.039 billion; an increase of 38% over the prior yearOrganic growth (same store sales) was 6%, excluding the impact from generics, primarily BenzaClin and CesametPro forma organic growth was 4%, excluding the impact from generics, primarily BenzaClin and Cesamet2013 First Quarter GAAP EPS Loss of $0.09; Cash EPS $1.30, an increase of 43% over the prior year, excluding one-time items in 2012 first quarter2013 First Quarter GAAP Operating Cash Flow $255 million; Adjusted Operating Cash Flow $345 million; an increase of 35% over the prior year, excluding one-time items in 2012 first quarter2013 Guidance for Cash EPS raised to $5.55 to $5.85 despite entry of Zovirax generic ointment Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) announces first quarter financial results for 2013. "Despite a slow January due to the integration of the Valeant and Medicis sales organizations, we delivered another solid quarter of strong growth in Cash EPS and adjusted cash flow to our shareholders," stated J. Michael Pearson, chairman and chief executive officer. "We were particularly pleased with the strong organic growth of our emerging market segment, which was primarily driven by Poland, Russia, Brazil, South East Asia, and South Africa, as well as the continued growth in many of our promoted brands." Revenue Valeant's total revenues were $1.068 billion, up 25% compared to the first quarter of 2012, and product revenues were $1.039 billion, up 38% versus the year-ago quarter. Valeant's U.S. Promoted product sales increased 91% to $479 million led by strong growth in key brands such as Acanya, CeraVe, Arestin, Dysport, Restylane, Perlane and AcneFree. On a same store sales organic growth basis, U.S. Promoted business increased 6% despite increased generic competition in BenzaClin. Excluding the impact on BenzaClin sales, same store sales organic growth for this portfolio would have been 12% for the first quarter of 2013. Pro forma organic growth was flat as compared to the prior year due to the harmonization of wholesaler contracts between Valeant and Medicis. The wholesaler inventory levels of the Medicis dermatology portfolio were reduced from more than two months to approximately one month. Excluding this impact, pro forma organic growth was 7% in the first quarter of 2013. Our U.S. Neurology and Other business delivered an EBITA contribution that was flat as compared to the prior year based on the stabilization of Wellbutrin XL and growth in several orphan drug products. This improvement was achieved in spite of a decrease in overall sales primarily from a reduction in partnered generic products which are low margin (e.g. diltiazem CD, nifedipine) and the slow launch of fenofibrate. We expect the top line growth in this division to be flat to slightly up for the full year 2013 and growth in EBITA versus 2012. Our Canadian business reported strong growth in key brands for the quarter, including COLD-FX, CeraVe and our dermatology franchise, which was offset by the continued decline in Cesamet, while our Australian operations continued to perform well. Finally, our Emerging Markets segment performed extremely well in the first quarter and product sales increased 26% driven by outstanding growth in Poland, Russia, Brazil, South East Asia and South Africa. Financial Performance The Company reported a net loss of $28 million for the first quarter of 2013, or a loss of $0.09 per diluted share. On a Cash EPS basis, adjusted income was $405 million, or $1.30 per diluted share. Excluding gains on the divestiture of two dermatology products and a foreign exchange gain related to the acquisition of iNova in the first quarter of 2012, Cash EPS increased 43% over the year-ago quarter. GAAP cash flow from operations was $255 million in the first quarter of 2013, and adjusted cash flow from operations was $345 million. The Company's cost of goods sold (COGS) was $285 million in the first quarter of 2013. After backing out the fair value adjustment to inventory, amortization expense and other items related to acquisitions, COGS represented 22% of product sales, a decrease of three percentage points as compared to the first quarter of 2012 due to a favorable product mix, global plant consolidations and other initiatives. Selling, General and Administrative expenses were $242 million in the first quarter of 2013, or approximately 23% of revenue, which was an increase of 4% over the prior year. SG&A was unusually high this quarter due to the integration of Medicis, and we expect this ratio to return to historical levels for the remainder of 2013. Research and Development expenses were $24 million in the first quarter of 2013, or approximately 2% of revenue. 2013 Guidance The Company is updating its previous Cash EPS guidance and is now targeting Cash EPS of $5.55 to $5.85 in 2013, despite a recent entry of Zovirax generic ointment, up from prior guidance of $5.45 to $5.75. Total revenue in the range of $4.4 to $4.8 billion and adjusted cash flow from operations of $1.5 to $1.75 billion is reaffirmed. Conference Call and Webcast Information The Company will host a conference call and a live Internet webcast along with a slide presentation today at 7:30 a.m. ET (4:30 a.m. PT), May 2, 2013 to discuss its first quarter financial results for 2013. The dial-in number to participate on this call is (877) 876-8393 confirmation code 41820189. International callers should dial (973) 200-3961, confirmation code 41820189. A replay will be available approximately two hours following the conclusion of the conference call through May 9, 2013 and can be accessed by dialing (855) 859-2056, or (404) 537-3406, confirmation code 41820189. 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, 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 our expected performance for 2013, including 2013 guidance with respect to Cash EPS, total revenue and adjusted cash flow from operations, and COGS for 2013. 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 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 & pp&e step up, stock-based compensation step-up, contingent consideration fair value adjustments, restructuring, acquisition-related and other costs, acquired in-process research and development ("IPR&D"), legal settlements outside the ordinary course of business, the impact of currency fluctuations, amortization and other non-cash charges, amortization of deferred financing costs, debt discounts and ASC 470-20 (FSP APB 14-1) interest, loss on extinguishment of debt, (gain) loss on assets 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. Financial Tables follow. Contact Information:Laurie W. Little949-461-6002 [email protected] Valeant Pharmaceuticals International, Inc. Table 1 Condensed Consolidated Statements of Income (Loss) For the Three Months Ended March 31, 2013 and 2012 Three Months Ended March 31, (In thousands, except per share data) 2013 2012 Product sales $ 1,038,867 $ 750,880 Alliance and royalty 9,258 79,231 Service and other 20,230 25,992 Total revenues 1,068,355 856,103 Cost of goods sold (exclusive of amortization of intangible assets shown separately below) 284,904 224,196 Cost of services 14,951 18,820 Cost of alliances 478 68,820 Selling, general and administrative ("SG&A") 241,899 177,286 Research and development 23,795 22,006 Acquisition-related contingent consideration (2,185) 9,839 Legal settlements and related fees 4,448 3,155 Restructuring, acquisition-related and other costs 56,884 69,842 Amortization of intangible assets 326,175 200,643 951,349 794,607 Operating Income (loss) 117,006 61,496 Interest expense, net (153,719) (100,902) Loss on extinguishment of debt (21,379) (133) Gain (loss) on investments, net 1,859 2,059 Foreign exchange and other 1,439 24,299 Income (loss) before (recovery) provision for income taxes (54,794) (13,181) Recovery of income taxes (27,264) (260) Net (loss) income $ (27,530) $ (12,921) Earnings per share: Basic and Diluted: Net loss $ (0.09) $ (0.04) Shares used in per share computation 305,763 307,776 Valeant Pharmaceuticals International, Inc. Table 2 Reconciliation of GAAP EPS to Cash EPS For the Three Months Ended March 31, 2013 and 2012 Three Months Ended March 31, (In thousands, except per share data) 2013 2012 Net (loss) income $ (27,530) $ (12,921) Non-GAAP adjustments(a): Inventory step-up (b) 43,241 33,031 Alliance product assets & pp&e step-up/down(c) 138 50,721 Stock-based compensation step-up (d) (280) 10,428 Acquisition-related contingent consideration(e) (2,185) 9,839 Legal settlements and related fees(f) 4,448 3,155 Restructuring, acquisition-related and other costs(g) 56,884 69,842 Amortization and other non-GAAP charges(h) 336,775 205,203 439,021 382,219 Amortization of deferred financing costs, debt discounts and ASC 470-20 (FSP APB 14-1) interest(i) 9,647 5,750 Loss on extinguishment of debt 21,379 133 Tax(j) (37,355) (14,859) Total adjustments 432,692 373,243 Adjusted net income $ 405,162 $ 360,322 GAAP earnings per share - diluted $ (0.09) $ (0.04) Cash earnings per share - diluted $ 1.30 $ 1.14 Cash earnings per share excluding one-time items - diluted $ 1.30 $ 0.91 Shares used in diluted per share calculation - Cash earnings per share 312,350 316,397 (a) See footnote (a) to Table 2a. (b) See footnote (b) to Table 2a. (c) See footnote (d) to Table 2a. (d) See footnote (e) to Table 2a. (e) See footnote (f) to Table 2a. (f) See footnote (g) to Table 2a. (g) See footnotes (h) (i) Table 2a. (h) See footnote (c) to Table 2a. (i) See footnote (j) to Table 2a. (j) See footnote (k) to Table 2a. Valeant Pharmaceuticals International, Inc. Table 2a Reconciliation of GAAP EPS to Cash EPS For the Three Months Ended March 31, 2013 and 2012 Non-GAAP Adjustments(a)for Three Months Ended March 31, (In thousands, except per share data) 2013 2012 Product sales $ - $ - Alliance and royalty - - Service and other - - Total revenues - - Cost of goods sold (exclusive of amortization of intangible assets shown separately below) (53,989) (b)(c) (36,421) (b)(c) Cost of services - - Cost of alliances - (50,958) (d) Selling, general and administrative ("SG&A") 290 (e) (11,361) (e) Research and development - - Acquisition-related contingent consideration 2,185 (f) (9,839) (f) Legal settlements and related fees (4,448) (g) (3,155) (g) Restructuring, acquisition-related and other costs (56,884) (h) (69,842) (i) Amortization of intangible assets (326,175) (200,643) (439,021) (382,219) Operating Income (loss) 439,021 382,219 Interest expense, net 9,647 (j) 5,750 (j) Loss on extinguishment of debt 21,379 133 Gain (loss) on investments, net - - Foreign exchange and other - - Income (loss) before (recovery) provision for income taxes 470,047 388,102 (Recovery) provision for income taxes 37,355 (k) 14,859 (k) Total Adjustments to Net income $ 432,692 $ 373,243 Earnings per share: Diluted: Total Adjustments to Net income $ 1.39 $ 1.18 Shares used in per share computation 312,350 316,397 (a) 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 & pp&e step up, stock-based compensation step-up, contingent consideration fair value adjustments, restructuring, acquisition-related and other costs, acquired in-process research and development ("IPR&D"), legal settlements outside the ordinary course of business, the impact of currency fluctuations, amortization and other non-cash charges, amortization of deferred financing costs, debt discounts and ASC 470-20 (FSP APB 14-1) interest, loss on extinguishment of debt, (gain) loss on assets 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. (b) ASC 805, accounting for business combinations requires an inventory fair value step-up whose total impact for the three months ended March 31, 2013 is $43.2 million primarily relating to the acquisition of Medicis Pharmaceutical Corporation on December 11, 2012. For the three months ended March 31, 2012 the impact of inventory fair value step-up is $33.0 million primarily relating to the acquisitions of Dermik on December 16, 2011 and iNova on December 21, 2011. (c) For the three months ended March 31, 2013 and 2012 cost of goods include costs associated with integration related tech transfers, $7.6 million and $1.6 million, respectively. For the three months ended March 31, 2013 cost of goods includes a BMS fair value inventory adjustment of $2.1 million. (d) Cost of Alliances represents the divestiture of 5-FU and IDP-111 resulting from the acquisition of Dermik, $50.9 million for the three months ended March 31, 2012. (e) For the three months ended March 31, 2013 and 2012 SG&A primarily includes an insignificant amount and $10.4 million of stock-based compensation, respectively, which reflects the amortization of the fair value step-up increment resulting from the merger of Legacy Valeant into Legacy Biovail and the acceleration of certain equity instruments. (f) Net expenses from the changes in acquisition related contingent consideration for the three months ended March 31, 2013 and 2012 of $2.2 million and $9.8 million, respectively. (g) For the three months ended March 31, 2013 and 2012 legal settlement costs of $4.4 million and $3.2 million, respectively, relate to settlements and associated legal fees of patent-related litigations. (h) Restructuring, acquisition-related and other costs of $56.9 million primarily represents costs related to the acquisition of Medicis and other Valeant restructuring and integration initiatives. These include $24.5 million related to integration consulting, duplicative labor, transition services, and other, $15.8 million related to employee severance costs, $7.9 million related to acquisition costs, $4.3 million related to facility closure costs, $2.7 million related to other, and $1.7 million related to non-personnel manufacturing integration costs. (i) Restructuring, acquisition-related and other costs of $69.8 million represent costs related to the merger of Legacy Valeant into Legacy Biovail and the acquisitions of Afexa, iNova, Dermik, Sanitas, Ortho Dermatologics, PharmaSwiss SA, Probiotica and Eyetech. These costs include $20.2 million related to facility closure costs, $20.5 million related to contract cancellation fees, consulting, legal and other costs, $19.8 million related to severance, $7.5 million related to acquisition costs, and $1.8 million related to manufacturing integration. (j) Non cash interest expense associated with amortization and write-down of deferred financing costs, debt discounts and ASC 470-20 (FSP APB 14-1) interest totals for the three months ended March 31, 2013 and 2012 of $9.6 million and $5.8 million, respectively. (k) Total tax effect of non-GAAP pre-tax adjustments, resolution of uncertain tax positions and change in valuation allowance associated with deferred tax asset. Valeant Pharmaceuticals International, Inc. Table 3 Statement of Revenues - by Segment For the Three Months Ended March 31, 2013 and 2012 (In thousands) Three Months Ended March 31, Revenues(a)(b) 2013GAAP 2012GAAP % Change 2013 currency impact 2013 excluding currency impact non-GAAP % Change U.S. Promoted $ 482,636 $ 327,955 47% $ - $ 482,636 47% U.S. Neurology & Other 159,966 158,364 1% - 159,966 1% Canada/Australia 128,542 132,569 -3% 1,384 129,926 -2% Developed Markets 771,144 618,888 25% 1,384 772,528 25% Emerging Markets-Central/Eastern Europe 186,166 144,398 29% (300) 185,866 29% Emerging Markets-Latin America 81,709 70,874 15% 3,160 84,869 20% Emerging Markets-Southeast Asia/Africa 29,336 21,943 34% 1,706 31,042 41% Emerging Markets 297,211 237,215 25% 4,566 301,777 27% Total Revenues $ 1,068,355 $ 856,103 25% $ 5,950 $ 1,074,305 25% (a) Note: Currency effect for constant currency sales is determined by comparing 2013 reported amounts adjusted to exclude currency impact, calculated using 2012 monthly average exchange rates, to the actual 2012 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 2a. Valeant Pharmaceuticals International, Inc. Table 4 Reconciliation of GAAP Cost of Goods Sold to Non-GAAP Cost of Goods Sold - by Segment For the Three Months Ended March 31, 2013 (In thousands) 4.1 Cost of goods sold (a) Three Months Ended March 31, 2013as reportedGAAP % of product sales 2013 fair value step-up adjustment to inventory and Other non-GAAP (b) 2013 excluding fair value step-up adjustment to inventory and Othernon-GAAP % of product sales Developed Markets $ 159,412 21% $ 46,904 $ 112,508 15% Emerging Markets 125,492 44% 7,085 118,407 41% $ 284,904 27% $ 53,989 $ 230,915 22% (a) See footnote (a) to Table 2a. (b) Developed Markets includes $41.0 million of fair value step-up adjustment to inventory and $6.1 million of integration related tech transfer costs offset by PP&E step down of $0.2 million. Emerging Markets includes $2.2 million of fair value step up adjustment to inventory, $1.5M of integration related tech transfer costs, $2.1 million BMS fair value inventory adjustment and $1.3 million of PP&E step up and other. Valeant Pharmaceuticals International, Inc. Table 5 Consolidated Balance Sheet and Other Data (In thousands) As of As of March 31, December 31, 5.1 Cash 2013 2012 Cash and cash equivalents $ 413,736 $ 916,091 Marketable securities 10,092 4,410 Total cash and marketable securities $ 423,828 $ 920,501 Debt New Term Loan A Facility $ 1,926,577 $ 2,083,462 New Term Loan B Facility 1,265,726 1,275,167 New Incremental Term Loan B Facility 973,765 973,988 Senior Notes 6,450,001 6,448,317 Convertible Notes 209 233,793 Other 842 898 10,617,120 11,015,625 Less: Current portion (289,676) (480,182) $ 10,327,444 $ 10,535,443 5.2 Summary of Cash Flow Statement Three Months Ended March 31, 2013 2012 Cash flow provided by (used in): Net cash provided by operating activities (GAAP) $ 255,349 167,230 Restructuring, acquisition-related and other costs (c) 56,884 69,842 Payment of accrued legal settlements 2,820 60 Payment of accreted interest on convertible debt - 56 Tax Benefit from stock options exercised (a) 4,604 593 Working Capital change related to business development activities 19,981 - Changes in working capital related to restructuring, acquisition-related and other costs(c) 5,750 17,539 Adjusted cash flow from operations (Non-GAAP) (b) $ 345,388 $ 255,320 (a) Includes stock option tax benefit which will reduce taxes in future periods. (b) See footnote (a) to Table 2a. (c) Total Restructuring, acquisition-related and other costs cash payments of $62,634 are broken down as follows: Project Type Amount Paid Medicis 32,810 Intellectual property migration 6,536 Other 4,522 Europe (including Nature Produkt & Lek-Am) 4,435 Manufacturing integration (various deals) 3,640 U.S. restructuring 2,767 OraPharma 2,490 Ophthalmology (QLT and Eyetech) 1,992 Swiss Herbal/Afexa 1,948 Systems integration (various deals U.S./Canada) 1,494 Total $ 62,634 Expense Type Amount Paid Severance payments 29,265 Integration related consulting, duplicative labor, transition services, and other 26,212 Facility closure costs, other manufacturing integration, and other 3,604 Acquisition-related costs paid to 3rd parties 3,553 Total $ 62,634 Valeant Pharmaceuticals International, Inc. Table 6 Organic Growth - by Segment For the Three Months Ended March 31, 2013 (In thousands) For the Three Months Ended March 31, 2013 Organic growth (a) (b) (b) (b) (1) QTD2013 (2) Acq impact (3) QTDSame store (4) QTD2012 (5) Pro Forma Adj (6) Pro Forma 2012 (7) Currency impact Same store (8) Currency impact Acq (9) Divestitures / Discontinuations (c) Pro Forma (1)+(7)+(8)+(9) / (6) Same store (3)+(7) / (4)-(9) U.S. Promoted 478.6 217.9 260.7 250.6 233.9 484.5 - - 4.8 0% 6% U.S. Neurology & Other (d) 158.4 24.0 134.4 153.5 15.7 169.1 - - 3.5 -4% -10% Canada/Australia (e) 119.0 14.7 104.3 121.5 16.9 138.4 1.1 0.1 3.0 -11% -11% Developed Markets 755.9 256.6 499.4 525.6 266.4 792.0 1.1 0.1 11.3 -3% -3% Emerging Markets - Central/Eastern Europe 178.6 36.0 142.6 134.3 32.1 166.4 (0.3) 0.2 5.9 11% 11% Emerging Markets - Latin America 81.7 12.0 69.8 70.9 11.6 82.5 2.6 0.5 3.2 7% 7% Emerging Markets - Southeast Asia/Africa 26.4 - 26.4 21.9 - 21.9 1.7 - 0.0 28% 28% Emerging Markets 286.8 48.0 238.8 227.1 43.7 270.9 4.1 0.7 9.2 11% 11% Total product sales 1,042.7 304.5 738.2 752.7 310.2 1,062.9 5.2 0.8 20.5 1% 2% Normalized for: 1) Generic impact of Cesamet, BenzaClin and other generics 2) Assets held for sale (various brands in Australia and Canada) For the Three Months Ended March 31, 2013 Organic growth (a) (b) (b) (b) (1) QTD2013 (2) Acq impact (3) QTDSame store (4) QTD2012 (5) Pro Forma Adj (6) Pro Forma 2012 (7) Currency impact Same store (8) Currency impact Acq (9) Divestitures / Discontinuations (c) Pro Forma (1)+(7)+(8)+(9) / (6) Same store (3)+(7) / (4)-(9) U.S. Promoted (f) (h) 473.9 217.9 256.0 233.8 233.9 467.7 - - 4.8 2% 12% U.S. Neurology & Other (d) (i) 158.4 24.0 134.4 153.5 15.7 169.1 - - 3.5 -4% -10% Canada/Australia (e) (g) 106.4 14.7 91.7 91.6 16.9 108.5 1.1 0.1 3.0 2% 5% Developed Markets 738.7 256.6 482.1 478.9 266.4 745.3 1.1 0.1 11.3 1% 3% Emerging Markets - Central/Eastern Europe 178.6 36.0 142.6 134.3 32.1 166.4 (0.3) 0.2 5.9 11% 11% Emerging Markets - Latin America 81.7 12.0 69.8 70.9 11.6 82.5 2.6 0.5 3.2 7% 7% Emerging Markets - Southeast Asia/Africa 26.4 - 26.4 21.9 - 21.9 1.7 - 0.0 28% 28% Emerging Markets 286.8 48.0 238.8 227.1 43.7 270.9 4.1 0.7 9.2 11% 11% Total product sales (j) 1,025.5 304.5 720.9 706.0 310.2 1,016.2 5.2 0.8 20.5 4% 6% (a) Note: Currency effect for constant currency sales is determined by comparing 2013 reported amounts adjusted to exclude currency impact, calculated using 2012 monthly average exchange rates, to the actual 2012 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 2a. (c) Includes divestitures, discontinuations and supply interruptions. (d) Includes Valeant's attributable portion of revenue from joint ventures (JV) - $1.7M Q1'13. (e) Includes Valeant's attributable portion of revenue from joint ventures (JV) - $1.8M Q1'12 and $2.2M Q1'13. (f) Excludes revenue from genericized products of $16.8M Q1'12 and $4.7M Q1'13. (g) Excludes revenue from genericized products and assets held for sale of $29.9M Q1'12 and $12.6M Q1'13. (h) Includes impact of $22.5M in wholesaler inventory reductions on Medicis brands. Excluding this impact, pro forma organic growth is 7% for the quarter. (i) Includes impact of $1.5M in wholesaler inventory reductions on Medicis brands. Excluding this impact, pro forma organic growth is 3% for the quarter. (j) Includes impact of $24.0M in wholesaler inventory reductions on Medicis brands. Excluding this impact, pro forma organic growth is 6% for the quarter. (Logo: http://photos.prnewswire.com/prnh/20101025/LA87217LOGO) |