Pharmiweb ChannelsAll | PharmaCo | Clinical Research | R&D/BioTech | Sales/Mktg | Healthcare | Recruitment | Pharmacy | Medical Comms

Pharmiweb.com RSS Feed Pharmiweb.com RSS Feeds

Advertising

Press Release

Valeant Announces Fourth-Quarter And Full-Year 2017 Results And Provides 2018 Guidance

Valeant
Posted on: 28 Feb 18

LAVAL, Quebec, Feb. 28, 2018 /PRNewswire/ --

Fourth-Quarter 2017 Financial Results

Revenues of $2.163 Billion

GAAP Net Income of $513 Million

GAAP Cash Flow from Operations of $578 Million

Adjusted EBITDA (non-GAAP)1 of $875 Million

Full-Year 2017 Financial Results

Revenues of $8.724 Billion

GAAP Net Income of $2.404 Billion

GAAP Cash Flow from Operations of $2.290 Billion

Adjusted EBITDA (non-GAAP) of $3.638 Billion

Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) ("Valeant" or the "Company" or "we") today announced its fourth-quarter and full-year 2017 financial results.

"2017 was a year of strong progress for Valeant as we delivered organic growth2 across nearly 75 percent of the Company while significantly reducing our debt and investing in our Bausch + Lomb, Salix and Ortho Dermatologics businesses," said Joseph C. Papa, chairman and CEO, Valeant.

"Since the end of the first quarter of 2016, we've reduced our total debt by more than 20 percent, and we will continue to address our debt, as well as reduce expenses. Additionally, we're committed to growth through strategic investment in our core businesses, key products and late-stage pipeline. Altogether, these will get us to the final phase of our strategic plan – the transformation of Valeant," Mr. Papa continued.

Company Highlights

Executing on Core Businesses

The Bausch + Lomb/International segment comprised approximately 56% of the Company's revenue in 2017

Reported revenue decreased by 1% compared to 2016; excluding foreign exchange and divestitures, revenue grew organically2 by 6% compared to 2016

Generated mid-single digit organic growth2 during each of the four quarters of 2017

The Salix business, which is reported within the Branded Rx segment, comprised approximately 18% of the Company's revenue in 2017

Reported revenue grew by 2% and revenue grew organically2 by 5%, compared to 2016

Generated mid-single digit or higher organic growth2 during the second, third and fourth quarters of 2017

Continued to focus on stabilizing the dermatology business, which is reported within the Branded Rx segment

Recruited new leadership team and rebranded the business as Ortho Dermatologics

Increased dermatology sales force by more than 25% in January 2018

Launching New Products and Advancing Pipeline

Launched more than 100 new products globally in 2017

Launched AQUALOX® contact lenses in Japan

Introduced Biotrue® ONEday for Astigmatism daily disposable contact lenses in 20 countries in Europe

Received CE Mark from the European Commission for the Stellaris Elite™ Vision Enhancement system, including Vitesse™

Received approval from the U.S. Food and Drug Administration (FDA) for and launched VYZULTA™, a treatment option for glaucoma

Received FDA approval for SILIQ™ and launched it as the lowest-priced injectable biologic for moderate-to-severe plaque psoriasis in the United States based on total annual cost

Received FDA approval for LUMIFY™, the only over-the-counter eye drop with low-dose brimonidine for the treatment of eye redness

Obtained 510(k) clearances from the FDA for Thermage FLX™ System, Stellaris Elite™ Vision Enhancement System and Vitesse™

The FDA accepted New Drug Applications for:

DUOBRII™3 (IDP-118), a topical treatment for plaque psoriasis; PDUFA action date of June 18, 2018

ALTRENO™3 (IDP-121), an acne treatment in lotion form; PDUFA action date of Aug. 27, 2018

JEMDEL™3 (IDP-122), a topical treatment for plaque psoriasis; PDUFA action date of Oct. 5, 2018

Reducing Debt, Extending Maturities and Resolving Legacy Issues

As of Feb. 28, 2018, reduced total debt by more than $6.7 billion since the end of the first quarter of 2016

Reduced total debt by more than $4.4 billion in 2017

Exceeded $5 billion commitment to pay down debt from divestiture proceeds and free cash flow earlier than the previously stated timing of February 2018

Reduced debt repayment requirements through 2020 by more than $10.8 billion since Dec. 31, 2016; eliminated all long-term debt maturities until 2020 and all mandatory amortization requirements

Completed 13 divestitures since the beginning of 2016, including skin care brands (CeraVe®, AcneFree® and AMBI®), Dendreon Pharmaceuticals, iNova Pharmaceuticals, Obagi Medical Products and Sprout Pharmaceuticals

Achieved dismissals or other positive outcomes in resolving and managing litigation and investigations in more than 80 historical matters since the beginning of 2017

Agreed to resolve the Allergan securities litigation, subject to court approval

Agreed to resolve the SOLODYN® antitrust litigations in February 2018, with the class settlement ($58 million) being subject to court approval

Fourth-Quarter and Full-Year Revenue Performance
Total revenues were $2.163 billion for the fourth quarter of 2017, as compared to $2.403 billion in the fourth quarter of 2016, a decrease of $240 million, or 10%.

Total revenues were $8.724 billion for the full year of 2017, as compared to $9.674 billion for the full year of 2016, a decrease of $950 million, or 10%. The decline was primarily driven by the impact of divestitures, and lower volumes in the U.S. Diversified Products segment, attributed to the previously reported loss of exclusivity for a basket of products, and the Ortho Dermatologics business. Revenues were also negatively affected by the unfavorable impact of foreign exchange. The decline was partially offset by higher volumes in our Bausch + Lomb/International segment, primarily the U.S. Consumer Products business, and increased international pricing in our Bausch + Lomb/International segment.

For more information:
www.prnewswire.com/news-releases/valeant-announces-fourth-quarter-and-full-year-2017-results-and-provides-2018-guidance-300605517.html

Editor's Details

Mike Wood
PharmiWeb.com
www.pharmiweb.com
editor@pharmiweb.com

Last updated on: 28/02/2018

Advertising
Site Map | Privacy & Security | Cookies | Terms and Conditions

PharmiWeb.com is Europe's leading industry-sponsored portal for the Pharmaceutical sector, providing the latest jobs, news, features and events listings.
The information provided on PharmiWeb.com is designed to support, not replace, the relationship that exists between a patient/site visitor and his/her physician.