MISSISSAUGA, Ontario, Nov. 4, 2010 /PRNewswire-FirstCall/ —
Valeant Pharmaceuticals International, Inc. (NYSE:
VRX) (TSX: VRX) announces third quarter financial results for
2010. The merger of Biovail Corporation (Legacy Biovail) and
Valeant Pharmaceuticals International (Legacy Valeant) was
completed on September 28, 2010. Accordingly, as required under
generally accepted accounting principles, the reported third
quarter results reflect the full third quarter financial results of
Legacy Biovail and only 3 days’ results for Legacy Valeant.
The reported revenue included no contribution from Legacy Valeant;
as an administrative accommodation, shipping for Legacy Valeant was
cut-off in advance of the merger date. These financial statements
also reflect the recognition of the assets and liabilities of
Legacy Valeant acquired under the merger at their fair values.
“The Legacy Biovail financial results for the quarter,
from my perspective, were disappointing,” said J. Michael
Pearson, chief executive officer. “The Legacy Valeant
business continues to perform well. With one month behind us
as a new company, I am pleased with the combined operating
performance of our new company and the many new commercial
initiatives underway. In the fourth quarter, we expect to
generate approximately $500 million in revenue and $200 million in
adjusted non-GAAP cash flows from operations, despite the
anticipated loss of over $20 million of 4th quarter revenues from
the impact of the entry of an authorized generic of Diastat,
reduced ribavirin royalties and the elimination of both the Biovail
R&D revenues and the GSK alliance payment. More important, with
the merger now complete, we have already made the hard decisions
about products, people, facilities and development programs, and
have begun to put the combined company on a path to sustainable
growth a
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