The document summarizes Valeant Pharmaceuticals International's investor day agenda on June 21, 2012. The agenda included opening remarks by Mike Pearson, financial discussions by Howard Schiller, business overviews by Rajiv De Silva, and presentations on emerging markets and specialty pharmaceuticals. Guests in attendance included board members and senior leadership. The document also provided important information about forward-looking statements and non-GAAP financial measures.
Valeant Pharmaceuticals announced its acquisition of Bausch + Lomb to create a global leader in eye health. The $8.7 billion deal will make Valeant a top competitor in ophthalmic pharmaceuticals, surgical products, and vision care. Valeant expects to achieve at least $800 million in cost synergies by the end of 2014. The combined company will have a strong presence across major eye health segments and geographies, with leadership in attractive emerging markets.
Valeant provides revised guidance for Q4 2015 and full year 2015 due to impacts from separating from Philidor and transitioning to a new partnership with Walgreens, estimating a $250M revenue impact from Philidor separation and $150M from the Walgreens transition. Valeant also provides initial guidance for 2016, estimating $12.5-12.7B in revenue and $13.25-13.75 per share in adjusted EPS, representing over 20% growth compared to updated 2015 guidance.
This document summarizes the 2015 annual meeting of Valeant Pharmaceuticals International, Inc. held on May 19, 2015 in Laval, Quebec, Canada. It introduces the board of directors and executive management in attendance. It reports that all proposed resolutions, including electing directors and ratifying the auditor, received over 90% shareholder approval. The document provides an overview of Valeant's business model, product portfolio, acquisition and R&D strategies, and highlights key pipeline and launch products. It concludes by emphasizing Valeant's track record of strong financial performance and shareholder returns.
Valeant Pharmaceuticals International, Inc. held a presentation at the Jefferies Autumn 2015 Global Healthcare Conference on November 18, 2015. The presentation provided an overview of Valeant, including that it is a multinational specialty pharmaceutical company focused on faster-growing therapeutic areas and geographies. It also summarized Valeant's business model, culture of ownership, commitment to innovation, and highlighted recent product launches and updates.
Valeant reported strong financial results for Q2 2015 that exceeded guidance. Key highlights included continued outperformance of U.S. businesses such as dermatology and ophthalmology, and a fast start for recently acquired Salix which exceeded expectations. Valeant increased full-year 2015 guidance due to the outperformance and approval of a new drug indication. Several acquisitions were also completed or announced in the quarter to further expand the company's business.
Valeant Pharmaceuticals International provided a Q3 2015 financial results presentation. Key points include:
- They exceeded Q3 revenue and earnings guidance, reporting their 5th consecutive quarter of over 10% organic growth.
- Growth was driven by strong performance in the U.S., China, South Korea and Mexico. Xifaxan sales increased significantly.
- They continued reducing Salix inventory levels and increasing sales of key Salix products.
- Addyi was launched on October 17th.
- They provided increased Q4 and full year 2015 guidance and reaffirmed expectations to exceed $7.5 billion in EBITDA in 2016.
- The presentation reflected on their strategy, emphasizing growth
Valeant reported financial results for Q4 2014 and full year 2014. Q4 revenue was $2.3 billion, a 10% increase over Q4 2013. Cash EPS was $2.58 compared to $2.15 last year. Guidance for Q1 2015 includes revenue of approximately $2.2 billion and cash EPS of $2.55. Valeant also provided an update on the Dendreon and Salix acquisitions.
Valeant reported strong financial results for Q2 2015 that exceeded guidance. Key highlights included:
- Revenue of $2.7 billion, up 34% year-over-year, and cash EPS of $2.56, up 34% year-over-year.
- Continued outperformance of core businesses such as dermatology, ophthalmology, and neurology/generics in the US.
- Salix acquisition exceeded expectations with Xifaxan sales growing and synergies achieved.
- Guidance increased for 2015 with total revenue expected to be $10.7-11.1 billion and cash EPS $11.50-$11.80.
Valeant Pharmaceuticals announced its acquisition of Bausch + Lomb to create a global leader in eye health. The $8.7 billion deal will make Valeant a top competitor in ophthalmic pharmaceuticals, surgical products, and vision care. Valeant expects to achieve at least $800 million in cost synergies by the end of 2014. The combined company will have a strong presence across major eye health segments and geographies, with leadership in attractive emerging markets.
Valeant provides revised guidance for Q4 2015 and full year 2015 due to impacts from separating from Philidor and transitioning to a new partnership with Walgreens, estimating a $250M revenue impact from Philidor separation and $150M from the Walgreens transition. Valeant also provides initial guidance for 2016, estimating $12.5-12.7B in revenue and $13.25-13.75 per share in adjusted EPS, representing over 20% growth compared to updated 2015 guidance.
This document summarizes the 2015 annual meeting of Valeant Pharmaceuticals International, Inc. held on May 19, 2015 in Laval, Quebec, Canada. It introduces the board of directors and executive management in attendance. It reports that all proposed resolutions, including electing directors and ratifying the auditor, received over 90% shareholder approval. The document provides an overview of Valeant's business model, product portfolio, acquisition and R&D strategies, and highlights key pipeline and launch products. It concludes by emphasizing Valeant's track record of strong financial performance and shareholder returns.
Valeant Pharmaceuticals International, Inc. held a presentation at the Jefferies Autumn 2015 Global Healthcare Conference on November 18, 2015. The presentation provided an overview of Valeant, including that it is a multinational specialty pharmaceutical company focused on faster-growing therapeutic areas and geographies. It also summarized Valeant's business model, culture of ownership, commitment to innovation, and highlighted recent product launches and updates.
Valeant reported strong financial results for Q2 2015 that exceeded guidance. Key highlights included continued outperformance of U.S. businesses such as dermatology and ophthalmology, and a fast start for recently acquired Salix which exceeded expectations. Valeant increased full-year 2015 guidance due to the outperformance and approval of a new drug indication. Several acquisitions were also completed or announced in the quarter to further expand the company's business.
Valeant Pharmaceuticals International provided a Q3 2015 financial results presentation. Key points include:
- They exceeded Q3 revenue and earnings guidance, reporting their 5th consecutive quarter of over 10% organic growth.
- Growth was driven by strong performance in the U.S., China, South Korea and Mexico. Xifaxan sales increased significantly.
- They continued reducing Salix inventory levels and increasing sales of key Salix products.
- Addyi was launched on October 17th.
- They provided increased Q4 and full year 2015 guidance and reaffirmed expectations to exceed $7.5 billion in EBITDA in 2016.
- The presentation reflected on their strategy, emphasizing growth
Valeant reported financial results for Q4 2014 and full year 2014. Q4 revenue was $2.3 billion, a 10% increase over Q4 2013. Cash EPS was $2.58 compared to $2.15 last year. Guidance for Q1 2015 includes revenue of approximately $2.2 billion and cash EPS of $2.55. Valeant also provided an update on the Dendreon and Salix acquisitions.
Valeant reported strong financial results for Q2 2015 that exceeded guidance. Key highlights included:
- Revenue of $2.7 billion, up 34% year-over-year, and cash EPS of $2.56, up 34% year-over-year.
- Continued outperformance of core businesses such as dermatology, ophthalmology, and neurology/generics in the US.
- Salix acquisition exceeded expectations with Xifaxan sales growing and synergies achieved.
- Guidance increased for 2015 with total revenue expected to be $10.7-11.1 billion and cash EPS $11.50-$11.80.
- Valeant hosted a conference call to discuss its second quarter 2013 financial results and Bausch + Lomb acquisition
- Valeant reported strong Q2 results with 41% revenue growth, 54% growth in cash EPS, and 61% growth in adjusted cash flow
- Bausch + Lomb integration is proceeding well and synergies are expected to exceed $800 million target, with over $500 million run rate by end of 2013
- Financial guidance for 2013 was updated for the combined company to reflect projected pro forma revenues of $6.6-7.3 billion, adjusted cash EPS of $5.55-6.15, and adjusted cash flow from operations of $2.2-2.75 billion
Diplomat is a specialty pharmacy company that has experienced strong growth through expansion into new therapeutic areas and services. It focuses on specialty drugs like oncology that require complex care management. Diplomat has a unique limited distribution model that gives it exclusive access to certain specialty drugs, fueling its ability to gain market share. The company plans to continue its growth strategy through organic growth, acquisitions, and expanding relationships with drug manufacturers and payors.
Cardinal Health Q3 FY 2016 Earnings PresentationCardinal_Health
- Cardinal Health reported revenue of $30.7 billion for Q3 FY2016, a 21% increase over the previous year. Operating earnings increased 11% to $656 million.
- Revenue growth was driven by contributions from acquisitions as well as growth with new and existing customers in both the Pharmaceutical and Medical segments.
- The company updated full-year FY2016 guidance, expecting revenue growth in the mid- to high-teens percentage range over FY2015 and non-GAAP diluted EPS between $5.17 to $5.27.
Valeant Pharmaceuticals provided a summary of its Q4 2014 financial results and Q1 2015 guidance. Q4 total revenue was $2.3 billion, a 10% increase over Q4 2013. Cash EPS was $2.58, a 20% increase. Organic growth for the total company was 16%. Bausch + Lomb organic growth was 8% for Q4 and 11% for full year 2014. Guidance for Q1 2015 includes total revenue of approximately $2.2 billion and cash EPS of $2.55 or higher. Restructuring and integration costs are expected to be less than $25 million for Q1.
- Cardinal Health reported Q4 FY2017 revenue of $32.966 billion, a 5% increase over the prior year. Operating earnings were $439 million, a 29% decrease.
- Revenue in the Pharmaceutical segment increased 5% to $29.552 billion driven by distribution customer and specialty solutions growth. Segment profit decreased 7% to $505 million due to generic pricing and IT investment.
- The Medical segment saw 6% revenue growth to $3.416 billion from new and existing customers. Segment profit rose 13% to $138 million from post-acute solutions and distribution growth.
Cardinal Health Q1 FY 2017 Earnings PresentationCardinal_Health
- Cardinal Health reported financial results for Q1 FY2017 with total revenue of $32.04 billion, up 14% year-over-year. However, operating earnings were $535 million, down 14% due to generic drug pricing pressures.
- The Pharmaceutical segment saw a 14% increase in revenue driven by growth from existing and new customers. However, segment profit decreased 19% to $534 million due to generic pricing declines and losing a large customer.
- The Medical segment reported a 12% revenue increase from acquisitions and new customers. Segment profit increased 26% to $127 million from contributions of acquisitions and Cardinal Health brand products.
The document summarizes a presentation given at the CAGNY conference by J.P. Bilbrey, President and CEO of The Hershey Company. It discusses the company's strategies to drive predictable, profitable, and sustainable results globally through international expansion, portfolio growth, delivering strong North American performance, innovation, and leveraging knowledge and capabilities. It provides an outlook for 2015 with a focus on net sales growth, adjusted gross and operating margin expansion, and adjusted earnings per share growth.
The document summarizes Pfizer's first quarter 2017 earnings teleconference. It began with introductions from Chuck Triano, Senior Vice President of Investor Relations. Frank D'Amelio, Executive Vice President and CFO, then reviewed the financial results, noting revenues of $12.8 billion, reported net income of $3.1 billion and adjusted diluted EPS of $0.69. D'Amelio also reaffirmed Pfizer's full-year 2017 financial guidance. Ian Read, Chairman and CEO, provided perspectives on Pfizer's business performance and progress on pipeline assets, including expected results and regulatory filings.
J.P. Morgan 34th Annual Healthcare Conference PresentationCardinal_Health
This document is a presentation from Cardinal Health's Chairman and CEO George Barrett given at the J.P. Morgan Healthcare Conference on January 12, 2016. The presentation provides an overview of Cardinal Health, including key facts about the company, its two business segments and growth drivers, financial highlights and goals, capital deployment, and positioning in the changing healthcare industry. It emphasizes Cardinal Health's focus on serving customers across the care continuum.
Apresentação Institucional Hypermarcas Agosto 2017HypermarcasRi
Hypermarcas provides a disclaimer stating that forward-looking statements in the document are based on management's expectations and are subject to changing market conditions. It also notes that the document provides an overview from a consolidated group perspective, and data should be independently analyzed. The document then outlines Hypermarcas' business segments, strategic phases, goals to focus on pharmaceuticals and improve execution, and organizational changes to segment the business into strategic business units. It closes with an overview of Hypermarcas' large-scale production facilities and innovation center.
Cardinal Health held an investor and analyst meeting to discuss its strategic priorities and growth opportunities. The company has demonstrated strong financial performance in recent years with increasing non-GAAP EPS, operating earnings, and operating margin rates on average of 18.5%, 13.6%, and 1.42-2.02% respectively from 2010-2013. Cardinal Health aims to sustain growth by focusing on key trends in healthcare including increased care in alternate sites, changes to reimbursement models, and the transition to value-based care. The company is well-positioned to support evolving health system needs through its expanding portfolio of cost-effective medical products and growing set of services across the care continuum.
Shire - The Path to US$10 Billion in Product Sales by 2020Company Spotlight
Shire outlines a plan to achieve $10 billion in product sales by 2020 through 10% compound annual growth rate. This will be achieved through growth of existing products, pipeline programs currently in development becoming commercialized, and potential additional M&A and licensing deals. Key elements of the plan include simplifying the organizational structure to focus on four commercial business units and one integrated R&D unit, improving operational efficiency through a cost savings program, and acquiring new products like Lifitegrast for dry eye disease and Maribavir for CMV infection in transplant patients. Shire believes this strategy will allow it to maintain leadership in rare diseases and deliver substantial shareholder value through 2020 and beyond.
Shire - Jefferies 2014 Global Healthcare ConferenceCompany Spotlight
This document provides an overview of Shire's strategy and performance in Q1 2014. Shire has repositioned itself around four focused business units and an integrated R&D organization to drive sustainable growth. In Q1 2014, Shire delivered strong results including 19% revenue growth, 41% EBITDA growth, and upgraded full-year guidance. Shire has leading positions in attractive therapeutic areas such as Rare Diseases, Neuroscience, and GI, and is pursuing a pipeline of innovative treatments.
J.P. Morgan 32nd Annual Healthcare Conference PresentationCardinal_Health
Cardinal Health presented at the 2014 J.P. Morgan Healthcare Conference. Cardinal Health has delivered strong financial growth and returns for shareholders through focused execution on strategic priorities. Over the past three years, Cardinal Health achieved 18.5% annual non-GAAP EPS growth and a 21.1% modified total shareholder return, expanded operating margins, and increased its dividend. Looking ahead, Cardinal Health aims to further grow through expanding offerings in high-potential areas like generics, specialty pharmaceuticals, alternate sites of care, and international markets to meet evolving healthcare needs.
Hypermarcas provides a 3-quarter financial and operational presentation covering its branded pharmaceutical business in Brazil. The document discusses the company's forward-looking statements and disclaimer, agenda for the presentation, an overview of the Brazilian pharmaceutical market and Hypermarcas' business within it. Financial information is presented for both pre- and post-acquisition periods, though specifics are not provided in the document summary.
Tsn investor presentation february 2016investortyson
The document provides forward-looking statements and disclaimers regarding Tyson Foods' expected performance and results. It notes that actual results may differ materially from expectations due to various risks and uncertainties. These risks include changes in general economic conditions, commodity and input costs, market conditions for finished products, rationalization of facilities, risks associated with commodity purchasing, outbreaks of livestock disease, availability of labor and contract growers, issues related to food safety and recalls, consumer trends, loss of large customers, litigation, and compliance with regulations. The document is an investor presentation by Tyson Foods that provides highlights of the company including its market leadership position, brands, sales by segment and channel, international presence, financial trends, and
Valeant provided financial guidance for 2014, projecting revenue of $8.2-8.6 billion (approximately 40% growth over 2013), cash EPS of $8.25-8.75 (approximately 40% growth), and adjusted cash flows from operations of $2.4-2.6 billion (approximately 40% growth). The guidance assumes continued organic growth across business units, completion of the Bausch + Lomb integration achieving over $850 million in synergies, and new product launches. Valeant aims to reduce its leverage ratio to below 4x adjusted pro forma EBITDA by year-end 2014.
Zep Inc. sells highly-effective consumable chemicals that help professionals maintain, clean and protect assets and facilities. It markets over 4,000 formulas under trusted brands to over 200,000 customers. Zep aims to reduce complexity and drive organic growth through strategic initiatives like product line rationalization and supply chain optimization. It expects these actions to generate $9 million in cost savings in 2014 and profitably grow its business toward $1 billion in revenue within 5 years.
Hypermarcas provides a presentation on their business and the Brazilian pharmaceutical market. They summarize that the Brazilian market is large and growing, with opportunities for increased drug consumption as the population ages. Hypermarcas has the number one market share in several segments through a diversified portfolio and the most productive go-to-market platform in Brazil. Their strategy focuses on accelerating organic growth in the attractive pharmaceutical sector by leveraging their competitive advantages.
Claude Resources Inc. Q4 2012 Conference Call and Webcast PresentationClaude Resources Inc.
Neil McMillan, President and CEO of Claude Resources Inc., presented the company's 2012 financial and operating results on March 28, 2013. Key highlights included net profit of $5.6 million, cash flow from operations of $25.8 million, gold sales increasing 16% to 48,672 ounces, and production reaching a record 49,570 ounces. The presentation also provided details on the company's financial position, debt facilities, operations at Seabee Gold Operation and exploration projects, and production and cost guidance for 2013.
1) Valeant reported strong third quarter 2012 results with total revenue of $884 million, up 47% from the third quarter of 2011, and cash EPS of $1.15, up 74% year-over-year.
2) The company's past acquisitions continue to perform well or exceed expectations, with most acquisitions achieving revenue CAGRs of 10-30% above forecasted levels.
3) Management provided an update on the pending Medicis acquisition and efinaconazole development program and reaffirmed 2012 financial guidance during the conference call discussing the company's third quarter results.
- Valeant hosted a conference call to discuss its second quarter 2013 financial results and Bausch + Lomb acquisition
- Valeant reported strong Q2 results with 41% revenue growth, 54% growth in cash EPS, and 61% growth in adjusted cash flow
- Bausch + Lomb integration is proceeding well and synergies are expected to exceed $800 million target, with over $500 million run rate by end of 2013
- Financial guidance for 2013 was updated for the combined company to reflect projected pro forma revenues of $6.6-7.3 billion, adjusted cash EPS of $5.55-6.15, and adjusted cash flow from operations of $2.2-2.75 billion
Diplomat is a specialty pharmacy company that has experienced strong growth through expansion into new therapeutic areas and services. It focuses on specialty drugs like oncology that require complex care management. Diplomat has a unique limited distribution model that gives it exclusive access to certain specialty drugs, fueling its ability to gain market share. The company plans to continue its growth strategy through organic growth, acquisitions, and expanding relationships with drug manufacturers and payors.
Cardinal Health Q3 FY 2016 Earnings PresentationCardinal_Health
- Cardinal Health reported revenue of $30.7 billion for Q3 FY2016, a 21% increase over the previous year. Operating earnings increased 11% to $656 million.
- Revenue growth was driven by contributions from acquisitions as well as growth with new and existing customers in both the Pharmaceutical and Medical segments.
- The company updated full-year FY2016 guidance, expecting revenue growth in the mid- to high-teens percentage range over FY2015 and non-GAAP diluted EPS between $5.17 to $5.27.
Valeant Pharmaceuticals provided a summary of its Q4 2014 financial results and Q1 2015 guidance. Q4 total revenue was $2.3 billion, a 10% increase over Q4 2013. Cash EPS was $2.58, a 20% increase. Organic growth for the total company was 16%. Bausch + Lomb organic growth was 8% for Q4 and 11% for full year 2014. Guidance for Q1 2015 includes total revenue of approximately $2.2 billion and cash EPS of $2.55 or higher. Restructuring and integration costs are expected to be less than $25 million for Q1.
- Cardinal Health reported Q4 FY2017 revenue of $32.966 billion, a 5% increase over the prior year. Operating earnings were $439 million, a 29% decrease.
- Revenue in the Pharmaceutical segment increased 5% to $29.552 billion driven by distribution customer and specialty solutions growth. Segment profit decreased 7% to $505 million due to generic pricing and IT investment.
- The Medical segment saw 6% revenue growth to $3.416 billion from new and existing customers. Segment profit rose 13% to $138 million from post-acute solutions and distribution growth.
Cardinal Health Q1 FY 2017 Earnings PresentationCardinal_Health
- Cardinal Health reported financial results for Q1 FY2017 with total revenue of $32.04 billion, up 14% year-over-year. However, operating earnings were $535 million, down 14% due to generic drug pricing pressures.
- The Pharmaceutical segment saw a 14% increase in revenue driven by growth from existing and new customers. However, segment profit decreased 19% to $534 million due to generic pricing declines and losing a large customer.
- The Medical segment reported a 12% revenue increase from acquisitions and new customers. Segment profit increased 26% to $127 million from contributions of acquisitions and Cardinal Health brand products.
The document summarizes a presentation given at the CAGNY conference by J.P. Bilbrey, President and CEO of The Hershey Company. It discusses the company's strategies to drive predictable, profitable, and sustainable results globally through international expansion, portfolio growth, delivering strong North American performance, innovation, and leveraging knowledge and capabilities. It provides an outlook for 2015 with a focus on net sales growth, adjusted gross and operating margin expansion, and adjusted earnings per share growth.
The document summarizes Pfizer's first quarter 2017 earnings teleconference. It began with introductions from Chuck Triano, Senior Vice President of Investor Relations. Frank D'Amelio, Executive Vice President and CFO, then reviewed the financial results, noting revenues of $12.8 billion, reported net income of $3.1 billion and adjusted diluted EPS of $0.69. D'Amelio also reaffirmed Pfizer's full-year 2017 financial guidance. Ian Read, Chairman and CEO, provided perspectives on Pfizer's business performance and progress on pipeline assets, including expected results and regulatory filings.
J.P. Morgan 34th Annual Healthcare Conference PresentationCardinal_Health
This document is a presentation from Cardinal Health's Chairman and CEO George Barrett given at the J.P. Morgan Healthcare Conference on January 12, 2016. The presentation provides an overview of Cardinal Health, including key facts about the company, its two business segments and growth drivers, financial highlights and goals, capital deployment, and positioning in the changing healthcare industry. It emphasizes Cardinal Health's focus on serving customers across the care continuum.
Apresentação Institucional Hypermarcas Agosto 2017HypermarcasRi
Hypermarcas provides a disclaimer stating that forward-looking statements in the document are based on management's expectations and are subject to changing market conditions. It also notes that the document provides an overview from a consolidated group perspective, and data should be independently analyzed. The document then outlines Hypermarcas' business segments, strategic phases, goals to focus on pharmaceuticals and improve execution, and organizational changes to segment the business into strategic business units. It closes with an overview of Hypermarcas' large-scale production facilities and innovation center.
Cardinal Health held an investor and analyst meeting to discuss its strategic priorities and growth opportunities. The company has demonstrated strong financial performance in recent years with increasing non-GAAP EPS, operating earnings, and operating margin rates on average of 18.5%, 13.6%, and 1.42-2.02% respectively from 2010-2013. Cardinal Health aims to sustain growth by focusing on key trends in healthcare including increased care in alternate sites, changes to reimbursement models, and the transition to value-based care. The company is well-positioned to support evolving health system needs through its expanding portfolio of cost-effective medical products and growing set of services across the care continuum.
Shire - The Path to US$10 Billion in Product Sales by 2020Company Spotlight
Shire outlines a plan to achieve $10 billion in product sales by 2020 through 10% compound annual growth rate. This will be achieved through growth of existing products, pipeline programs currently in development becoming commercialized, and potential additional M&A and licensing deals. Key elements of the plan include simplifying the organizational structure to focus on four commercial business units and one integrated R&D unit, improving operational efficiency through a cost savings program, and acquiring new products like Lifitegrast for dry eye disease and Maribavir for CMV infection in transplant patients. Shire believes this strategy will allow it to maintain leadership in rare diseases and deliver substantial shareholder value through 2020 and beyond.
Shire - Jefferies 2014 Global Healthcare ConferenceCompany Spotlight
This document provides an overview of Shire's strategy and performance in Q1 2014. Shire has repositioned itself around four focused business units and an integrated R&D organization to drive sustainable growth. In Q1 2014, Shire delivered strong results including 19% revenue growth, 41% EBITDA growth, and upgraded full-year guidance. Shire has leading positions in attractive therapeutic areas such as Rare Diseases, Neuroscience, and GI, and is pursuing a pipeline of innovative treatments.
J.P. Morgan 32nd Annual Healthcare Conference PresentationCardinal_Health
Cardinal Health presented at the 2014 J.P. Morgan Healthcare Conference. Cardinal Health has delivered strong financial growth and returns for shareholders through focused execution on strategic priorities. Over the past three years, Cardinal Health achieved 18.5% annual non-GAAP EPS growth and a 21.1% modified total shareholder return, expanded operating margins, and increased its dividend. Looking ahead, Cardinal Health aims to further grow through expanding offerings in high-potential areas like generics, specialty pharmaceuticals, alternate sites of care, and international markets to meet evolving healthcare needs.
Hypermarcas provides a 3-quarter financial and operational presentation covering its branded pharmaceutical business in Brazil. The document discusses the company's forward-looking statements and disclaimer, agenda for the presentation, an overview of the Brazilian pharmaceutical market and Hypermarcas' business within it. Financial information is presented for both pre- and post-acquisition periods, though specifics are not provided in the document summary.
Tsn investor presentation february 2016investortyson
The document provides forward-looking statements and disclaimers regarding Tyson Foods' expected performance and results. It notes that actual results may differ materially from expectations due to various risks and uncertainties. These risks include changes in general economic conditions, commodity and input costs, market conditions for finished products, rationalization of facilities, risks associated with commodity purchasing, outbreaks of livestock disease, availability of labor and contract growers, issues related to food safety and recalls, consumer trends, loss of large customers, litigation, and compliance with regulations. The document is an investor presentation by Tyson Foods that provides highlights of the company including its market leadership position, brands, sales by segment and channel, international presence, financial trends, and
Valeant provided financial guidance for 2014, projecting revenue of $8.2-8.6 billion (approximately 40% growth over 2013), cash EPS of $8.25-8.75 (approximately 40% growth), and adjusted cash flows from operations of $2.4-2.6 billion (approximately 40% growth). The guidance assumes continued organic growth across business units, completion of the Bausch + Lomb integration achieving over $850 million in synergies, and new product launches. Valeant aims to reduce its leverage ratio to below 4x adjusted pro forma EBITDA by year-end 2014.
Zep Inc. sells highly-effective consumable chemicals that help professionals maintain, clean and protect assets and facilities. It markets over 4,000 formulas under trusted brands to over 200,000 customers. Zep aims to reduce complexity and drive organic growth through strategic initiatives like product line rationalization and supply chain optimization. It expects these actions to generate $9 million in cost savings in 2014 and profitably grow its business toward $1 billion in revenue within 5 years.
Hypermarcas provides a presentation on their business and the Brazilian pharmaceutical market. They summarize that the Brazilian market is large and growing, with opportunities for increased drug consumption as the population ages. Hypermarcas has the number one market share in several segments through a diversified portfolio and the most productive go-to-market platform in Brazil. Their strategy focuses on accelerating organic growth in the attractive pharmaceutical sector by leveraging their competitive advantages.
Claude Resources Inc. Q4 2012 Conference Call and Webcast PresentationClaude Resources Inc.
Neil McMillan, President and CEO of Claude Resources Inc., presented the company's 2012 financial and operating results on March 28, 2013. Key highlights included net profit of $5.6 million, cash flow from operations of $25.8 million, gold sales increasing 16% to 48,672 ounces, and production reaching a record 49,570 ounces. The presentation also provided details on the company's financial position, debt facilities, operations at Seabee Gold Operation and exploration projects, and production and cost guidance for 2013.
1) Valeant reported strong third quarter 2012 results with total revenue of $884 million, up 47% from the third quarter of 2011, and cash EPS of $1.15, up 74% year-over-year.
2) The company's past acquisitions continue to perform well or exceed expectations, with most acquisitions achieving revenue CAGRs of 10-30% above forecasted levels.
3) Management provided an update on the pending Medicis acquisition and efinaconazole development program and reaffirmed 2012 financial guidance during the conference call discussing the company's third quarter results.
Valeant reported strong third quarter 2012 financial results, with total revenue of $884 million, up 47% from the third quarter of 2011. Cash earnings per share were $1.15, an increase of 74% over the prior year. Recent acquisitions continue to perform well and exceed deal models. Integration planning for the pending Medicis acquisition is ahead of schedule. Financial guidance for 2012 was updated, with adjusted cash flow from operations expected between $1.2-1.3 billion.
This annual report summarizes Ameriprise Financial's performance in 2006. Some key points:
- Revenues grew 11% to $8.1 billion and earnings grew 25% to $866 million.
- Total client assets grew 9% to $466 billion and life insurance in force grew 9% to $174 billion.
- The company strengthened its brand awareness, which grew from near zero to 50% by the end of 2006.
- Ameriprise is well positioned to serve the growing number of baby boomers entering retirement over the next two decades as the first boomers turned 60 in 2006.
This annual report summarizes Ameriprise Financial's performance in 2006. Some key points:
- Revenues grew 11% to $8.1 billion and earnings grew 25% to $866 million.
- Total client assets grew 9% to $466 billion and life insurance in force grew 9% to $174 billion.
- The company continued to invest in its brand, advisor force, products, and technology to capitalize on serving the growing mass affluent and affluent market, especially retiring baby boomers who will need financial advice and solutions.
1) Credit Suisse is presenting at its 2008 Annual Technology Conference and provides a safe harbor statement regarding forward-looking statements in the presentation.
2) Arrow Electronics touches all geographies, technologies, and end markets, connecting key players in unique and value-enhancing ways. It aims to grow faster than the market through operational excellence and financial stability.
3) Arrow is well positioned to weather an economic downturn due to changes made since the last tech sector downturn, including a stronger balance sheet with lower debt and higher liquidity than 10 years ago.
- Sallie Mae reported net income of $526 million for full year 2008 and $65 million for Q4 2008 according to generally accepted accounting principles (GAAP). However, using the non-GAAP measure of "Core Earnings", Sallie Mae had net income of $526 million for 2008 and $8 million for Q4 2008.
- Sallie Mae originated $17.9 billion in FFELP loans in 2008, a 67% increase from Q4 2007, with 90% of originations coming directly from Sallie Mae.
- As of December 31, 2008, Sallie Mae had $16.6 billion in primary and standby liquidity, including $5 billion
Gluskin Sheff & Associates Inc. is a Canadian asset management firm proposing to expand into western Canada. It currently manages $5 billion in assets primarily for high net worth private clients. The proposal discusses Gluskin Sheff's growth opportunities through expanding its hedge fund offerings, potential for increased performance fees, and dividend increases. The firm is well positioned to benefit from secular growth in demand for wealth management and hedge fund products while also having stability in assets under management due to its focus on high net worth clients.
The document is a transcript of a conference call discussing Valeant Pharmaceuticals' fourth quarter and full year 2012 financial results. The summary is:
1) Valeant reported strong growth in 2012 with product sales up 47% to $3.31 billion and total revenue up 44% to $3.55 billion.
2) Cash EPS grew 54% to $4.51 for the full year, exceeding guidance. Adjusted cash flow from operations was $1.29 billion, up 40%.
3) Organic growth was solid with same store sales up 8% and pro forma sales up 10% for the year, led by double-digit growth in key dermatology brands.
- Avnet reported record earnings per share of $0.69 for the first quarter of fiscal year 2008, representing 25% year-over-year growth.
- Revenue increased 12.3% year-over-year to $4.098 billion, driven by acquisitions.
- Both the Electronics Marketing and Technology Solutions segments saw revenue and profitability increases compared to the prior year quarter.
The document provides an overview of Q3 2012 financial and operating results for Claude Resources Inc. Key highlights include:
- Net profit of $3.0 million and cash flow from operations of $8.6 million.
- Gold production of 15,073 ounces at a total cash cost of $920 per ounce.
- Continued exploration success extending resources at Santoy Gap and confirming continuity.
- Capital projects on track to increase production including shaft extension and mill expansion.
- Management additions bringing significant operating experience to optimize operations.
- Outlook focuses on increasing production and reserves while advancing projects like Amisk.
KGHM International reported earnings of $267 million for 2011 with adjusted EBITDA of $329 million, and ended the year with over $1 billion in cash. Production improved at the Robinson mine while the Morrison mine transitioned infrastructure. Construction at the Sierra Gorda copper project in Chile remained on schedule and on budget with production expected to begin in 2014.
The document provides an earnings review for 2011 that includes the following key points:
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Similar to Valeant Pharmaceuticals' Investor Day 2012 Download (20)
Valeant held an investor conference call to discuss its relationship with Philidor RX Services, LLC, a specialty pharmacy. Valeant had a pilot program with Philidor starting in 2012 and obtained an option to acquire Philidor in January 2013. Philidor's network grew substantially since then and represented 6.8% of Valeant's revenue in Q3 2015. However, questions remained around Valeant's diligence, oversight, and control of Philidor as well as Philidor's accounting and disclosure.
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Valeant Pharmaceuticals provided a summary of its Q4 2014 financial results and Q1 2015 guidance. Q4 total revenue was $2.3 billion, a 10% increase over Q4 2013. Cash EPS was $2.58, a 20% increase. Organic growth for the total company was 16%. Bausch + Lomb organic growth was 8% for Q4 and 11% for full year 2014. Guidance for Q1 2015 includes total revenue of approximately $2.2 billion and cash EPS of $2.55 or higher. Restructuring and integration costs are expected to be less than $25 million in Q1 2015.
Valeant Pharmaceuticals provided a summary of its Q4 2014 financial results and Q1 2015 guidance. Q4 total revenue was $2.3 billion, a 10% increase over Q4 2013. Cash EPS was $2.58, a 20% increase. Organic growth for the total company was 16%. Bausch + Lomb organic growth was 8% for Q4 and 11% for full year 2014. Guidance for Q1 2015 includes total revenue of approximately $2.2 billion and cash EPS of $2.55 or higher. Restructuring and integration costs are expected to be less than $25 million in Q1 2015.
Valeant provided an update on its Q4 2014 operational highlights and guidance. It reported strong organic growth across most business units, with total company organic growth expected to be over 12% for Q4 and over 10% for the full year. It also made progress on its R&D pipeline and completed several business development deals. Valeant maintained its revenue guidance of $2.1-2.3 billion for Q4 but raised its cash EPS guidance to over $2.55 and reiterated its adjusted cash flow from operations guidance of approximately $600 million.
Based on projected 2014 revenues, 51% of the company's revenue came from the United States, with the remaining 49% coming from international markets. By business, 41% of revenue was from devices, 21% from Generics/Biosimilars, 18% from OTC/Solutions, and 10% from Rx. Public pay such as contact lenses, surgery, and injectable aesthetics made up 25% of total revenue, with the remaining 75% coming from Solta.
The document provides guidance for Valeant Pharmaceuticals' 2015 financial outlook. It projects revenue of $9.2-9.3 billion, representing 14-15% growth over 2014. Cash EPS is projected at $10.10-10.40, a 21-25% increase. Adjusted cash flow from operations is projected to be over $3.1 billion, a 25%+ increase. The guidance assumes continued strong organic growth across business units and key product launches delivering over $500 million in revenues.
Valeant reported strong financial results for the third quarter of 2014, with total revenue growing 33% year-over-year to $2.1 billion and cash EPS growing 48% to $2.11. Several key business segments saw double-digit organic growth, including the recently acquired Bausch + Lomb business and emerging markets. Valeant also provided an update on its proposed acquisition of Allergan, noting potential regulatory hurdles and uncertainties remaining around a potential combination.
Valeant reported financial results for Q2 2014, with total revenue increasing 86% year-over-year to $2.041 billion. Organic growth accelerated significantly compared to Q1, though the sale of facial injectable assets reduced growth rates. Key highlights included FDA approval and launch of Jublia, three small acquisitions, and restructuring the Bausch + Lomb plant in Ireland. Valeant provided guidance for the remainder of 2014 and through 2016, expecting continued revenue and earnings growth. An update on the potential Allergan acquisition was also provided.
Valeant Pharmaceuticals International, Inc. proposed acquiring Allergan, Inc. to create an unrivaled platform for growth and value creation in healthcare. The document outlines that the combination would be strategically and financially compelling for both companies' shareholders by creating significant earnings and share price accretion. It also defends Valeant against erroneous statements about its financials and operating model made by Allergan and short sellers. Valeant remains committed to pursuing the deal, which it believes both sets of shareholders should have the opportunity to vote on.
Valeant Pharmaceuticals International, Inc. revised its offer to acquire Allergan, Inc. on June 2, 2014. The revised offer provides Allergan shareholders $72 per share in cash and 0.83 shares of Valeant stock for each Allergan share. Pershing Square Capital Management, a large shareholder in both companies, agreed to accept only Valeant stock for its Allergan shares at a discounted price in order to provide more cash consideration to other Allergan shareholders. The revised offer is superior to the standalone value of Allergan and provides substantial synergies that increase the pro forma cash earnings per share of the combined company by approximately 25%.
Valeant outlined its approach to growth through acquisitions and cost synergies in a presentation. It highlighted accelerating organic growth at acquired companies like Bausch + Lomb from 4% to over 10% through volume growth. Valeant also emphasized its output-driven R&D approach that has delivered more launches than competitors, and said it would deliver on Allergan's requirements at lower cost through a lean R&D model. The presentation concluded by noting Valeant's strong track record of capital deployment has generated superior returns on acquisitions.
Valeant reported strong financial results for Q1 2014, with product sales increasing 78% year-over-year to $1.85 billion and adjusted cash flow from operations growing 84% to $636 million. Organic growth was positive across regions and business units, led by dermatology, contact lenses, and ophthalmology in the US. Valeant remains active in business development, with over 20 transactions expected to close in 1H 2014. The company provided an update on its offer to acquire Allergan, noting overwhelmingly positive feedback from shareholders of both companies regarding the strategic benefits of the combination. Valeant intends to request information from Allergan and potentially pursue actions to engage the board or remove members to
Valeant Pharmaceuticals proposes acquiring Allergan in an unrivaled platform for growth in healthcare. The transaction offers a substantial premium to Allergan shareholders and is expected to generate $2.7 billion or more in annual cost synergies. It would create an unrivaled portfolio in ophthalmology, dermatology, and aesthetics. Valeant has committed financing and there are no antitrust issues, allowing the transaction to close with sustainable long-term value for shareholders of the combined company.
Valeant reported strong financial results for Q4 2013 and full year 2013 that exceeded guidance. Q4 product sales were $2.0 billion, a 116% increase year-over-year, and full year product sales were $5.6 billion, a 72% increase. Cash EPS for Q4 was $2.15, a 76% increase, and full year cash EPS was $6.24, a 51% increase excluding certain items. Adjusted cash flow from operations for Q4 was $607 million, a 43% increase, and $1.8 billion for the full year, a 38% increase. Valeant also provided financial guidance for 2014, expecting revenue of $8.2-8
The document is a summary of Valeant Pharmaceuticals' third quarter 2013 financial results conference call. It reports strong revenue and earnings growth in Q3 2013 driven by acquisitions. However, currency impacts, Bausch + Lomb pre-close costs, and an earlier generic launch reduced results slightly below previous guidance. New full-year 2013 guidance is provided for revenues of $5.7-5.9 billion and adjusted cash EPS of $6.11-6.16.
- The company reported strong financial results for the first quarter of 2013, with product sales growth of 38% and adjusted cash flow growth of 35% compared to the first quarter of 2012.
- Key U.S. brands such as Acanya, Arestin, CeraVe and Ziana performed well compared to budget expectations.
- Emerging markets showed strong organic growth, with Central/Eastern Europe and Latin America growing 11% and 7% respectively.
- Synergies from the Medicis acquisition are expected to exceed original estimates, with a run rate of over $300 million by the end of the year versus the original estimate of $225 million.
- The company reported strong financial results for the first quarter of 2013, with product sales growth of 38% and adjusted cash flow growth of 35% compared to the first quarter of 2012.
- Key U.S. brands such as Acanya, Arestin, and CeraVe performed well relative to budget. Emerging markets also saw strong organic growth.
- The company updated its financial guidance for 2013, raising the projected range for adjusted cash EPS to $5.55 - $5.85 billion and reaffirming its adjusted cash flow from operations guidance of $1.5 - $1.75 billion.
- Synergies from the Medicis acquisition are expected to exceed original estimates, with a
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2. Valeant’s Investor Day Agenda
Today’s Schedule
Opening Remarks - Mike Pearson
Financial Discussion – Howard Schiller
Business Overview – Rajiv De Silva
Emerging Markets
Europe – Pavel Mirovsky
South East Asia/South Africa – Andrew Howden
Specialty Pharmaceuticals
U.S. Dermatology – Dave Mullarkey
Global R&D – Susan Hall
Wrap up/Lunch
1 1
3. Introductions
Panel Participants
John Connolly – GM Russia/CIS/Adriatic Region
Julie Kang – GM Podiatry
Alissa Hsu Lynch – GM U.S. Consumer Products
Carlos Picosse – GM Brazil
Javier Rovalo – Chairman – Latin America
Tom Schlader – President, Canada
Dan Spira – GM Australia
Janet Vergis – CEO, OraPharma
Ryan Weldon – GM U.S. Neurology and
Other/Aesthetics
2 2
4. Introductions
Guests In Attendance
Ronald Farmer – Board Member
Robert Power – Board Member
Norma Provencio – Board Member
Katharine Stevenson – Board Member
Robert Chai-Onn – General Counsel
Brian Stolz – Chief Human Capital Officer
Tanya Carro – Corporate Controller
Grace Lin – Treasurer
3 3
5. Important Information
Forward-looking Statements
This presentation may contain forward-looking statements, including, but not limited to, statements regarding our financial guidance
(including quarterly trends) with respect to revenues, non-GAAP cash earnings per share and adjusted cash flow from operations, future
growth, potential product launches, regulatory submissions and approvals, timing and costs of integration, synergies, expenses, business
development opportunities and market position, and the impact of foreign exchange on our financial performance and projections with
respect to market growth, size and spend. Forward-looking statements may be identified by the use of the words "anticipates," "expects,"
"intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," 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 filed
with the Securities and Exchange Commission (the “SEC”) and other risks and uncertainties detailed from time to time in the Company’s
filings with the SEC and the Canadian Securities Administrators (“CSA”), which factors are incorporated herein by reference. Readers are
cautioned not to place undue reliance on any of these forward-looking statements. Valeant undertakes no obligation to update any of these
forward-looking statements to reflect events or circumstances after the date of this presentation 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. 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. The Company has provided guidance with respect to cash earnings per share, adjusted cash flows from operations
and organic growth rates, which are non-GAAP financial measures. The Company has not provided a reconciliation of these forward-looking
non-GAAP financial measures due to the difficulty in forecasting and quantifying the amount of the items excluded from the non-GAAP
financial measures that will be included in the comparable GAAP financial measures. Reconciliations for other non-GAAP financial
measures can be found in the appendix to this presentation and in the Company’s earnings releases, which are available under the Investor
Relations section of the Company’s website (www.valeant.com).
Note on Financial Guidance
The reaffirmation of the Company’s previous financial guidance issued on May 3, 2012 is effective only as of the date hereof, June 21, 2012,
and will not be updated or confirmed until the Company publicly announces updated or affirmed guidance.
4
6. Opening Remarks
J. Michael Pearson
Chairman and Chief Executive Officer
Investor Day
June 21, 2012
7. Agenda
Overview
Our Strategic Principles
How they have changed over the past 4 years
Our people and our compensation
Update on our OraPharma acquisition
Objectives for today
6 6
8. Valeant Pharmaceuticals Overview
Focused, multinational specialty pharma company
$2.4B in 2011 revenue and ~7,000 employees
Headquartered in Montreal, Canada (NYSE/TSX: VRX)
International footprint
Specialty Pharma (U.S., Canada, Australia, New Zealand)
Branded Generics – Central and Eastern Europe; Latin America; South
East Asia and South Africa
Diversified revenue base
Over 500 products
Limited generic risk
Minimal exposure to US healthcare reform
Leveraged R&D Model with promising pipeline
Ezogabine/retigabine
Dermatology – IDP-108, lifecycle management
Branded generics/ various OTC line extensions
Experienced, high quality management team, with established
track record for delivering results
7 7
9. Establishing a Track Record of Performance
($ in millions)
Revenue Free Cash Flow
$995
$866
$728
$1,532 $1,651 $520
$1,414
$2,755 $377 $366
$843 $820 $2,463
$757 $1,928 $353
$182
$306
$690 $657 $830
$184 $167
$71
FY 2007A FY 2008A FY 2009A FY 2010A FY 2011A LTM 31- FY 2007A FY 2008A FY 2009A FY 2010A FY 2011A LTM 31-
Mar- Mar-
2012
2012
Cash EPS
$2.98
$2.63
$1.80
2010A 2011A 2012LTM 31-
Mar-2012
Valeant Biovail
•2010 and prior years are pro-forma
8 8
•Free Cash Flow = EBITDA less (Cash Taxes, Cash Interest, & CapEx), plus/minus changes in Working Capital
10. Revenue Mix
Total Revenues 2010 Total Revenues 2012 Fcst
21%
32%
3% US US
Canada Canada
50%
Australia Australia
11%
65% Emerging Markets Emerging Markets
7%
11%
Product Revenues 2010 Product Revenues 2012 Fcst
9% 14%
20%
Rx Rx
Branded Generics Branded Generics
27%
OTC 59% OTC
71%
9 9
11. Our Strategic Principles
1. Only compete in attractive market segments • Geographies
• Payors
• Competition
• Therapeutic areas
• Product forms
2. Highly disciplined business development driven • Undermanaged company assets
growth strategy • In line vs. pipeline
• Cash on cash returns >20%
• Don’t bet on science
3. Decentralized operations and strategy • Attract top talent
• “Insider” in all markets
• No global S&M infrastructure
4. Low cost operating structure • Generic mindset
5. Diversification • Geographies (>50% outside the U.S.)
• Products (No single product more than 7%
sales)
6. Strong bias towards enduring assets • Branded generics
• OTC
• Topicals
• Life cycle management
10 10
12. How our Strategy has Changed
(Lessons learned)
Avoid primary care tail products in the U.S.
(Wellbutrin)
Greater discipline on integration costs
Bias to private company deals
Bias towards business development vs. share
repurchase
Bias towards asset vs. company acquisitions
Cash flow from operations most important metric
11 11
13. Our People and Our Compensation
Growth strategy requires continual
development / upgrading of talent
Culture / motivated workforce is critical to
excellent execution
Compensation system geared to
rewarding long term shareholder value
12 12
14. Notable New Additions To Our Team in
Last 12 Months
Howard Schiller (CFO) – Goldman
Pavel Mirovsky (President Valeant Europe) – CEO Polpharma
Andrew Howden (CEO iNova) – AstraZeneca
Brian Stolz (Chief Human Capital Officer) – GhSmart
Tage Ramakrishna (Chief Medical Officer) – Progenics
Pharmaceuticals
Alissa Hsu-Lynch (GM Consumer Products) – J&J
Janet Vergis (CEO OraPharma) – J&J
AIP Group Increased from
42 people (2010) to 68 People (2012)
13 13
15. 2012 Survey Results - Focus on Our People
People like working here – 92% agree or strongly agree that they
are satisfied with their jobs
People believe in our continued growth – 95% agree or strongly
agree that Valeant is on the right track for continued growth
90% of our employees would recommend Valeant as an
employer to a friend or colleague
Our employees cite the following attributes to describe the
culture
Ethical
Accountable
Performance oriented
Customer focused
Dynamic
Entrepreneurial
14 14
Source: 2012 World-Wide Employee Survey conducted in May 2012.
16. Compensation for Senior Leadership
Annual Comp
Target 50% of benchmark for base salary
Target top quartile with bonus
Revenue – 25% (zero if Cash EPS not met)
Cash EPS – 75%
Equity Comp
3 year front loaded equity
>15% TRS to vest
Up to 2-3 times multiple - based on 30-45% TRS
15 15
17. OraPharma, a Valeant Company
Market Characteristics Business Overview
U.S. dental market (products) - Founded in 1996
~$17B Became subsidiary of J&J in 2002
Acquired by Water Street
~$ 5B Periodontal Market
Healthcare Partners in 2010
Fragmented with no big pharma Most recognized name in Dental
presence Pharmaceuticals – OraPharma
~7%+ growth projected 100 person, highly respected
45,000+ dental offices in the sales force
U.S. Key products
Broad potential for offerings ARESTIN (periodontis) Planned new
Best in class – 35 studies
Rx products
Xerese (cold sores)
Devices Best in class
OTC Healos (bone regeneration)
High cash pay component Status
Deal closed June 18, 2012
16 16
18. Why OraPharma?
Strategic Criteria Financial Criteria
Niche Market Base Case
Avoid big pharma 36% tax rate
Cash pay / no government With cost synergies
reimbursement U.S. only
Durable assets IRR > 20%
Upside Case
Ability to expand into other
Lower tax rate
geographic markets
Promotion of Valeant products
Attractive additional BD (e.g. Xerese)
opportunities to add to Pipeline products
platform (drugs, devices, OTC) Other geographies
Double digit growth
opportunity
17 17
19. Today’s Meeting Objectives
1. Addressing Investors’ Financial Concerns
Our progress on building a cash flow generating
machine
Demystifying organic growth calculations
Clarifying normal rhythm of our earnings and how
annual guidance should be anticipated on a quarterly
basis
Providing insight into restructuring charges
Outline changes we are making to our quarterly
earnings call based on your feedback
18 18
20. Today’s Meeting Objectives
(Continued)
2. Address Investor Questions Around Our
Emerging Markets Business
Underlying performance in Europe
Our strategy in South East Asia and South Africa
3. Address Questions Around Underlying U.S.
Dermatology Performance
4. Update On How We Are Spending
$100M/year in R&D
19 19
21. What I Am Excited About
Overall performance of the business continues to be
strong – both operationally and financially
In the last year, we have become a major player in
two of our key segments – Central and Eastern
Europe and dermatology
We have added 8 new growth platforms (South East
Asia, South Africa, Russia / CIS, nutritionals in
Brazil, OTC in Canada, Podiatry, Oral health,
Aesthetics)
Significantly strengthened our organization
Efinaconazole (IDP-108); Potiga/Trobalt; Regederm
Deal flow has never been better – both small & large
20 20
22. Opening Remarks
J. Michael Pearson
Chairman and Chief Executive Officer
Investor Day
June 21, 2012
23. Financial Discussion
Howard Schiller
Executive Vice President, Chief Financial Officer
Investor Day
June 21, 2012
24. Topics to Cover
Financial Performance
Established track record of financial performance
We have a growing, profitable business model
Organic Growth
Both the base business and acquired businesses are growing, although there will be
quarter - quarter fluctuations in growth rate
March 31st, 2012 LTM base business organic growth is 8% - “Same Store Basis”
Business Development
A disciplined approach - high IRR’s and short payback periods
Timing and amount of synergy capture and restructuring charges depends on the type of
deal
BD effort to date has added significant revenue and new growth opportunities
Guidance
Excluding the impact of acquisitions, 40-45% of Cash EPS is generated in 1st half of year
FX has been a headwind
We are re-affirming high end of guidance from our Q1 earnings call
Changes to our quarterly presentation
We have taken your suggestions seriously
23
26. What Is Management Focused On?
Integration and operational excellence
Organic Growth
Synergy realization
Gross margin improvement
Working capital efficiencies
Talent Development
Developing a bench; next generation leaders
Business Development
Deployment of capital is most important decision
Maintaining our price discipline is key to success
Ultimately, we are focused on delivering superior shareholder returns!
25
27. Organic Growth Q1, 2012 LTM SSS
Organic Growth = 8%
14%
12% 13%
10% 10%
7% 7% 6%
4% 4%
Q1'11 Q2'11 Q3'11 Q4'11 Q1'12
As Reported Same Store Sales
* Same Store Sales only include acquisitions in their first full quarter of comparison
26
28. Organic Growth Q1, 2012 LTM SSS
Organic Growth = 8%
25%
24%
16%
15% 14%
12% 13%
12%
10% 10%
7% 7% 6%
4% 4%
Q1'11 Q2'11 Q3'11 Q4'11 Q1'12
As Reported Same Store Sales Same Store Sales w /o Neuro & Other
* Same Store Sales only include acquisitions in their first full quarter of comparison
27
29. Progress on 2012 Synergy Program
Run rate
Run rate expected by
expected by Year-end
$230+ million*
mid-year
Run Rate
May 3, 2012 $200 million
Run Rate
Feb 23, 2012 $165 million
$135 million
* Includes acquisitions announced and closed in 2012
28
30. Synergy Capture
Timing of
Synergy Scenario Recent Examples Synergy Capture
Business is folded into Valeant Ortho, Dermik, University Medical, Eyetech,
Immediate
infrastructure in first Quarter Afexa, Atlantis
Business is "bolt-on" to Valeant
Europe (PharmaSwiss, Sanitas), Brazil
Day one and integrated into Over Time
(Delta, Bunker), Tecnofarma
Valeant infrastructure over time
Russia (GL, Natur Produkt*), Podiatry
New Platforms (PEDiNOL), SEAsia/South Africa (iNova), Over Time
Probiotica, OraPharma
* Not yet closed
29
31. Synergy Capture
Ortho/Dermik Example
Total Dermik Total Pre- Total Post
VRX Derm & Ortho Synergy Synergy
Headcount 213 472 685 499
OpEx $84.5 M $151.3 M $235.8 M $125.1 M
Total synergies of $110.7M achieved in Q1, 2012
30
32. Business Development
Characteristics of our acquisitions
Markets with attractive growth rates
Durability of earnings
We don’t bet on science
Rigorous Financial Modeling
Target of 20+% IRR at statutory tax rates
Target cash payback within 5 to 6 year range
Acquisition and restructuring costs are modeled as additional
purchase price
Integration
Speed is important
The “best person” rule
Tracking Performance
We track revenue and synergies
Deal model including restructuring costs becomes budget
31
33. Summary of 2012 YTD BD Efforts
Large number of smaller deals
Low risk, high IRR deals
In aggregate, added approximately $400 million or more than 10% to run rate
revenue
Decentralized structure allows for faster, more efficient integration
Deals spread among regions and businesses
4 in U.S. (none in derm)
1 in Canada
2 in Europe (none in Poland)
3 LatAm (no deals in 2011)
Many deals represent exciting new growth platforms or are material at
the local level
PEDiNOL – Podiatry
OraPharma – Dental
GL and Natur Produkt* – Russia
Probiotica – Brazil
Acne Free – Consumer
Eyetech – Opthalmology
Integrations will be less costly
No acquired manufacturing facilities other than in Probiotica
Few people acquired (mainly sales reps) 32
* Not yet closed
34. Restructuring Costs &
Synergies
(Includes deals through Q1, 2012)
Restructuring, Integration
Restructuring, Integration & Projected & Acquisition Related
Acquisition Related Costs Annualized Costs % of Projected
$M Purchase Price (Q4 10 - Q1 12) Synergies Annualized Synergies
Biovail N/A 204.1 350.0 58%
Ortho/Dermik 767.0 43.7 110.7 39%
Europe (PharmaSwiss, Sanitas) 939.0 23.6 75.0 31%
Afexa
* 92.0 13.3 13.0 102%
iNova 657.0 10.0 25.0 40%
*
Probiotica 91.0 0.8 1.9 42%
EyeTech
* 22.0 0.1 5.7 2%
Total 2,568.0 295.6 581.3 51%
* Europe, iNova, Probiotica – Some additional restructuring and integration costs
related to these acquisitions are yet to be incurred
33
35. Our Approach to Guidance
Provide revenue, Cash EPS, and adjusted cash flow
from operations on an annual basis
Updates to our annual guidance are provided quarterly
We don’t include future deal forecasts – we only include
BD that is closed or announced
We don’t include the effect of potential changes in
exchange rates or actual gains/losses from changes in
exchange rates
Our business is stronger in the second half of the year
We are reaffirming our current FY guidance at the
higher end of the range
Does not include OraPharma, Natur Produkt, Acne Free, Swiss
Herbal 34
36. Changes to Our Quarterly Earnings Presentation
Earnings call moving to 8 a.m. ET
Gain/loss from asset sales:
GAAP EPS – Will be moved to Other Income
Cash EPS – Will be excluded
FX gain/losses will continue to be included, but if significant, Cash
EPS will be shown with and without
Cash EPS will be shown with and without certain “one-time” items
(e.g. milestone payments)
Organic growth will be shown on a Pro-Forma, Base Business, and
Base Business Without Neuro basis
All acquisitions will be included
Royalty payable to Meda begins in January 2013
10% royalty on sales of Elidel, Xerese and Zovirax
Royalty payments will not affect GAAP earnings, but will be deducted in Cash
EPS calculation
Restructuring, integration and acquisition charges will be disclosed by
deal and category of expense
As always, our goal is clarity and transparency 35
37. Annual Financial Guidance for 2012
“One-timers” Included:
As of June 21, 2012
$66M – Sale of 5FU/IDP111 (Q1)
Revenue = $3.4 - $3.6 billion
$45M – Retigabine milestone (Q2)
$111M
$0.15 – Sale of 5FU/IDP111 (Q1)
Cash EPS = $4.45 - $4.70
$0.08 – Fx Gain (Q1)
$0.14 – Retigabine milestone (Q2)
$0.37
> $1.4 billion in Adjusted
Cash Flow from Operations $66M – Sale of 5FU/IDP111 (Q1)
$45M – Retigabine milestone (Q2)
$111M
36
38. Cash EPS Trends
(excluding certain “one-timers” and acquisitions)
2011 Actuals
40%
33%
31%
25% 27% 26% 27%
30% 2012 Budget
23% 21% 24% 23%
21% 19%
20%
2012
10% Consensus
Estimate
0%
Q1 Q2 Q3 Q4
80% 2011 Actuals
56% 60% 53%
60%
47% 2012 Budget
44% 40%
40%
$2.13
20%
$1.86 2012
*
Consensus
($3.99)
Estimate
0%
1H 2H
* $3.99 Cash EPS consensus estimate is as of March 22nd, 2012 and excludes $0.14 for the Q2 GSK milestone
37
39. Cash EPS
(excluding certain “one-timers”)
$1.28
$1.10
$1.03 $1.03
$0.96 $0.96
$0.91 $0.90
$0.88
$0.80
Q1 Q2 Q3 Q4
FY Consensus Estimate Avg 2011A/2012B Phasing
Q1'2012 Actuals
Consensus Estimate, Mar 22, 2012
Consensus Estimate, Current
*All figures above exclude the GSK milestone
**FY consensus averages are based on the March 22nd, 2012 FY guidance
38
40. Q2 Currency Impact
10%
AUD
5% BRL
CAD
0%
EUR
-5% MXN
PLN
-10%
RUB
-15% RSD
ZAR
-20%
11/03/11 Q1 Avg April 2012 May 2012 6/7/2012
Spot Avg Avg Spot
Based on internal forecasts as of Q1’12
earnings call, declining currencies are
expected to have a negative Q2 impact of $0.03
Cash EPS and $15M revenue 39
41. Q2 Currency Impact 2012 vs. 2011
“Year over Year Declining Rates”
AUD BRL CAD EUR MXN PLN RUB RSD ZAR
0%
-5%
-10%
-15%
-20%
-25%
-30%
Compared to Q2’11 exchange rates, declining currencies have a negative
Q2’12 impact of $55 - $60 million revenue and $0.05 - $0.06 Cash EPS
40
42. Adjusted (Non-GAAP) Cash Flow
from Operations
GAAP Cash Flow from Operations, adjusted for:
Cash Payments Relating to Restructuring/Integration/Acquisition costs, Legal
Settlements, and IPR&D payments
One time working capital changes relating to business development activity
(where A/R and Inventory are not acquired)
In Q1 12, adjustments to GAAP Operating Cash Flows were $88.0 M, of which
$87.3 M was related to Restructuring/Integration/Acquisition costs:
Ortho/Dermik 26.9
Biovail Merger (closure of old Biovail HQ) 25.9
Europe (PharmaSwiss, Sanitas) 11.9
Afexa 9.5
iNova 9.3
Manufacturing Integration (Various Deals) 1.9
Probiotica 0.3
Eyetech 0.1
Other 1.5
Total $ 87.3
If we stopped all BD activity, restructuring/integration/acquisition costs
would trend to zero.
41
43. Q1 Restructuring, Integration and
Acquisition Related Costs
Q1 Amount
Expense Type Paid (millions) Comments
Facility Closure Costs 22.6 Relates to closure of Mississauga facility. $12.4 M was accrued for in previous quarters.
Acquisition Related Costs 19.8 Includes payments for legal fees and advisory services associated with Dermik, Ortho, and
iNova transactions ($17M) accrued in previous quarters.
Severance Payments 19.7 iNova $8.1M, Ortho/Dermik $6.2M, Europe $3.3M, Other $2.1 M
Integration related consulting, duplicative 10.7 Duplicative Labor (Europe, Canada) $3.2M, IT Integrations costs and Transition Services $5.1
labor, and other M, Integration Related Consulting (Dermik/Ortho) $2.4 M
Contract Termination 3.2 Termination of contracts associated with Mississauga facility $1.6M, Other smaller items
$1.6M
Manufacturing Integration Costs 1.8 Related to integration of Delta and Bunker facilities in Brazil
Travel/Other 1.4
Payments of Integration Costs accrued in 8.1 Includes Integration related consulting, duplicative labor, contract termination and
previous quarters manufacturing integration costs accrued for in previous quarters
Total 87.3
42
44. Topics to Cover
Financial Performance
Established track record of financial performance
We have a growing, profitable business model
Organic Growth
Both the base business and acquired businesses are growing, although there will be
quarter - quarter fluctuations
March 31st, 2012 LTM base business organic growth is 8% - “Same Store Basis”
Business Development
A disciplined approach - high IRR’s and short payback periods
Timing and amount of synergy capture and restructuring charges depends on the type of
deal
BD effort to date has added significant revenue and new growth opportunities
Guidance
Excluding the impact of acquisitions, 40-45% of Cash EPS is generated in 1st half of year
FX has been a headwind
We are re-affirming high end of guidance from our Q1 earnings call
Changes to our quarterly presentation
We have taken your suggestions seriously
43
45. Financial Discussion
Howard Schiller
Executive Vice President, Chief Financial Officer
Investor Day
June 21, 2012
48. Business Overview
Rajiv De Silva
President, Valeant Pharmaceuticals International, Inc.
Chief Operating Officer, Specialty Pharmaceuticals
Investor Day
June 21, 2012
49. Executive Summary
Pharmaceutical market gives Valeant a large canvas upon
which to implement a unique strategy
$700B+ IMS reported, but likely $1-2 trillion when adjacent categories
and unreported sales are included
Highly fragmented, with a substantial component in private companies
Fundamental shift in growth rates among global markets
Emerging markets most attractive
Developed markets are slowing (e.g., Western Europe)
But, still some attractive niches in the U.S., Canada and Australia
Valeant strategy has focused on re-shaping its footprint in light
of market dynamics
Exit / avoid low growth markets, e.g., Western Europe, Japan
Focus efforts in the U.S. on niche platforms, e.g., Dermatology
Canada and Australia offer opportunistic platforms through acquisitions /
mergers – Biovail and iNova
Focus on high growth emerging markets – Latin America, Central and
Eastern Europe, South East Asia, South Africa
48
50. Future Growth Will be Most Attractive in Above median
Below median
Emerging Markets
Projected pharma
GDP growth Projected GDP spend growth
(2008-2011)1 growth (2012-16)1 (2012-2016, CAGR)1
Asia (ex Japan) 7% 7% 12%
Latin America 3% 4% 11%
Africa 2% 4% 10%
Central & Eastern Europe 1% 3% 8%
US & Canada 0% 2% 2%
Australia 2% 3% 1%
Japan -1% 1% 1%
Western Europe 0% 1% -2%
1 Real GDP growth; Pharma spend growth in constant US dollars
Source: Economic Intelligence Unit (EIU); BMI 49
51. Investment Focus
Niche markets that fit strategy
Dermatology
Podiatry
U.S. Ophthalmology
Dentistry
Orphan
Avoid primary care
Broad presence given legacy Biovail / Valeant capabilities
Canada Aggressive in-licensing to leverage infrastructure
Build Consumer business
Broad presence given legacy iNova / Valeant capabilities
Australia
Bolt-on acquisitions in Consumer
Increase critical mass in Brazil and Mexico
Latin America
Look for new market expansion opportunities (e.g., Colombia)
Growing “anchor markets” – Poland, Serbia
Central Europe
High growth emerging markets – Russia, CIS
New platform from iNova acquisition
South East Asia Strengthen existing hubs (e.g., Malaysia and Philippines)
Enter new markets (e.g., Indonesia, Vietnam)
New platform from iNova acquisition
South Africa
Strengthen hub in South Africa
50
52. Valeant Has Grown by Focusing on High
Growth Countries / Niche Markets
Valeant stock price* (Adjusted Close – $USD); selected deals
**Adjusted for Valeant/Biovail merger. Line denotes share price plus the special dividend paid to Legacy Valeant shareholders related to the Biovail merger.
51
53. Business Unit Overview
U.S. Canada / Australia Emerging Markets
Central /
Latin Asia /
Eastern
America Africa
Europe
Rx Dermatology Canada Poland Mexico South Eas
Consumer
Australia Russia / Brazil Asia
Aesthetics
Podiatry CIS South
Dentistry Serbia Africa
Ophthalmology
Neurology / Other Balkans /
Other
~$1,700 ~$600 ~$760 ~$360 ~$100
2012 Revenue
52
54. Case Study: U.S. Podiatry
PEDiNOL, A Valeant Company
Market Characteristics Business Overview
~$1B U.S. market (2011) Founded in 1925
Fragmented with no big pharma ~$50M* in sales
presence Most recognized name in
3-5% growth projected podiatry: PEDiNOL
~25 person highly respected
17,000+ podiatrists in the U.S. sales force
Broad potential for offerings Key products
Rx products Ertaczo (Athlete’s Foot)
New
OTC/cosmetics Gris-PEG (Athlete’s Foot)
Dietary supplements CeraVe SA
Wound care Nalfon (pain)
Orthotics / Diabetic shoes / braces Various OTC
Equipment for in-office procedures Integration targets achieved
Severances completed
High cash pay potential
National Sales Meeting on 6/11/12
to kick off new unit
* Includes Valeant podiatry products 53
55. Latin America Overview
Mexico
Population: ~115M
Healthcare spend: $605 / Capita / Year
Pharmaceutical market: ~$20B
Cash pay: 75% of total spend
Brazil
Population: ~195 M
Healthcare spend: $990 / Capita / Year
Pharmaceutical market: ~$25B
Cash pay: 70% of total spend
54
56. Valeant Brazil—Overview
Market Characteristics Business Overview
Market size ~ $25B 2012 revenues of ~$150M
High growth outlook ~10-12% Legacy Valeant
Branded Gx
Well regulated environment
OTC
Affluent segment of population Dermatology
with high disposable income
Acquired Branded Gx
High proportion of out-of- Bunker and Delta (Regederm)
pocket expense (~70%) Branded Gx
Government reimbursement Probiotica
system providing broad access Sports nutritionals
Physicians and pharmacists are High growth business
important points of influence 2009 – 2012 growth of 88%
CAGR
Organic growth of ~15% projected
for 2012
55
57. Valeant Mexico—Overview
Market Characteristics Business Overview
Market size ~$20B 2012 revenues of ~$210M
Strong growth outlook ~7% Legacy Valeant
Government reimbursement Branded Generics
broadly in place, but largely a OTC
cash pay market Bedoyecta – Vitamin B
High proportion of out-of- Tecnofarma
pocket expense (~75%) Generics / Branded generics
Strong branded generics Atlantis
market Branded generics
Substantial influence of 2009 – 2012 growth of 17%
pharmacists and concentrated CAGR
retailers and wholesalers Organic growth of >10% projected
for 2012
56
58. Further Opportunities for Expansion
Exist in Latin America Valeant market Valeant not present Expansion Opportunity
Projected Rx/OTC Growth
CAGR (2012-16)
15
Paraguay Venezuela Argentina
10 Brazil
Ecuador
Nicaragua
Bolivia Colombia Mexico
Peru Chile
5
El Salvador
Guatemala
Costa Rica
Honduras
0
0 1 2 3 4 5 6 7 8 9 10 11 12 26
Current Rx/OTC Market Size
2011, Dollars Billion
Source: BMI 57
59. Business Overview
Rajiv De Silva
President, Valeant Pharmaceuticals International, Inc.
Chief Operating Officer, Specialty Pharmaceuticals
Investor Day
June 21, 2012
60. Emerging Markets –
Central and Eastern
Europe
Pavel Mirovsky
President, Valeant Europe
Investor Day
June 21, 2012
61. Geographic Footprint CEE, Russia, CIS
Population = 340 million people
Pharmaceutical Market = $31B
Territory of 8,567,284 square miles 60
62. PharmaSwiss and Sanitas Acquisitions Have Created a
Broad Eastern European Footprint
Valeant market Valeant not present Expansion Opportunity
Projected Rx/OTC Growth
CAGR (2012-2016)
16
14
Kazakhstan
12
10 Ukraine
Belarus Romania Russia
8
Bulgaria Turkey
6 Serbia Poland
Latvia
4 Slovenia
Czech Republic
2 Croatia
Lithuania Slovakia
0
Hungary
Western Europe
-2
0 2 4 6 8 10 12 14 16 18 20 272 274
Current Rx/OTC Market Size
2011, Dollars Billion
61
63. Business Strategy
Business model consistent with Valeant philosophy
Durable branded generic business
Rich pipeline, rapidly growing number of new
launches
Operational and market access excellence
Aggressive, but disciplined, BD and M&A activities
Execute synergies – on time and in full
Out-pace both the market and the competitors
Focus on key geographies in CEE
Russia & CIS, Poland, Serbia,
Explore Middle East North Africa (MENA) potential
Avoid Western Europe
62
64. Where We Rank in The CEE Market
Rank Company Market Share
1. Novartis 7.9%
2. Sanofi-Aventis 7.0%
3. Roche 4.7%
4. Teva 3.8%
5. GSK 3.7%
6. Servier 3.7%
7. Pfizer 3.3%
8. Bayer 2.9%
9. KRKA 2.7%
10. Abbott 2.7%
……..
15. Valeant Pharmaceuticals 2%
63
65. Business Summary
Region Revenues # Sales Reps % Govt
(2012e) Reimbursement
Poland ~$200 M 325 ~30%
Serbia ~$100 M 90 ~45%
Russia/CIS/ ~$200 M 525 ~20%
Adriatics
Central Europe ~$135 M 215 ~40%
All Other ~$65 M 0 Partnered
Total Valeant ~$700 M 1155 (85%*) ~30%
Europe
* % of total headcount, excluding manufacturing 64
66. Product Mix - CEE
2012e
Specialty, OTC, 29%
34%
Primary,
37%
Drivers of Change:
Reduced dependence on very competitive cardiovascular segment
Significant penetration into dermatology
Entry to niche segments as ophthalmology and gastro-enterology
Significant growth in oncology driven in Ex-Yugo and Baltic markets and
launches of licensed innovative oncology portfolio
65
Continuing focus on OTC
67. Poland
The new pharmaceutical law has had a dramatic
short term negative impact on Polish market
2012 forecast predicts no growth for retail market
first time in 20 years
Week 1-10: (18.8%) in value,
Week 11-20: ~(4%)
Full year expected at zero growth 2011/2012
Valeant one of few companies that continue to grow
May +4% (YTD)
2012-2016 Polish market expected CAGR >5%
Forecasted Valeant organic growth is expected to significantly
outpace the market
66
68. Branded Generics Example: 250+ launches per
year planned in Central and Eastern Europe
Example Product Indication Market
Benzydamine lozenges / Spray Throat inflammation Multiple markets
Ketoprofen ER tablets / Spray Inflammatory pain Multiple markets
Mometasone / Cream, Solution Skin inflammation Multiple markets
Telmisartan-HCTZ / Tablets Hypertension Multiple markets
Azithromycin / ODT Respiratory tract infections Multiple markets
Brimatoprost / Eye drops Glaucoma Multiple markets
Terbinafine / Tablets Antifungal Multiple markets
67
69. Business Development Opportunities
Purchasing Dossiers
~$70,000 expense per dossier (on average)
Representation business
Eisai oncology
In-licensing products
Ipsen GI, dermatology, oncology
Small acquisitions
Chemo Iberica’s diabetes drugs in Russia
Mid-size acquisitions
Gerot Lannach (Russia/CIS)
Natur Produkt (not yet closed)
68
70. 5 Year Aspirations
Become a top 10 pharma in CEE
(>5% market share, >$2 B turnover)
Focus on Russia, Russia, Russia, Poland, Ukraine,
Kazakhstan, explore MENA potential
Shift focus to OTC, niche markets (dermatology,
ophthalmology) and enter biosimilars
Maintain double digit organic growth, coupled with
intensive BD/M&A
EBITA growing from 31 – 37% (base case) to 31 -
41% (aspirational)
69
71. Emerging Markets –
Central and Eastern
Europe
Pavel Mirovsky
President, Valeant Europe
Investor Day
June 21, 2012
72. Emerging Markets -
South East Asia and
South Africa
Andrew Howden
CEO, iNova
Valeant, South East Asia, South Africa and Australia
Investor Day
June 21, 2012
73. Valeant Asia / Africa Pacific Footprint
Valeant Distributor or licensing
presence partner
South Korea – A$2.6m, Japan – A$6.7m,
China – A$1.0m, 2 Partners 2 Partners
2 Partners
Taiwan – A$0.6m,
1 Partner
Vietnam –
2 Partners
Philippines – A$6.1m,
5 employees + sales
outsourced
Thailand – A$6.8m, Hong Kong – A$3.0m,
2 Partners 7 employees
Singapore – A$5.4m,
Other African markets – 9 employees Indonesia –
Partners Malaysia – A$11.0m, Begin 2012
26 employees
South Africa – A$37m
37 employees
Notes:
1 All employee figures are as at June 2012
2 Country sales figures are excluding royalties (SEA) and acquisitions 72
74. Our Focus Has Been on High Growth Markets With
Opportunities for Future Expansion
Valeant market Valeant partners Expansion Opportunity
Projected Rx/OTC Market Growth
CAGR (2012-16)
15
Vietnam India China
10 Indonesia
Malaysia
Hong Kong South Africa
5 Thailand
Singapore Philippines South Korea
Taiwan Japan
0
0 2 4 6 8 10 12 14 66 68 126 128
Current Rx/OTC Market Size
2011, Dollars Billion
Source: BMI, company data
73
75. Business Summary - Established and Growing
Businesses in Key Asian Markets
Region # Sales Reps Key Products % Govt
Reimbursement
Difflam, Duromine, Nuelin, <10%
Malaysia 17
DuroTuss
<30%
Thailand 29 Norgesic, Nuelin
38 0%
Philippines Difflam, Norgesic
0%
Singapore 5 Difflam, DuroTuss, Duromine
4 Difflam, DuroTuss, Tambocor 0%
Hong Kong
Source: Market data 74
76. Valeant Growth Exceeds Market
Growth in Asian Markets
Valeant YTD MAT Market YTD MAT
Country Growth Growth
Q1’12 Q1’12
Thailand +24% +3%
Philippines +23% +6%
Malaysia +24% +12%
Singapore +8% +3%
Hong Kong +15% +10%
Source: IMS 75
77. Branded Generics Showing Strong Growth
Across Asian Market
Sales (USDm) APAC Sales breakdown by originator
80,000 CAGR Why Brand Matters
72,211
• In mature markets
63,787 unbranded generics
19,173 Unbranded Gx 21% represent fastest
60,000
54,767 15,958 growing segment
46,274
• Brand is associated
12,721
with quality and can
39,196 9,870 command a higher
40,000 26,873 Branded GX 16%
7,965 23,645 price
20,160
16,886 • In less mature
14,027 markets generics as
20,000 a whole represent a
26,165 Originals 11% greater share – given
21,886 24,184
17,204 19,518 price concerns
• Branded generics are
0 both larger and
2007 2008 2009 2010 2011 Overall 15%
faster growing than
unbranded
Source: The APAC Pharmamarket; Connecting the dots, July 2011
76
78. Consumers in Asia Pacific Show a High Propensity
to Self-medicate – Strong OTC Segments
Asia Pac OTC Market Value CAGR
Value share, percent (2007 - 2011), %
Vitamins & Minerals 15.8 ~4
Non-narcotic Analg. 7.4 ~5
Dietetics 6.3 ~6
Cold Preps 5.1 ~4
Chinese Medicines 4.4 ~20
Allergy 3.3 ~6
Expectorants 3.2 ~4
All other therapeutics 3.0 ~20
Antacids 2.8 ~1
Anti-rheumatics, topical 2.4 ~-1
Source: IMS Health MAT Dec 2011; OTC only 77
79. Product Focus Remains With Weight Control,
Dermatology, Cough, Throat and Pain Products
2012e
Specialty,
18%
OTC, 52%
Primary,
30%
Drivers of Change:
Focus on sales and marketing as a competitive advantage
Build key account management
Difflam, Durotuss and Duromine key growth drivers (throat, cough and weight
management)
Take a position of Professional Endorsement for brands
Extend product life cycles with Product Development
78
80. Key Market / Environmental Factors
South Africa
High growth market - +5-10%
Consistent market growth through volume and price
increases
Established brands, growing pharmacy segment with
strong OTC brands
Introduction of the National Health Insurance (NHI) to
enable broader access to healthcare and medication
International Benchmark Pricing (2013) will result in
3-4% one-off loss from total private sales turnover
Protracted regulatory process at Medicines Control
Council (MCC) current backlog of more than 4,000
applications at the MCC
79
81. Valeant Is One Of The Fastest Growing Pharmaceutical
Businesses in South Africa
40
Valeant growth evolution vs. leading South African companies International MNCs
Average MAT Q1 2011 PPG= 6.6% S.Africa MNCs
30 LUPIN
AZ
CIPLA Valeant
25
2006-2010 Sales CAGR
LILLY
MERCK
KGAA
20 BI
Sanofi
SA ASPEN
ROCHE PFIZER
J&J
15
ABBOTT
J&J NOVARTIS Average 2006-2010
ADCOCK CAGR=13.1%
10 NOVO
BMS BI
5 PFIZER GSK
MSD
SERVIER BAYER
0
(10) (5) 0 5 10 15 20 25 30 35
MAT Q1 2011 Annual Sales Growth
Source: IMS MAT Mar-2011 , LHS based on AUD, RHS based on ZAR 80
82. Five-Year Aspirations
Rank in top 10 in key markets – South Africa, Thailand,
Philippines, Indonesia, Malaysia
Target of $500m sales
Enter new markets and establish brands in Indonesia and
Vietnam
Aggressive acquisition plans to speed growth
Launch global Valeant brands in Asia and Africa – CeraVe, Dr
Lewinns, Dermaveen, Hamiltons Sun and create strong skin
position
Patient/customer value at the core of everything we do
Maintain focus on sales management
Professional endorsement of brands as a key marketing focus
Balanced portfolio of OTC and Prescription brands to suit Asia
and African markets
Supply Chain optimization and efficient/lean operational
structure 81
83. Emerging Markets -
South East Asia and
South Africa
Andrew Howden
CEO, iNova
Valeant, South East Asia, South Africa and Australia
Investor Day
June 21, 2012
84. Questions?
Panel:
Pavel Mirovsky Andrew Howden
Javier Rovalo Carlos Picosse
John Connolly
85. U.S. Rx Dermatology
David Mullarkey
Senior Vice President & General Manager,
Valeant Dermatology
Investor Day
June 21, 2012
86. U.S. Rx Dermatology Business Overview
Top tier U.S. Dermatology business
– Top 3 in U.S.
– 5 year sales growth CAGR of ~59% -- fastest growing top
Derm company
Focused on three key segments
– Acne
– Dermatitis
– Anti-virals
Strong Pipeline/Expansion Opportunities
– Efinaconazole (IDP-108) – Potential to be breakthrough
onychomycosis treatment
– Multiple lifecycle management efforts
– Potential new areas: skin cancer, psoriasis, fungal infections
of the skin 85
87. U.S. Dermatology Market Dynamics
General
– Large (~$9B), but low growth market
– Low big Pharma presence
– Fragmented competition/many small players
Prescribers
– Relatively focused target list
– Relationship-oriented/industry-friendly
– Growing influence of PA’s/nurses
Coverage
– Relatively low government reimbursement
– Increasing self-pay component
– Increasing managed care controls
– High use of co-pay assistance programs
Innovation
– Predominantly through formulation innovation
– High barrier to generic entry, though some regulatory changes ongoing
86
88. Valeant Is Now Top Tier Rx Dermatology Player
2008 - Top 15 (Based on Gross Sales) 2011 - Top 15
Galderma Medicis*
GSK (Stiefel) Galderma
Medicis Valeant
Nycomed
Sandoz/Novartis
Graceway
GSK (Stiefel)
Warner Chilcott
Warner Chilcott
Astellas
Allergan
Ortho derm
Dermik
Leo Valeant #3
Allergan Astellas
Valeant Valeant #11 Merz
Merz Intendis/Bayer
Triax Onset
Intendis/Bayer Promius
Pedinol Aqua
-$100 $100 $300 $500 $700 $900
$0 $200 $400 $600 $800 $1,000 $1,200
Source: Wolters Kluwer Health Integrated AWP Dollars for Rx Derm Products Only - May 2012
*Medicis: gross sales only, excludes aesthetics and Rx reported 2011 net sales ~$500M
**Allergan excludes aesthetics 87
89. Valeant Segment Strategy
Market/Environment Strategy
– Co-pay programs mandatory – Convert BenzaClin to
– Increased cost of access within Acanya
Acne managed care plans – Focus on
~$3.2B – Continued growth of PA/NP Acanya/RAM/Atralin
influence lifecycle management
– Continued increase in non-Rx – Manage RAM/Atralin as
acne treatment options a portfolio
– Market shifted back to topical – Return Elidel to growth
steroids – Maximize CeraVe use in
Dermatitis – TCI market (Elidel) very combination treatment
promotionally sensitive regimens
~$1.5B
– Combination treatment is rule
– Non-prescription options (e.g.,
CeraVe) established as critical
components of regimen
– Accelerate Xerese
– “Inch deep, mile wide” launch
– Unmet need for more effective – Convert Zovirax to
Anti-viral topical for HSV-1 Xerese
~$2.3B – High use of OTC medications – Expand Xerese
– Increasing patient interest in indications
topical vs. oral therapies
88
91. Valeant U.S. Dermatology Growth
Net Sales Millions (USD)
~67%
CAGR
Note: Includes entire Valeant U.S. Dermatology segment
90
92. Key Changes in Rx Dermatology
Business Over Time
2008 2012
91
93. Maintaining Growth During Acquisitions
in U.S. Dermatology
50%
2012 vs. 2011 Volume Growth 44%
40%
40% 38% 37%
33%
29%
30%
MAT
May
20% 18% 2012
9%
10%
3% 3%
0%
VRX Retinoid Acanya Atralin Zovirax/Xerese* CeraVe**
Franchise
*Zovirax/Xerese volume in TRx grams; **CeraVe scan volume growth
Source: Wolters Kluwer Health; IRI Scan data; Retailer data – May 2012 92
94. Promotional Efforts Turning the Elidel Growth
Curve
Elidel YOY TRx Growth All Prescribers Elidel YOY TRx Growth Dermatologists
Source: Wolters Kluwer Health May 2012 93
95. Key Priorities for 2012
Successfully integrate Ortho, Dermik and Coria and create
high-performing field sales organization optimizing multiple
brands
Create growth brands out of Elidel and Xerese
Grow retinoid portfolio of Retin-A-Micro/Atralin
Convert BenzaClin business prior to patent expiry
“Introduce” new Valeant Dermatology and align external
presence/perception with our industry leadership ambition
Accelerate life cycle management options for existing
brands
Extensive launch planning for efinaconazole (IDP-108 -
onychomycosis)
94
96. U.S. Rx Dermatology
David Mullarkey
Senior Vice President & General Manager,
Valeant Dermatology
Investor Day
June 21, 2012
97. R&D Update
Susan Hall, Ph.D
Senior Vice President, Global R&D
Investor Day
June 21, 2012
98. R&D Operating Principles
Lower risk / niche
Diverse portfolio
opportunities
Major focus on
lifecycle
management
Lean operating
Extensive topicals
model
expertise driver of
supplemented with
internal innovation
partnerships
Leverage R&D
globally
97
99. R&D – Excellent Productivity Track
Record
As measured by: R&D spend
Disciplined R&D budget and
2010 2011 2012e
associated FTEs relative to revenue (proposed)
Successful rapid integration of U.S. $36.5 M $57.4 M $70 - $85 M
products that are acquired Non U.S. $19.1 M $8.3 M $20 - $25 M
Executing on numerous pipeline
Total Spend $55.6 M $65.7 M $90 - $110 M
activities
Multiple successes to date, e.g. Spend as %
Sales
5% 3% ~3%
Acanya, IDP-111, Potiga/Trobalt,
CeraVe line extensions,
efinaconazole (IDP-108), Sublinox,
Lodalis, Regederm
Ensuring ongoing support of the
portfolio 98
100. Diverse Portfolio Driving The Business
Examples
Targeted NCE development efinaconazole (IDP-108)
Novel therapies utilizing currently approved products IDP-118
New formulations and delivery technologies Potiga XR
Acanya, Atralin, Elidel,
New indications / market expansions opportunities Zovirax lifecycle
management
Central & Eastern
Generics / Branded Generics Europe portfolio
99
101. Efinaconazole (IDP-108) / Onychomycosis
(1/2)
Onychomycosis is a progressive fungal infection of the nail bed
Caused mostly by dermatophyte fungi, but also yeasts or molds
Represents 50% of all nail disorders & frequently involves
several nails
Current treatment challenges are many
Need for medication to reach infection site under nail
Clinical efficacy is based on nail appearance, which grows slowly
Two phase 3 studies completed: primary efficacy outcome of
complete cure at week 52 (48 weeks treatment with 4 weeks
follow up) vs. placebo:
Statistically superior (p<0.001) to placebo for all primary and secondary
endpoints
Efinaconazole was generally safe and well tolerated
100
102. Efinaconazole (IDP-108) / Onychomycosis
(2/2)
Submission to FDA 3Q 2012; other countries planned -
Canada, Brazil, Mexico, Central Europe
Valeant has rights to North & South America and EU countries
W. Europe submission requires evaluation vs. an already
approved product – active partnering discussions underway
Phase 3 and other data targeted for top specialty journals
plus presenting at national dermatology and podiatry
conferences
Efinaconazole is a potent anti-fungal with the potential for a
broad range of additional multiple indications
101
103. CeraVe® ― Premium Line
of Skincare Products
Designed to restore and repair the skin barrier for healthier skin
Innovation-driven approach:
Meeting patient / consumer needs with superior formulations
designed to restore and repair the skin barrier
All new products have driven incremental sales due to
focusing on different skin disease states
All innovations were developed by Dow Pharmaceuticals with
input from leading dermatologists
We are actively progressing other opportunities to meet
unmet needs in the marketplace
102
104. Brazil
Regederm®: Treatment & healing of wounds
Launched in Brazil, April 2012
Prescription product Indicated for the
acceleration of wound healing and tissue
regeneration properties
Gel cream formulation – consists of
bioactive protein fractions of latex serum
derived from the rubber tree
Mechanism of action:
Stimulates angiogenesis
Inhibits collagenase
Valeant is evaluating opportunities to
launch Regederm® in other regions,
patents pending worldwide
103
105. R&D Update
Susan Hall, Ph.D
Senior Vice President, Global R&D
Investor Day
June 21, 2012
107. Conclusion
J. Michael Pearson
Chairman and Chief Executive Officer
Investor Day
June 21, 2012
108. Parting Thoughts
Quarterly trends suggest second half of year will
deliver 60%+ of our Cash EPS
We continue to have solid organic growth in both
Poland and the rest of CEE
Integration in U.S. Dermatology is complete -
growth in key dermatology brands is
accelerating
Efinaconazole (IDP-108) – topical, generally
safe and well-tolerated, met complete cure
endpoint (not yet FDA approved)
107
112. GAAP EPS vs. Cash EPS
Adjustments:
Non-Cash Items
Amortization
Intangible Assets
Deferred Financing Costs
Debt Discounts
Inventory Step Up (Acquisition related)
Contingent Consideration Fair Value Adjustment (Acquisition related)
Stock Based Compensation Fair Value Step Up (Acquisition related)
Deferred Taxes
“Non-recurring” charges:
Restructuring and Integration Charges
Acquisition-related Transaction Costs
Legal Settlements
IPR&D (Cash and non-Cash)
Gain/loss on early extinguishment of debt
Non-Cash items included in Cash EPS
Stock Based Comp
Depreciation
111
113. Restructuring, Integration and
Acquisition Related Costs
“Acquisition-related Restructuring and Integration Costs”:
Employee severance and/or relocation
Contract termination costs
Costs to consolidate or close facilities (including manufacturing)
Other associated costs:
Duplicative labor during transition period
Professional fees (consulting, temporary labor)
Systems integration costs
Travel related costs for which the primary purpose is related to
integration
“Acquisition-related Transaction Costs”:
Professional fees for advisory, brokerage, legal, accounting, valuation
Travel related costs for which the primary purpose is related to the
acquisition
112
114. Presentation of Non-GAAP
Adjustments
Alliance Amortization of
product Contingent Restructuring, deferred financing
assets & Stock-based consideration acquisition- Amortization & costs, debt (Gain) Loss on
Inventory pp&e step- compensation fair value related and other Legal other non-cash discounts and ASC extinguishment
step-up up step-up adjustment costs settlements charges 470-20 interest of debt Tax
Product Sales -- -- -- -- -- -- -- -- -- --
Cost of goods sold X X X -- -- -- X -- -- --
Cost of Alliances -- X -- -- -- -- -- -- -- --
Selling, general and administrative ("SG&A") -- X X -- -- -- X -- -- --
Research and development -- X X -- -- -- -- -- -- --
Acquired in-process research and development -- -- -- -- -- -- -- -- -- --
Legal settlements -- -- -- -- -- X -- -- -- --
Contingent consideration fair value adjustments -- -- -- X -- -- -- -- -- --
Restructuring, acquisition-related and other costs -- -- -- -- X -- -- -- -- --
Amortization of intangible assets -- -- -- -- -- -- X -- -- --
Interest expense, net -- -- -- -- -- -- -- X -- --
(Gain) loss on extinguishment of debt -- -- -- -- -- -- -- -- X --
Tax -- -- -- -- -- -- -- -- -- X
113