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 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 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.
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 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 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.
Valeant reported financial results for the first quarter of 2015 with total revenue increasing 16% year-over-year to $2.19 billion. Cash EPS grew 34% to $2.36. Organic growth across businesses was strong at 15% overall and 21% on a pro forma basis including recently acquired companies. Valeant increased full-year 2015 Cash EPS guidance to $10.90-$11.20 due to outperformance. Integrations of Salix and Dendreon were largely complete with both acquisitions expected to deliver significant synergies. Top-selling products such as Jublia, Wellbutrin, and Isuprel contributed strongly to revenue growth.
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 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 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.
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 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 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.
Valeant reported financial results for the first quarter of 2015 with total revenue increasing 16% year-over-year to $2.19 billion. Cash EPS grew 34% to $2.36. Organic growth across businesses was strong at 15% overall and 21% on a pro forma basis including recently acquired companies. Valeant increased full-year 2015 Cash EPS guidance to $10.90-$11.20 due to outperformance. Integrations of Salix and Dendreon were largely complete with both acquisitions expected to deliver significant synergies. Top-selling products such as Jublia, Wellbutrin, and Isuprel contributed strongly to revenue growth.
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 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 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.
This presentation provides an overview of the company. Key points include:
- The company is a fast growing cancer genetics lab serving oncologists, pathologists, and hospitals.
- Recent acquisition of Clarient is expected to more than double revenue and more than triple adjusted EBITDA in 2016.
- The company has a large addressable market of $5 billion that is growing due to cancer prevalence increasing with an aging population and more cancer tests through precision medicine.
- Recent financial performance shows year-over-year revenue growth of 142% and adjusted EBITDA growth of 224% for the first three quarters of 2016, which includes the effects of the Clarient acquisition.
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.
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.
The document discusses Monsanto's third-quarter 2008 financial results. Key points include:
- Net sales increased 26% to $3.6 billion and net income increased 42% to $811 million compared to third quarter 2007.
- Earnings per share on an ongoing basis increased 41% to $1.45 per share.
- The company expects earnings per share growth of approximately 70% for 2008.
- Monsanto targets continued 1-2 point market share gains for its corn and soybean brands in key countries in 2009.
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.
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.
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.
Cardinal Health Q2 FY 2016 Earnings PresentationCardinal_Health
- Cardinal Health reported financial results for Q2 FY2016 with total revenue of $31.4 billion, a 23% increase over Q2 FY2015. Operating earnings were $563 million, a 3% increase.
- The Pharmaceutical segment saw a 25% revenue increase to $28.3 billion and a 16% increase in segment profit to $627 million due to growth from existing and new customers as well as acquisitions.
- The Medical segment reported a 9% revenue increase to $3.2 billion, while segment profit declined 8% to $106 million, which includes a $21 million impact from Cordis-related inventory fair value step-up.
- Quest Diagnostics reported strong financial results for Q2 2006, with revenues increasing 15% and EPS growing to $0.78 excluding impacts from NID.
- Organic growth was driven by increases in gene-based women's health tests, cardiovascular tests, and allergy testing. The acquisition of Focus Diagnostics further strengthened esoteric testing.
- Guidance for 2006 was reiterated with revenues expected to grow 15% and operating income margins of 17.5%, excluding discontinued operations from NID.
- 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.
McKesson and Cardinal Health Comparative AnalysisJorge Santillan
The document provides an introduction to McKesson Corporation, describing its two business segments of pharmaceutical distribution and healthcare information technology solutions. It then states that a financial analysis of McKesson and one of its competitors, Cardinal Health, will be conducted using financial statements from 2013, 2012 and 2011 to determine which company would provide a better return on investment for investors. Descriptions of both McKesson and Cardinal Health are also provided.
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 reported financial results for Q1 FY2016 with revenue increasing 17% year-over-year to $28.1 billion and non-GAAP diluted EPS increasing 38% to $1.38.
- The Pharmaceutical segment saw a 19% revenue increase to $25.1 billion and a 46% increase in segment profit to $657 million due to growth from existing and new customers.
- The Medical segment reported a 2% revenue increase to $2.9 billion but an 11% decline in segment profit to $101 million primarily due to Cardinal Health's Canada business.
- For FY2016, Cardinal Health expects mid-teens revenue growth and non-GAAP diluted EPS between
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.
The document provides an overview of The Coca-Cola Company's 2020 outlook. It discusses non-GAAP financial measures and the inability to reconcile certain projected 2020 metrics to GAAP due to uncertainties. It also notes forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from expectations.
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.
- HealthWarehouse.com is an online pharmacy founded in 2007 that aims to provide affordable medications and health tools to consumers nationwide.
- It has experienced strong revenue and prescription growth in recent years and aims to further grow by enhancing its online portal and pursuing strategic acquisitions.
- The company sees opportunities in disrupting the traditional drug supply chain model by eliminating inefficiencies and providing price transparency to consumers.
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
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 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.
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 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.
This presentation provides an overview of the company. Key points include:
- The company is a fast growing cancer genetics lab serving oncologists, pathologists, and hospitals.
- Recent acquisition of Clarient is expected to more than double revenue and more than triple adjusted EBITDA in 2016.
- The company has a large addressable market of $5 billion that is growing due to cancer prevalence increasing with an aging population and more cancer tests through precision medicine.
- Recent financial performance shows year-over-year revenue growth of 142% and adjusted EBITDA growth of 224% for the first three quarters of 2016, which includes the effects of the Clarient acquisition.
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.
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.
The document discusses Monsanto's third-quarter 2008 financial results. Key points include:
- Net sales increased 26% to $3.6 billion and net income increased 42% to $811 million compared to third quarter 2007.
- Earnings per share on an ongoing basis increased 41% to $1.45 per share.
- The company expects earnings per share growth of approximately 70% for 2008.
- Monsanto targets continued 1-2 point market share gains for its corn and soybean brands in key countries in 2009.
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.
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.
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.
Cardinal Health Q2 FY 2016 Earnings PresentationCardinal_Health
- Cardinal Health reported financial results for Q2 FY2016 with total revenue of $31.4 billion, a 23% increase over Q2 FY2015. Operating earnings were $563 million, a 3% increase.
- The Pharmaceutical segment saw a 25% revenue increase to $28.3 billion and a 16% increase in segment profit to $627 million due to growth from existing and new customers as well as acquisitions.
- The Medical segment reported a 9% revenue increase to $3.2 billion, while segment profit declined 8% to $106 million, which includes a $21 million impact from Cordis-related inventory fair value step-up.
- Quest Diagnostics reported strong financial results for Q2 2006, with revenues increasing 15% and EPS growing to $0.78 excluding impacts from NID.
- Organic growth was driven by increases in gene-based women's health tests, cardiovascular tests, and allergy testing. The acquisition of Focus Diagnostics further strengthened esoteric testing.
- Guidance for 2006 was reiterated with revenues expected to grow 15% and operating income margins of 17.5%, excluding discontinued operations from NID.
- 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.
McKesson and Cardinal Health Comparative AnalysisJorge Santillan
The document provides an introduction to McKesson Corporation, describing its two business segments of pharmaceutical distribution and healthcare information technology solutions. It then states that a financial analysis of McKesson and one of its competitors, Cardinal Health, will be conducted using financial statements from 2013, 2012 and 2011 to determine which company would provide a better return on investment for investors. Descriptions of both McKesson and Cardinal Health are also provided.
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 reported financial results for Q1 FY2016 with revenue increasing 17% year-over-year to $28.1 billion and non-GAAP diluted EPS increasing 38% to $1.38.
- The Pharmaceutical segment saw a 19% revenue increase to $25.1 billion and a 46% increase in segment profit to $657 million due to growth from existing and new customers.
- The Medical segment reported a 2% revenue increase to $2.9 billion but an 11% decline in segment profit to $101 million primarily due to Cardinal Health's Canada business.
- For FY2016, Cardinal Health expects mid-teens revenue growth and non-GAAP diluted EPS between
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.
The document provides an overview of The Coca-Cola Company's 2020 outlook. It discusses non-GAAP financial measures and the inability to reconcile certain projected 2020 metrics to GAAP due to uncertainties. It also notes forward-looking statements are subject to risks and uncertainties that could cause actual results to differ from expectations.
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.
- HealthWarehouse.com is an online pharmacy founded in 2007 that aims to provide affordable medications and health tools to consumers nationwide.
- It has experienced strong revenue and prescription growth in recent years and aims to further grow by enhancing its online portal and pursuing strategic acquisitions.
- The company sees opportunities in disrupting the traditional drug supply chain model by eliminating inefficiencies and providing price transparency to consumers.
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
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 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.
- 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
Kamada - Q42023 Results Presentation - March 2024KAMADA
Kamada held an investors meeting to discuss its financial results and growth outlook. Kamada achieved its 2023 revenue guidance of $142.5 million and adjusted EBITDA of $24.2 million. It expects double-digit revenue and profitability growth in 2024 to a range of $156-160 million in revenues and $27-30 million in adjusted EBITDA. Kamada has 6 FDA-approved plasma products and is pursuing additional plasma collection centers in the US. It is also conducting a Phase 3 trial of an inhaled alpha-1 antitrypsin treatment for AAT deficiency, targeting a potential $1 billion market.
Camil is a leading food company in Latin America with iconic brands in grains, sugar, pasta, canned fish and coffee. It has a wide distribution network across Brazil, Uruguay, Chile, Peru and Ecuador. Camil has a resilient business model with stable margins supported by weekly price adjustments. The company has opportunities for continued organic and inorganic growth through its established platform and experience in M&A integration. Camil also has a strong balance sheet and commitment to good governance and ESG practices.
This document discusses Diplomat Pharmacy's business and financial performance. It summarizes Diplomat's growth strategies, including expanding into high-margin businesses like specialty infusion, growing key therapeutic areas in oncology and immunology, and pursuing strategic partnerships and acquisitions. The document also outlines Diplomat's competitive advantages in the specialty pharmacy market and its multiple avenues for continued strong growth and financial performance.
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.
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.
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
- Gross billings for Q1 2014 were $717.2 million, an increase of 27.8% over Q1 2013, boosted by a $100 million contribution from TD related to Aeroplan program changes.
- Adjusted EBITDA was $132.6 million for Q1 2014, an increase of 60.1% over Q1 2013.
- Free cash flow before dividends paid was $60.5 million for Q1 2014, compared to negative $9.5 million for Q1 2013, driven by strong growth in gross billings and lower than expected redemptions.
Markit reported financial results for Q4 and full year 2014 with revenue increasing 11.3% and 12.4%, respectively. Adjusted EBITDA grew 15% in Q4 and 15.9% for the full year. All business segments saw revenue growth in 2014, with Solutions growing the fastest at 31.7% followed by Processing at 7.4% and Information at 5.9%. Net debt was reduced by 36.3% through strong operating cash flow and capital expenditure control.
Cardinal Health Q4 FY 2016 Earnings PresentationCardinal_Health
- Cardinal Health reported Q4 FY2016 revenue of $31.4 billion, a 14% increase over Q4 FY2015. Operating earnings increased 11% to $620 million.
- For FY2016, Cardinal Health reported record revenue of $121.5 billion, a 19% increase over FY2015. Operating earnings increased 14% to $2.5 billion.
- For FY2017, Cardinal Health expects revenue to increase in the high-single digit percentage range compared to FY2016. Non-GAAP diluted EPS is expected to be between $5.48 to $5.73.
Valvoline provided an overview and review of its fiscal first quarter 2017. It discussed its position as a leading engine and automotive maintenance brand in North America with sales across three segments: Core North America (51%), Quick Lubes (24%), and International (25%). Valvoline also highlighted its iconic brand, premium products, strong quick lube channel, history of innovation, international growth opportunities, independent organization, and multi-channel route to market as strengths driving its continued growth and strong free cash flow generation.
- The document is a presentation by Opower, a cloud software company serving utilities, discussing its business operations and financial outlook.
- It notes Opower's sustained revenue growth since 2010, leadership position in the energy efficiency market, and large total addressable market of $11 billion.
- The presentation provides Opower's long-term financial targets, including gross margin of 68-72% and adjusted EBITDA margins of 20-24%, and discusses its strong backlog and revenue visibility through contracted clients.
- Cardinal Health reported financial results for its third quarter of fiscal year 2014, ended March 31, 2014.
- Total revenue decreased 13% to $18.8 billion compared to the same period last year, driven by the expiration of a contract with Walgreens, partially offset by growth with new and existing customers.
- Operating earnings were $508 million, a 7% increase, and non-GAAP operating earnings were $561 million, a 3% decrease.
- Cardinal Health reported financial results for its third quarter of fiscal year 2014, ended March 31, 2014.
- Total revenue decreased 13% to $18.8 billion compared to the same period last year, driven by the expiration of a contract with Walgreens, partially offset by growth with new and existing customers.
- Operating earnings were $508 million, a 7% increase, and non-GAAP operating earnings were $561 million, a 3% decrease.
- Cardinal Health reported Q4 FY2015 revenue of $27.5 billion, an increase of 20% from Q4 FY2014. Operating earnings were $558 million, an increase of 44%.
- Revenue growth was driven by the pharmaceutical segment due to new and existing customer growth. Operating earnings increased due to strong generics program performance and growth.
- For FY2015, revenue increased 13% to $102.5 billion. Non-GAAP operating earnings grew 16% to a record $2.5 billion. Non-GAAP diluted EPS increased 14% to $4.38.
InfraREIT provided a corporate update and summarized its Q4 2015 and full year 2015 performance. Key points include:
- Q4 2015 and full year 2015 financial results were in line with expectations and showed growth over the prior year.
- InfraREIT is updating its estimates for footprint capital expenditures from 2016-2018 to be in the range of $640-740 million.
- InfraREIT initiated 2016 guidance for CAD per share, non-GAAP EPS, and dividends per share.
- Two ROFO projects under construction by Hunt were discussed, with potential future acquisition by InfraREIT.
Bapcor reported strong results for FY2016 with revenue up 82.7% and EPS growth of 31%. The acquisition of ANA contributed significantly to revenue growth. Burson Trade and Autobarn also achieved solid same store sales growth. Bapcor's strategic focus remains on growing its brands and expanding its national footprint across all divisions.
Similar to 20150218 investor document 4 q final2 (20)
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 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.
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.
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 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 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
- 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
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.
The document discusses Valeant Pharmaceuticals' acquisition of Medicis. It notes that the combination creates a global leader in dermatology by strengthening Valeant's medical dermatology portfolio and bringing critical mass in aesthetic dermatology. The acquisition results in a highly complementary product portfolio and pipeline that will drive growth. Valeant is now the largest U.S. dermatology company based on sales. An integration update provides details on leadership, synergies, pipeline opportunities, and reflections on integrating the success drivers of both companies.
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2. 1
Forward-looking Statements
Forward-looking Statements
Certain statements made in this presentation may constitute forward-looking statements, including, but not limited to, statements regarding guidance
with respect to expected revenues, non-GAAP cash earnings per share, adjusted cash flows from operations and organic
product sales growth, future disclosures, patent exclusivity, launches and approvals of products, business development activities, share buybacks,
and the 2015 strategic initiatives of Valeant Pharmaceuticals International, Inc. (the “Company”), as well as the proposed acquisition by the
Company of Salix Pharmaceuticals, Ltd. (“Salix”), expected timing and benefits of the transaction, as well as the impact of the transaction on the
Company’s future cash earnings per share. Forward-looking statements may be identified by the use of the words “anticipates,” “expects,” “intends,”
“plans,” “could,” “should,” “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, the risk that the acquisition will not close when expected or at all; the risk that Valeant’s business and/or Salix’s business will be adversely
impacted during the pendency of the acquisition; the risk that the operations of the two companies will not be integrated successfully; and risks and
uncertainties discussed in the Company's most recent annual or quarterly report filed with the Securities and Exchange Commission ("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.
The Company 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 preliminary results and guidance with respect to cash earnings per share, adjusted cash flows from operations
and organic product growth rates, which are non-GAAP financial measures. The Company has not provided a reconciliation of these preliminary and
forward-looking non-GAAP financial measures due to the difficulty in forecasting and quantifying the exact amount of the items excluded from the
non-GAAP financial measures that will be included in the comparable GAAP financial measures. Reconciliations of historical non-GAAP financials
can be found at www.valeant.com.
Note 1: The guidance in this presentation is only effective as of the date given,
February 23, 2015, and will not be updated or affirmed unless and until the
Company publicly announces updated or affirmed guidance.
3. 2
Additional Information
Additional Information
The tender offer described in this presentation has not yet commenced and this presentation is not a recommendation or an offer to purchase or a
solicitation of an offer to sell shares of Salix. At the time the tender offer is commenced Sun Merger Sub, Inc. and the Company will file a Tender
Offer Statement on Schedule TO, containing an offer to purchase, form of letter of transmittal and related tender offer documents, with the SEC, and
Salix will file a Solicitation/Recommendation Statement on Schedule 14D-9 relating to the tender offer with the SEC. The Company and Salix intend
to mail these documents to the stockholders of Salix. These documents, as they may be amended from time to time, will contain important
information about the tender offer and stockholders of Salix are urged to read them carefully when they become available. Stockholders of Salix will
be able to obtain a free copy of these documents, when they become available, at the website maintained by the SEC at www.sec.gov. In addition,
the Tender Offer Statement and other documents that the Company files with the SEC will be made available to all stockholders of Salix free of
charge at www.valeant.com. The Solicitation/Recommendation Statement and the other documents filed by Salix with the SEC will be made
available to all stockholders of Salix free of charge at www.salix.com.
4. 3
1. Fourth Quarter and Full Year 2014 Results
2. Q1 2015 Guidance
3. Dendreon and Salix Update
Agenda
5. 4
Q4 2014 Q4 2013 Y/Y %
Total Revenue $2.3B $2.1B 10%
Cash EPS(a)
$2.58 $2.15 20%
GAAP Cash Flow from Operations $816M $280M 191%
Adjusted Cash Flow from
Operations(a) $624M $607M 3%
(a) Excludes $287 million net gain from Allergan transaction, net of fees and out-of-pocket expenses
At constant currency rates:
1) Revenue would be $2.4B, or an increase of 16% Y/Y
2) Cash EPS would be $2.73, or an increase of 27% Y/Y
Q4 2014 Financial Results
6. 5
Guidance
Q4 2014
Results
Q4 2014
Organic Growth –
Total Company
Same Store Sales
>12% 16%
Organic Growth –
Bausch +Lomb
>10% full year 2014
Q4 8%
Full Year 11%
Total Revenue ~$2.2B $2.3B
Cash EPS $2.55+ $2.58
Adjusted Cash Flow from
Operations
~$600M $624M
Restructuring & Integration
Costs
~$50M $47M
Total revenue and Cash EPS above October guidance, despite FX impact
to revenue of $(42M) and Cash EPS impact of $(0.09)
Q4 2014 Results
7. 6
(a) As reported.
(b) Excludes injectables for Q1 and Q2 in YTD organic growth.
Same Store Sales – Y/Y growth rates for businesses that have
been owned for one year or more
Q1 2014(a)
Q2 2014(a)
Q3 2014 Q4 2014 2014(b)
Total U.S. 2% 5% 29% 28% 19%
Total Developed 1% 2% 22% 20% 14%
Total Emerging Markets 3% 8% 12% 6% 8%
Total Company 1% 4% 19% 16% 13%
Pro Forma – Y/Y growth rates for entire business, including
businesses that have been acquired within the last year
Q1 2014(a)
Q2 2014 (a)
Q3 2014 Q4 2014 2014(b)
Total U.S. 3% 9% 24% 27% 17%
Total Developed 3% 7% 18% 19% 13%
Total Emerging Markets 4% 10% 9% 6% 8%
Total Company 4% 8% 16% 15% 11%
2014 Organic Growth Including All Generic Impact
8. 7
Country/Region Q4 2014
Product
Sales
Y/Y% 2014 Since
Acquisition
(8/5/13)
United States $386M 8% 12% 13%
Consumer $102M 4% 12% 11%
Rx Pharma $118M 7% 11% 13%
Surgical $56M -4%(a) 4% 8%
Contact Lens $43M 13% 16% 14%
Generics $67M 29% 21% 25%
Other Developed
Markets
$264M 2% 6% 4%
Emerging Markets $211M 15% 14% 14%
Total $861M 8% 11% 10%
Bausch + Lomb Organic Growth
(a) Y/Y growth reflects shift in commercial model from sale of Victus lasers to lease arrangements.
Excluding the impact of this change, Q4 organic growth is flat and FY organic growth is 5%
9. 8
Top 20 products revenue of $795M in Q4 2014, representing 36% of total
revenue
Top 20 products grew 28% Q4 2014 over Q4 2013 and 20% YTD
All 20 products grew in Q4 2014 over Q4 2013
Jublia now our 4th largest product
Top 20 products demonstrate diversification
Largest product contributed ~3.6% of Q4 revenue
Top 10 products contributed 24% of Q4 revenue
Mix of products includes Rx, OTC, and devices
2014 Top 20 Global Brands
12. 11
Dermatology, $425M Revenues, 70% Y/Y Growth
Strong growth for promoted brands, e.g. Solodyn, Elidel, Retin-A Franchise
JUBLIA launch continues strong growth trend
4Q sales of $54M; Annualized run rate >$200M
Weekly scripts are now above 20,000, yielding an annualized run rate of ~$250M
DTC campaign now driving primary care physician prescribing to ~40% of script volume
LUZU TRx up 12%, sequentially
Retin-A Micro 0.08% TRx up ~200%, sequentially
Consumer, $141M Revenues, 6% Y/Y Growth
CeraVe - fastest growing (major) skin care brand: 49% growth Y/Y
PreserVision AREDS 2 - #1 selling Vitamin SKU(a): 17% growth Y/Y based on consumption
Entire PreserVision brand grew 14% Y/Y
BioTrue Multipurpose Solution: 7% growth Y/Y
(a) Source: IRI consumption data.
Q4 U.S. Business Highlights (1/3)
13. 12
Ophthalmology Rx, $132M Revenues, 8% Y/Y Growth
Continued strong performance of Prolensa, and Lotemax franchise
Contact Lenses, $43M Revenues, 13% Y/Y Growth
3rd straight quarter of double digit growth
Market share now 10%(a) in the U.S.; 3% point market share improvement since
acquisition (8/13)
Ultra continues to gain momentum
Total revenues for Ultra were $4.2 million – capped due to capacity constraints
First Ultra commercial manufacturing line expected to come on-line in Q2, with
second line up in Q4
Signed strategic partnership with Vision Source, the largest independent doctor
alliance group, across all brands and solutions
(a) Source: GfK
Q4 U.S. Business Highlights (2/3)
14. 13
Surgical, $57M Revenues, -5% Y/Y Growth
Number of cataract surgeries flat in Q4, continuing into Q1; given demographics, we expect a
rebound to historic growth rates
Decline in Excimer laser sales
Continuing to gain share in IOLs and Femtosecond lasers with increased sales of Victus machines
Neuro & Other/Generics, $453M Revenues, 28% Y/Y Growth
Neuro & Other growth driven by Xenazine, Wellbutrin XL, Cuprimine/Syprine and Virazole
Generics business continues to benefit from competitor stock outs and AG launches
Dental, $41M Revenues, 38% Y/Y Growth
Continued growth from Arestin and 2014 product launches (Onset, Ossix Plus)
Q4 U.S. Business Highlights (3/3)
15. 14
Emerging Markets-Europe/Middle East, $267M Revenues, 9% Y/Y Growth
Strong performance despite significant FX headwinds
33% Y/Y growth excluding the impact of FX; FX impact on European Emerging Markets: ~ $(60M) in revenue
13% organic growth in Russia
> 20% organic growth in Middle East; Medpharma off to a terrific start
Emerging Markets-Asia, $143M Revenues, 12% Y/Y Growth
15% Y/Y growth excluding the impact of FX
Continued strong growth in a number of countries including China (12%), Korea (15%), and Malaysia (24%)
In Q1, Bescon lenses launched in China, Korea, and Japan; expanding capacity to meet demand in Asia and
rest of world
Armoxindo (Indonesia) acquisition off to a strong start
Emerging Markets-Latin America, $113M Revenues, -7% Y/Y Growth
3% Y/Y growth excluding the impact of FX
11% organic growth in Mexico
Brazil continues to struggle due to slower market growth and weakness in the Probiotica business
ROW Developed, $423M Revenues, -13% Y/Y Growth
-5% Y/Y growth excluding the impact of FX
Significant currency headwinds: Euro, Yen, Canadian Dollar, Australian Dollar
Both Western Europe and Japan grew organically at low single digits
Australia and Canada with flat organic growth due to patent expiries: Wellbutrin (Canada) and Aldara and
Tambocor (Australia); but we expect to return to growth in the first half of 2015
Q4 Rest of World Business Highlights
16. 15
B+L Restructuring and Integration charges were $15M for the quarter, down from $36M in
Q3
In Q4, $29 million relates to deals closed in 2014 including Solta (Q1), ECR (Q2), Croma
(Q3), Precision (Q3), Bescon (Q3), and MedPharma (Q4)
Only $3 million of Q4 restructuring and integration charges relate to deals closed more than
12 months ago and was primarily due to the closure of an Obagi facility
Excluding Dendreon and Salix, restructuring and integration charges will continue to trend
to zero
We expect restructuring and integration charges equivalent to ~65% of annual
synergies for both Dendreon and Salix
Q1 Q2 Q3
Q1 2015 Q2 2015
Q4 Estimate
(a)
Estimate
(a)
Restructuring / Integration
Expense
$135M $143M $63M $47M < $25M < $15M
Restructuring and Integration Charges
(a) Excludes Dendreon and Salix restructuring and integration charges
17. 16
Q1 Q2 Q3 Q4 Full year
Adjusted Net Income 600 651 719 880 2,850
GAAP Cash Flow
from Operations 484 376 619 816 2,295
Adjusted Cash Flow
from Operations (a)
636 500 771 624 2,532
Cash conversion 89%
Investment in
Working Capital 43 166 13 343 565
Adjusted Q4 cash flow impacted by the acceleration of interest
payments for the repayment of $945 million of bonds in Q4 and
increase in prepaid expenses, including cost of DTC campaigns
associated with new product launches
Full Year 2014 Cash Flow from Operations
(a) Excludes $287 million gain from Allergan transaction in Q4 and YTD 2014
18. 17
Significant deleveraging in 2014 from 4.5x adjusted pro forma EBITDA to
3.5x
Debt reduced from $17.6B to $15.4B in 2014
Repaid $1.2B debt in Q4, including $945M bonds and $255M Term Loan
Accounts Receivable DSO* in line with previous quarters (calculated
using gross sales):
Q1 2014: 72 Days
Q2 2014: 66 Days
Q3 2014: 64 Days
Q4 2014: 66 Days
Due to changes in product mix and higher gross sales, accounts
receivable increased by $196M with an offsetting increase in accrued
liabilities of ~$123M related to rebates, returns and allowances
Net increase of ~$73M in receivables net of accrued liabilities in Q4 vs. Q3 2014
against $224M increase in net sales
* Gross revenue is disclosed in 10K for calculation purposes
Balance Sheet
20. 19
Organic growth of 10-15% for total company
Strong performance in a number of our businesses, including:
U.S.: Dermatology, Contact Lenses, Dentistry, Obagi, Consumer
Ex-U.S.: China, Thailand, Malaysia, Mexico, Middle East, Poland
Continued momentum in 2014 launch brands: Jublia, Ultra, Retin-A Micro 0.08%
Strong early days for Onexton
Soft market conditions in Western Europe and Russia will result in low single-digit
organic growth for both Western Europe and EMENA businesses in Q1
Expect Cash EPS of at least $2.30 per share
Outperformance in the U.S. will continue to offset foreign exchange headwinds
Plan to update 2015 guidance on Q1 2015 conference call to reflect:
Dendreon: expected to be accretive in 2015
Salix: due to work-down of wholesaler inventory levels, expected to be modestly
accretive in 2015, but >20% accretive in 2016
Base business outperformance
Q1 2015 Guidance
22. 21
Dendreon
Purchased assets for $415M net of cash
Represents 1.3x sales
The increased $15M from the original $400M was for a pipeline product and tax attributes
Oncology is a platform that fits the Valeant business model
Strong market growth
Concentrated specialist prescribers where relationships matter
Some large pharma companies beginning to de-emphasize
Favorable reimbursement
Opportunity to invest in targeted R&D for additional indications
A company that fits our investment criteria
Provenge, a unique immunotherapeutic, is durable, and we believe we can accelerate its growth
Provides significant optionality, establishing a platform for additional tuck-in acquisitions
Under-managed company; infrastructure built for a $1B+ product
Financially compelling transaction
Synergies of ~$130M+ (including manufacturing) excluding benefit of VRX corporate structure
Ability to increase gross margin to approximately 65% by the end of 2015, with a longer term
plan to reach ~80%
IRR of ~30% at statutory tax rates, with a cash payback of ~5 years
24. 23
Transaction Highlights
Acquiring all outstanding shares for $158.00 per share in cash
Enterprise value of approximately $14.5 billion
Fully committed financing from a syndicate of banks led by Deutsche Bank and HSBC
Expected to close in the second quarter of 2015
Transaction creates a new specialty platform for growth
Branded GI market is growing at 5%
Salix’s key promoted products are showing strong double digit growth
Expected near-term approval for IBS-D indication of Xifaxan, providing an additional catalyst for
future growth
The launch of Uceris Foam and the approval of Relistor Oral will also contribute to future growth
Attractive near-term pipeline
Compelling returns for Valeant shareholders
Expected to achieve run rate cost synergies of >$500 million across combined company cost base
within six months
From a 2015 ~$750M Salix OPEX base and a ~$3.2B combined company OPEX base
Does not include any benefits of Valeant’s corporate structure
No planned reductions to Salix’s Specialty sales forces or Hospital, Key Account, and Field
Reimbursement teams; optimal size of Primary Care sales force to be evaluated
IRR and cash payback in-line with our other large transactions
Greater than 20% accretive in 2016
25. 24
Salix is an Attractive Entry Into a Growing
Therapeutic Area
Concentrated specialist prescriber population
Sales representative and prescriber relationship matters
Less of a priority for many larger pharmacos
Favorable reimbursement
Opportunity for low-risk, incremental innovation
Market segment growth higher than average
Strong underlying volume growth in core products
Attractive short-term pipeline
Significant opportunity to create value through application
of Valeant operating model
Financially compelling returns
Platform for value-added tuck-in acquisitions
Criteria Salix
GI
market
Salix
26. 25
Attractive market fundamentals
▪ Growing market with attractive sub-
segments
▪ Significant patient unmet needs, since
illnesses are:
– Typically chronic
– Damaging to quality of life
– Undertreated
▪ Strong potential to significantly expand
the IBS-D market through DTC and
other commercial levers
▪ Majority of prescribing influenced by a
concentrated specialist GI population
▪ Competition primarily mid-sized and
smaller players
Why Gastrointestinal?
1 Excludes gastroesophageal reflux disorder and includes estimated GI revenue of major immunomodulators
2 Other includes opioid induced constipation, ulcers, hemorrhoids, pancreatic insufficiency, etc.
SOURCE: EvaluatePharma, CDC
800
850
750
750
750
+5%
CAGR
Inflammatory
Bowel Disease
and Irritable
Bowel Syndrome
Diarrhea
Ulcers
Pancreatic
insufficiency
Constipation
300
2014 2019E
Other2
550
1,600
11,200
5,000
6,700
650
1,200
8,700
U.S. Branded GI drug sales1
USD MM
27. 26
(a) Source: IMS
Salix at a Glance
Mid-sized specialty pharma company that is a clear
leader in the GI market
Ranked #1 GI sales force 3 of the past 4 years(a)
Xifaxan comprises ~50% revenue
Approved for Hepatic Encephalopathy (HE) and
Traveler’s Diarrhea
PDUFA date for IBS-D – May 27, 2015
Other major products for Ulcerative Colitis (Apriso
and Uceris) and opioid induced constipation
(Relistor) with attractive growth prospects
Attractive, low-risk short-term pipeline
Xifaxan IBS-D indication
Relistor oral indication (approval expected
2016/2017)
Xifaxan Crohn’s indication
Xifaxan Early decompensated liver cirrhosis
indication
Traveler’s Diarrhea &
Hepatic Encephalopathy (HE)
Ulcerative Colitis
Ulcerative Colitis
Opioid Induced Constipation
29. 28
Salix Adds Another Growth Platform in
the U.S.
2015(E) Valeant U.S. Revenue 2015(E) Pro Forma U.S. Combined Company
Revenue
1 Excludes the impact of wholesaler inventory levels
Gastrointestinal1
24%
Neurology&Other/
Dental/Gx
30%
Consumer
8%
Dermatology
Rx22%
Eye Health
12%
Oncology 4%
Eye Health
29% Dermatology
Rx
11%
16%
39%
5%
Neurology&Other/
Dental/Gx
Consumer
Oncology
Total: ~$5.9B Total: ~$7.9B
30. 29
On November 6, 2014 Salix disclosed that it had 5-9 months of
inventory of its top four products at wholesalers
Valeant has conducted extensive due diligence and taken into
account Salix’s wholesaler inventory levels and remediation plan,
as well as associated potential litigation and regulatory exposure
Valeant expects to work down wholesaler inventory and plans to
target two months or less of inventory by year-end 2015
The net impact of the plan to reduce wholesaler inventory levels
on 2015 revenues is expected to be greater than ~$500 million
Wholesaler Inventory Management
31. 30
Product
Condition/
Indication
Patent
Expiry Competitive advantage
2015E revenue1
(% contribution)
Base case
volume
growth
assumptions
2015(E) vs.
2014
Xifaxan
Hepatic
encephalopathy/
Travelers’
diarrhea
2029
Label expansion expected into
IBS-D
$900
(50%)
30%
Uceris Ulcerative colitis 2031
Favorable safety profile
Foam formulation to expand usage
$195
(10%)
40%
Apriso
Maintenance of
remission UC
20223 Strong formulary coverage
$150
(8%)
5%
Purgatives Colon cleansers 20182, 3
Moviprep differentiated by the
inclusion of ascorbic acid in its
formulation
$85
(4%)
0%
Relistor
Injection
OIC 2030
Recent label expansion for
treatment of patients on opioids for
chronic pain unrelated to cancer;
Relistor Oral approval expected
2016/2017
$80
(4%)
5%
Glumetza Type 2 diabetes 20163 Extended release formulation
allows more convenient dosing
$200
(10%)
5-10%
Key Products
($M)
1 Excludes the impact of wholesaler inventory levels
2 Patent expiry for Moviprep, which has majority of revenue
3 Reflects generic entry settlement date
32. 31
No planned reductions to Salix’s Specialty sales forces or Hospital, Key
Account, and Field Reimbursement teams; optimal size of Primary Care
sales force to be evaluated
Run-rate cost savings achieved within 6 months; expected integration
costs of ~65% of total annual synergies
Significant Combined Company Synergy
Opportunity
2015(E) Combined Cost
($M)
Synergies ($M) % Reduction
SG&A ~$2,700 ~$350 13%
R&D ~$450 ~$150 33%
Manufacturing
(COGS)
~$2,600 $0 0%
Total ~$5,750 >$500 9%
33. 32
Transaction is entirely debt financed
Transaction will be financed with a combination of bank debt (~35% of total) and bonds (~65% of
total)
Committed financing from Deutsche Bank, HSBC, MUFG, DNB Bank ASA, and SunTrust
Robinson Humphrey, Inc.
$22.5B in committed debt consisting of $15B to finance the transaction and $7.5B to backstop
VRX’s existing secured debt while seeking amendment to credit agreement
~5.6x Net Debt/ Adjusted Pro Forma EBITDA
Negatively impacted by Salix’s artificially low EBITDA due to its plan to reduce wholesaler
inventory levels
Attractive deleveraging profile – company expects leverage to be below 4.0x by the second half of
2016
In 2016, Valeant expected to have pro-forma EBITDA in excess of $7.5 billion and free cash flow
in excess of $4.0 billion before any mandatory repayments
BD activity to focus on tuck-ins
In the near term, we continue to expect combined company tax rate of ~5%
Greater than 20% accretion in 2016
Modestly accretive in 2015 due to the plan to reduce wholesaler inventory levels
Financing and Financial Impact
34. 33
Enterprise Value
($ M)
Salix Equity
(65.7M fully diluted shares at $158/share)
$10,382
2015 Convertibles $1,181
2019 Convertibles $1,683
Term Loan $1,126
Senior Notes due 2021 (including
breakage)
$857
Estimated balance sheet cash/convert hedge unwind ~$(660)
Total enterprise value ~$14,500
Note: includes accrued interest; excludes fees and expenses
35. 34
2015 is off to a strong start
Many businesses are over-delivering against high expectations, e.g.,
U.S. Dermatology (e.g., Jublia, Onexton)
U.S. Contact Lens business and U.S. Consumer
Middle East and Africa
China
Salix: A new platform for growth
Attractive, growing market
Exciting portfolio of growth products
Attractive tuck-in opportunities
We will report Salix and Dendreon going forward as two U.S. business units, including
revenue and restructuring and integration charges; this will enable investors to see the
continued strong organic growth performance of our base business
Look forward to updating guidance on our Q1 conference call
Summary
37. 36
2014 2013 Y/Y %
Total Revenue $8.3B $5.8B 43%
Cash EPS $8.34 $6.24 34%
GAAP Cash Flow from Operations $2.29B $1.04B 120%
Adjusted Cash Flow from
Operations*
$2.53B $1.78B 42%
Cash Conversion 89% 87% N/A
* Excludes $287M gain from Allergan transaction
Full Year 2014 Financial Results
38. 37
• 4Q 2014 sales >$50 million
• Annualized run rate >$200 million
DTC TV
20,000+
Jublia Weekly TRx Growth Accelerating from
DTC
39. 38
• Strong integrated DTC campaign
igniting growth
• TV, Print, Digital to maximize
Super Bowl airing
• Reached an audience of >50M
Households, >114M People
• Generated more than 1.2 Billion
media impressions
• DTC activating largest pool of
patients who see PCPs
• PCPs are now largest group of
prescribers
New JUBLIA Football Commercial
Debuted During Super Bowl
40. 39
Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014
Total Revenue $2,064M $1,886M $2,041M $2,056M $2,280M
Cost of Goods Sold% (% of product sales) 26% 26% 28% 26% 24%
SG&A% (% of total revenue) 22% 26% 25% 24% 23%
R&D Expense $60M $61M $66M $59M $59M
Operating Margin (% of total revenue)
(excluding amortization) 49% 45% 44% 47% 50%
Cash EPS (Reported) $2.15 $1.76 $1.91 $2.11 $2.58
GAAP Cash Flow from Operations $280M $484M $376M $619M $816M
Adjusted Cash Flow from Operations* $607M $636M $500M $771M $624M
Fully Diluted Share Count 341M 342M 341M 341M 342M
* Excludes $287M gain from Allergan transaction
Financial Summary
41. 40
Significant Q4 FX headwinds from October spot rates
Q4 impact
• Revenue: ~$(42)M
• Cash EPS: ~$(0.09)
Russian Ruble (17.6)%
Euro (2.8)%
Japanese Yen (8.2)%
Polish Zloty (2.7)%
Mexican Peso (2.6)%
Australian Dollar (3.3)%
Brazilian Real (3.7)%
Serbian Dinar (3.6)%
Canadian Dollar (0.9)%
Singapore Dollar (2.9)%
British Pound (1.2)%
South Korean Won (2.2)%
Currency
Q4 Actual % Change
vs. 10/15/14
FX Impact on Q4 versus October
Guidance