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.
David Rubenstein's SuperReturn Presentationdanprimack
The global credit meltdown has significantly changed the private equity industry in several ways:
1) Dealmaking and fundraising have declined dramatically since 2007 as confidence has diminished and focus has shifted to preserving existing portfolio company values.
2) The nature of new investments has changed, with deals now being smaller in size and requiring more equity.
3) Exits have become more difficult, which will lead to lower returns and fewer distributions to investors.
4) The challenges facing the industry include adapting business models to the changed environment, improving communication with governments and investors, and strengthening limited partner relationships and trust.
This document summarizes Pfizer's fourth quarter 2007 earnings teleconference. It reports that Pfizer exceeded its 2007 revenue and EPS guidance. Key highlights included:
- Revenue increased 4% year-over-year in Q4 2007 and 1% for full year 2007. Adjusted diluted EPS increased 21% in Q4 2007 and 7% for full year.
- New products like Chantix, Lyrica and Sutent grew substantially and partially offset declines from products that lost exclusivity.
- 2008 guidance was increased, with revenue range increased and bottom end of EPS guidance also increased.
- Cost reduction initiatives continued to reduce expenses, with further savings expected in 2008.
1) This document summarizes Walgreen's fourth quarter 2008 conference call where they discussed financial results and growth strategies.
2) Key highlights included record sales and earnings for the 34th consecutive year, but slower growth in the fourth quarter.
3) Walgreen is focusing on controlling expenses through cost savings initiatives while expanding healthcare services and improving customer experience.
Nordion Third Quarter Fiscal 2012 Earnings Conference CallNordion
Nordion reported third quarter 2012 earnings. Revenue was $67.1 million. Targeted Therapies revenue grew 13% year-over-year due to new TheraSphere account growth. Sterilization Technologies revenue was flat as higher Co-60 shipments in Q3 offset lower volumes. Medical Isotopes revenue declined due to planned and unplanned shutdowns of the NRU reactor impacting volumes. Nordion remains focused on establishing a leadership position in interventional oncology and maintaining value in its sterilization and medical isotopes businesses.
The document summarizes NLMK's Q2 2012 financial results, including a 5% increase in revenue to $3.257 billion and a 38% increase in EBITDA to $596 million. Steel output increased 6% to 3.843 million tons due to higher production at NLMK's main facilities. While demand grew in Russia, global steel markets remained weak during the quarter. NLMK expects to maintain flat steel output of around 3.8 million tons in Q3 2012.
WEG reported financial results for the first quarter of 2012. Net operating revenue increased 21.6% compared to Q1 2011 though declined 6.7% from Q4 2011. EBITDA decreased 19.2% quarter-over-quarter due to factors including foreign exchange impacts on revenue and higher costs of goods sold, though volumes, prices and product mix changes partially offset declines. Cash sources included pre-tax income and new financing, while uses included dividend payments, capital expenditures, and acquisitions. Management provided outlook statements but noted various risks and uncertainties could impact future results.
walgreen Walgreen Co. First Quarter 2008 Earnings Conference finance4
The document summarizes Walgreen's first quarter 2008 conference call from December 21, 2007. It discusses Walgreen's financial highlights for the first quarter, including record sales and earnings. It also discusses strategies to improve operating efficiency through disciplined expense controls and continued organic expansion. Finally, it outlines Walgreen's strategy to strengthen its market leadership and deliver sustainable shareholder value through aggressive store expansion, healthcare service extensions, and value-creating acquisitions.
David Rubenstein's SuperReturn Presentationdanprimack
The global credit meltdown has significantly changed the private equity industry in several ways:
1) Dealmaking and fundraising have declined dramatically since 2007 as confidence has diminished and focus has shifted to preserving existing portfolio company values.
2) The nature of new investments has changed, with deals now being smaller in size and requiring more equity.
3) Exits have become more difficult, which will lead to lower returns and fewer distributions to investors.
4) The challenges facing the industry include adapting business models to the changed environment, improving communication with governments and investors, and strengthening limited partner relationships and trust.
This document summarizes Pfizer's fourth quarter 2007 earnings teleconference. It reports that Pfizer exceeded its 2007 revenue and EPS guidance. Key highlights included:
- Revenue increased 4% year-over-year in Q4 2007 and 1% for full year 2007. Adjusted diluted EPS increased 21% in Q4 2007 and 7% for full year.
- New products like Chantix, Lyrica and Sutent grew substantially and partially offset declines from products that lost exclusivity.
- 2008 guidance was increased, with revenue range increased and bottom end of EPS guidance also increased.
- Cost reduction initiatives continued to reduce expenses, with further savings expected in 2008.
1) This document summarizes Walgreen's fourth quarter 2008 conference call where they discussed financial results and growth strategies.
2) Key highlights included record sales and earnings for the 34th consecutive year, but slower growth in the fourth quarter.
3) Walgreen is focusing on controlling expenses through cost savings initiatives while expanding healthcare services and improving customer experience.
Nordion Third Quarter Fiscal 2012 Earnings Conference CallNordion
Nordion reported third quarter 2012 earnings. Revenue was $67.1 million. Targeted Therapies revenue grew 13% year-over-year due to new TheraSphere account growth. Sterilization Technologies revenue was flat as higher Co-60 shipments in Q3 offset lower volumes. Medical Isotopes revenue declined due to planned and unplanned shutdowns of the NRU reactor impacting volumes. Nordion remains focused on establishing a leadership position in interventional oncology and maintaining value in its sterilization and medical isotopes businesses.
The document summarizes NLMK's Q2 2012 financial results, including a 5% increase in revenue to $3.257 billion and a 38% increase in EBITDA to $596 million. Steel output increased 6% to 3.843 million tons due to higher production at NLMK's main facilities. While demand grew in Russia, global steel markets remained weak during the quarter. NLMK expects to maintain flat steel output of around 3.8 million tons in Q3 2012.
WEG reported financial results for the first quarter of 2012. Net operating revenue increased 21.6% compared to Q1 2011 though declined 6.7% from Q4 2011. EBITDA decreased 19.2% quarter-over-quarter due to factors including foreign exchange impacts on revenue and higher costs of goods sold, though volumes, prices and product mix changes partially offset declines. Cash sources included pre-tax income and new financing, while uses included dividend payments, capital expenditures, and acquisitions. Management provided outlook statements but noted various risks and uncertainties could impact future results.
walgreen Walgreen Co. First Quarter 2008 Earnings Conference finance4
The document summarizes Walgreen's first quarter 2008 conference call from December 21, 2007. It discusses Walgreen's financial highlights for the first quarter, including record sales and earnings. It also discusses strategies to improve operating efficiency through disciplined expense controls and continued organic expansion. Finally, it outlines Walgreen's strategy to strengthen its market leadership and deliver sustainable shareholder value through aggressive store expansion, healthcare service extensions, and value-creating acquisitions.
Sales for the first nine months of 2012 were up 11% to CHF 67.6 billion compared to the same period last year. Organic growth was 6.1% driven by pricing increases of 3.2% and real internal growth of 2.9%. The company saw continued growth in both developed and emerging markets and confirmed its full year outlook of 5-6% organic growth along with improved margins and earnings per share.
1) The document summarizes Quest Diagnostics' strong financial performance in 2008, with 8.1% revenue growth and 14% earnings growth.
2) It highlights various accomplishments in 2008, including joining lists of most admired companies, expanding medical leadership and test offerings, and growing digital services for patients and physicians.
3) The company provides guidance for continued revenue and earnings growth in 2009, with revenues expected to increase around 3% and EPS growing between 8-15%.
2011.08.10 H1 2012 roadshow presentation finalNestlé SA
The document summarizes Nestlé's financial results for the first half of 2012. Key highlights include consistent performance and steady momentum with organic growth of 6.6% and operating profit margin of 15.0%. All three regions (Europe, Americas, Asia/Oceania/Africa) saw continued growth. Major product categories like coffee, chocolate, ice cream, and pet care contributed strongly. Nestlé reconfirmed its guidance to deliver on its business model.
Genworth MI Canada Inc. reported solid third quarter 2012 results, with net operating income of $81 million. The company saw top line growth driven by high loan-to-value mortgage volumes. The loss ratio improved to 30% due to regional delinquency improvements. The company also increased its common dividend by 10% and maintains a strong capital base with a Minimum Capital Test ratio of 164%.
Intact Financial Corporation is Canada's largest home, auto, and business insurer. Some key points:
- Largest P&C insurer in Canada with $6.5B in direct premiums written and #1 in several provinces.
- Has significant scale advantage as the top 5 insurers represent 42.9% of the market while Intact alone has 16.5% market share.
- Consistently outperforms the industry, with combined ratios 3.8 points lower and return on equity 7.7 points higher over 10 years.
- In the first half of 2011, direct premiums grew 2% and the combined ratio was 96.7% compared to the industry average of
The document summarizes WEG's 4Q11 conference call. It provides an overview of WEG's financial highlights for 2011 including revenue growth, EBITDA margins, and net income. The presentation also reviews performance by market segment, cost breakdown, drivers of EBITDA growth, and sources and uses of cash. Key notes include 16% revenue growth year-over-year and higher sales in external markets helping to offset lower domestic sales.
110212 divulgação de resultados 4 t10 inglesMultiplus
1) Multiplus saw increases in points issued and redeemed in 4Q10 compared to 3Q10, along with higher gross billings.
2) They improved their breakage accounting methodology to better reflect a 12-month average ratio, lowering breakage liability and raising deferred revenue.
3) While points issued and gross billings grew, adjusted EBITDA declined in 4Q10 due to the breakage methodology change and higher points to be redeemed.
SEB Group reported lower profits in Q1 2008 compared to Q1 2007 and Q4 2007. Net profit declined 43% year-over-year and 51% quarter-over-quarter due to lower net interest income and net financial income. Total operating income and net fee and commission income also declined. Asset quality remained stable with a low credit loss level of 0.13%. Return on equity fell to 9.6% from 19% in Q1 2007.
The document summarizes 3Q12 financial highlights and subsequent events for BR Properties. Key points include:
- 3Q12 net revenues increased 83% year-over-year to R$168 million due to additional rental revenues from new properties.
- Adjusted EBITDA was R$156.4 million, up 84% year-over-year, with a margin of 93%.
- In July, BR Properties issued R$600 million in local debentures and prepaid/refinanced R$364.5 million of debt.
- Several non-income producing properties are expected to deliver throughout 2012-2014, representing potential additional annual revenue of R$300 million.
The survey found that most companies plan for growth over the next three years, with an average targeted growth rate of 14.46%. Acquisitions are part of the corporate strategy for about two-thirds of companies in the next year or two to five years. While many companies considered multiple transactions in the last 24 months, they typically only completed two deals on average. Looking ahead, 67% of acquisitive companies foresee a single transaction in the coming year, mostly valued at under €20 million.
The Progressive Corporation reported its second quarter 2008 financial results. Net premiums written declined 3% from the second quarter of 2007 to $7 billion. Net income was $450 million, down from $650 million in the prior year's second quarter. The combined ratio was 93.6%, reflecting strong underwriting profits but higher than the company's target of 96. Weather-related catastrophes including flooding in the Midwest contributed to losses and a higher combined ratio for the quarter.
- Recticel reported annual results for 2011 with total sales increasing 2.2% to €1,378.1 million, driven by 19% growth in insulation sales.
- REBITDA (earnings before interest, taxes, depreciation and amortization adjusted for non-recurring items) decreased 14.8% to €88.6 million due to higher raw material costs.
- Net profit (the Group's share) grew 20.6% to €17.4 million.
The document provides financial results and highlights for Profarma's 3Q12 earnings release. Key points include:
- Consolidated revenues grew 15.3% year-over-year to R$957.7 million.
- Net income increased 27.4% to R$10.8 million, with a net margin of 1.3%.
- EBITDA grew 14.7% to R$22.1 million and the EBITDA margin was 2.7%.
- Sales of generic medications increased 54.7% compared to 3Q11.
The document provides monthly real estate data for Spring, TX (zip code 77386) from December 2010 to December 2012. It includes statistics on average and median sold prices, average price per square foot, average days on the market, and months of inventory. The data shows, for example, that in December 2012 the average sold price was $197,009 and the median was $174,000, while the average price per square foot was $2,512.
Cape Coral Real Estate Rehab Project - Before and AfterTerryRecords
Terry Records and Jason Nordhougen from HomeHuggers Property Solutions have renovated over 250 homes! This Cape Coral home is now a true showstopper, with light-filled rooms, upgraded fixtures, and special custom details. Check out the difference in these before and after photos!
El documento describe el enfoque didáctico de la asignatura de Geografía, el cual aborda el estudio del espacio geográfico desde una perspectiva formativa. Los alumnos construirán una visión global del espacio mediante el reconocimiento de las relaciones entre sus componentes naturales, sociales, culturales, económicos y políticos. El aprendizaje se construye a partir de la participación de los alumnos, la recuperación de sus experiencias previas y el trabajo colaborativo.
This document summarizes the condensed consolidated interim financial statements of Hyundai Capital Services, Inc. and its subsidiaries for the period ended June 30, 2014. It includes the condensed consolidated statements of financial position, comprehensive income, changes in equity, and cash flows. The independent auditors' review report indicates the financial statements were reviewed in accordance with Korean standards and nothing came to the auditors' attention that would cause them to believe the financial statements are not prepared according to the relevant accounting standards.
Replacing The Irreplaceable Parent Power Point 20090724oasthook
Most parents of special needs children lack an adequate plan to provide for their care after the parents' death. The solution is a comprehensive special needs plan developed with multi-disciplinary expertise, including legal, tax, financial, and social work. Key components of a special needs plan include sources of income and support, education, insurance, public benefits, housing, decision making, and choice of fiduciaries to manage assets and care for the special needs child.
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.
Sales for the first nine months of 2012 were up 11% to CHF 67.6 billion compared to the same period last year. Organic growth was 6.1% driven by pricing increases of 3.2% and real internal growth of 2.9%. The company saw continued growth in both developed and emerging markets and confirmed its full year outlook of 5-6% organic growth along with improved margins and earnings per share.
1) The document summarizes Quest Diagnostics' strong financial performance in 2008, with 8.1% revenue growth and 14% earnings growth.
2) It highlights various accomplishments in 2008, including joining lists of most admired companies, expanding medical leadership and test offerings, and growing digital services for patients and physicians.
3) The company provides guidance for continued revenue and earnings growth in 2009, with revenues expected to increase around 3% and EPS growing between 8-15%.
2011.08.10 H1 2012 roadshow presentation finalNestlé SA
The document summarizes Nestlé's financial results for the first half of 2012. Key highlights include consistent performance and steady momentum with organic growth of 6.6% and operating profit margin of 15.0%. All three regions (Europe, Americas, Asia/Oceania/Africa) saw continued growth. Major product categories like coffee, chocolate, ice cream, and pet care contributed strongly. Nestlé reconfirmed its guidance to deliver on its business model.
Genworth MI Canada Inc. reported solid third quarter 2012 results, with net operating income of $81 million. The company saw top line growth driven by high loan-to-value mortgage volumes. The loss ratio improved to 30% due to regional delinquency improvements. The company also increased its common dividend by 10% and maintains a strong capital base with a Minimum Capital Test ratio of 164%.
Intact Financial Corporation is Canada's largest home, auto, and business insurer. Some key points:
- Largest P&C insurer in Canada with $6.5B in direct premiums written and #1 in several provinces.
- Has significant scale advantage as the top 5 insurers represent 42.9% of the market while Intact alone has 16.5% market share.
- Consistently outperforms the industry, with combined ratios 3.8 points lower and return on equity 7.7 points higher over 10 years.
- In the first half of 2011, direct premiums grew 2% and the combined ratio was 96.7% compared to the industry average of
The document summarizes WEG's 4Q11 conference call. It provides an overview of WEG's financial highlights for 2011 including revenue growth, EBITDA margins, and net income. The presentation also reviews performance by market segment, cost breakdown, drivers of EBITDA growth, and sources and uses of cash. Key notes include 16% revenue growth year-over-year and higher sales in external markets helping to offset lower domestic sales.
110212 divulgação de resultados 4 t10 inglesMultiplus
1) Multiplus saw increases in points issued and redeemed in 4Q10 compared to 3Q10, along with higher gross billings.
2) They improved their breakage accounting methodology to better reflect a 12-month average ratio, lowering breakage liability and raising deferred revenue.
3) While points issued and gross billings grew, adjusted EBITDA declined in 4Q10 due to the breakage methodology change and higher points to be redeemed.
SEB Group reported lower profits in Q1 2008 compared to Q1 2007 and Q4 2007. Net profit declined 43% year-over-year and 51% quarter-over-quarter due to lower net interest income and net financial income. Total operating income and net fee and commission income also declined. Asset quality remained stable with a low credit loss level of 0.13%. Return on equity fell to 9.6% from 19% in Q1 2007.
The document summarizes 3Q12 financial highlights and subsequent events for BR Properties. Key points include:
- 3Q12 net revenues increased 83% year-over-year to R$168 million due to additional rental revenues from new properties.
- Adjusted EBITDA was R$156.4 million, up 84% year-over-year, with a margin of 93%.
- In July, BR Properties issued R$600 million in local debentures and prepaid/refinanced R$364.5 million of debt.
- Several non-income producing properties are expected to deliver throughout 2012-2014, representing potential additional annual revenue of R$300 million.
The survey found that most companies plan for growth over the next three years, with an average targeted growth rate of 14.46%. Acquisitions are part of the corporate strategy for about two-thirds of companies in the next year or two to five years. While many companies considered multiple transactions in the last 24 months, they typically only completed two deals on average. Looking ahead, 67% of acquisitive companies foresee a single transaction in the coming year, mostly valued at under €20 million.
The Progressive Corporation reported its second quarter 2008 financial results. Net premiums written declined 3% from the second quarter of 2007 to $7 billion. Net income was $450 million, down from $650 million in the prior year's second quarter. The combined ratio was 93.6%, reflecting strong underwriting profits but higher than the company's target of 96. Weather-related catastrophes including flooding in the Midwest contributed to losses and a higher combined ratio for the quarter.
- Recticel reported annual results for 2011 with total sales increasing 2.2% to €1,378.1 million, driven by 19% growth in insulation sales.
- REBITDA (earnings before interest, taxes, depreciation and amortization adjusted for non-recurring items) decreased 14.8% to €88.6 million due to higher raw material costs.
- Net profit (the Group's share) grew 20.6% to €17.4 million.
The document provides financial results and highlights for Profarma's 3Q12 earnings release. Key points include:
- Consolidated revenues grew 15.3% year-over-year to R$957.7 million.
- Net income increased 27.4% to R$10.8 million, with a net margin of 1.3%.
- EBITDA grew 14.7% to R$22.1 million and the EBITDA margin was 2.7%.
- Sales of generic medications increased 54.7% compared to 3Q11.
The document provides monthly real estate data for Spring, TX (zip code 77386) from December 2010 to December 2012. It includes statistics on average and median sold prices, average price per square foot, average days on the market, and months of inventory. The data shows, for example, that in December 2012 the average sold price was $197,009 and the median was $174,000, while the average price per square foot was $2,512.
Cape Coral Real Estate Rehab Project - Before and AfterTerryRecords
Terry Records and Jason Nordhougen from HomeHuggers Property Solutions have renovated over 250 homes! This Cape Coral home is now a true showstopper, with light-filled rooms, upgraded fixtures, and special custom details. Check out the difference in these before and after photos!
El documento describe el enfoque didáctico de la asignatura de Geografía, el cual aborda el estudio del espacio geográfico desde una perspectiva formativa. Los alumnos construirán una visión global del espacio mediante el reconocimiento de las relaciones entre sus componentes naturales, sociales, culturales, económicos y políticos. El aprendizaje se construye a partir de la participación de los alumnos, la recuperación de sus experiencias previas y el trabajo colaborativo.
This document summarizes the condensed consolidated interim financial statements of Hyundai Capital Services, Inc. and its subsidiaries for the period ended June 30, 2014. It includes the condensed consolidated statements of financial position, comprehensive income, changes in equity, and cash flows. The independent auditors' review report indicates the financial statements were reviewed in accordance with Korean standards and nothing came to the auditors' attention that would cause them to believe the financial statements are not prepared according to the relevant accounting standards.
Replacing The Irreplaceable Parent Power Point 20090724oasthook
Most parents of special needs children lack an adequate plan to provide for their care after the parents' death. The solution is a comprehensive special needs plan developed with multi-disciplinary expertise, including legal, tax, financial, and social work. Key components of a special needs plan include sources of income and support, education, insurance, public benefits, housing, decision making, and choice of fiduciaries to manage assets and care for the special needs child.
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.
- 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
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.
air products & chemicals 5 December 2007 Citi Basic Materialsfinance26
Paul Huck presented on Air Products' performance and outlook. Some key points:
1) Air Products has achieved four consecutive years of double-digit sales and earnings growth.
2) The company aims to continue delivering double-digit growth through large projects coming online, expansion in new geographies and markets, and cost reduction efforts.
3) Air Products is targeting 10-15% annual EPS growth and achieving returns well above its cost of capital through margin improvement and productivity initiatives.
Valeant provided guidance for 2013, projecting revenue of $4.4-4.8 billion (35% growth over 2012), cash EPS of $5.45-5.75 (35% growth), and adjusted cash flow from operations of $1.5-1.75 billion (40% growth). They also outlined assumptions including impacts from generics, divestitures, and acquisitions. Additionally, they announced new segment reporting of Developed Markets and Emerging Markets and strategic initiatives including debt reduction, integration of Medicis, building therapeutic areas, product approvals and launches, margin improvement, and government reimbursement levels under 20%.
Alicorp announced it reached an agreement to acquire 99.11% of Teal, a Peruvian consumer staples company, for $160 million. This acquisition will help Alicorp consolidate its leadership in key categories like bakery, pasta and cookies. Teal generates annual revenues of $102 million and the acquisition value represents a multiple of 14-15x its EBITDA, which is above peer trading levels but still considered a reasonable price given expected synergies. The analyst upgraded their target price for Alicorp from $8.60 to $9.00 per share given the prospects for higher growth from this deal.
The document provides an earnings presentation for United Stationers Inc. for the fourth quarter of 2012. Some key highlights include:
- Sales were up 3.6% compared to Q4 2011 and gross margin rate increased from 14.5% to 16.2%.
- Operating expenses increased from $127.8 million to $146.3 million while operating income increased from $45.9 million to $55.4 million.
- Net income increased from $27.9 million to $32.9 million and earnings per share increased from $0.65 to $0.81.
Cardinal Health Q2 2009 Earnings Presentationfinance2
This document contains:
1) An overview of Cardinal Health's Q2 FY2009 earnings results, reporting 8% revenue growth and mixed results across business segments.
2) Comments from executives on the Healthcare Supply Chain Services and Clinical and Medical Products segments, noting challenges from capital spending deferrals.
3) Cardinal Health's financial goals for FY2009, which include 6-7% revenue growth and $3.50-$3.60 non-GAAP EPS.
- 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
Masco's 2011 financial performance was disappointing due to a challenging environment including a flat housing market, difficult economic conditions in Europe, and commodity cost pressures. Key metrics such as adjusted EPS, margins, and free cash flow declined compared to 2010. Masco took actions in 2011 to reduce costs and rationalize underperforming businesses in order to better position the company for the current environment and future recovery.
Aimia confirmed its 2012 consolidated guidance, expecting to be at or above the top end of its guided ranges for adjusted EBITDA and free cash flow, and at the low end of the range for gross billings. For the third quarter of 2012, gross billings increased 1.4% to $529.8 million and adjusted EBITDA decreased 6.4% to $95.4 million, excluding noted items. Year-to-date, gross billings increased 2.5% to $1,615.3 million and adjusted EBITDA increased 7.1% to $280.4 million, excluding noted items. Aimia expects its full year performance to meet 2012 guidance.
United Stationers Inc. reported third quarter 2012 earnings. Key highlights include:
- Sales were flat compared to Q3 2011 at $1.3 billion. Earnings per share were $0.91 compared to $0.81 last year.
- Gross margin rate increased to 15.8% from 15.3% last year. Operating expenses rose slightly to 10.9% of sales.
- Net income was $36.8 million, up from $35.8 million in Q3 2011. The company also repurchased shares and paid dividends during the quarter.
- Kellogg reported third quarter 2012 net sales of $3.72 billion, up 12.3% year-over-year. Internal growth was 2.8%.
- North America sales increased due to strong performance in snacks and specialty channels. Morning Foods & Kashi grew internally 5.4% due to cereal and Pop-Tarts.
- Europe sales trends improved sequentially. Latin America declined due to inventory reductions but Asia Pacific grew.
- Operating profit was $479 million, up 3.2% year-over-year due to commodity inflation and recall costs. Integration of Pringles is proceeding as expected.
The document summarizes the company's financial results for the third quarter of 2007. It reported 6% revenue growth and 1% growth in operating profit. Earnings per share were up 9%. The company also saw a 13% increase in cash flow. For full-year 2007, the company is projecting mid-single digit growth in internal net sales and low single-digit growth in internal operating profit. It is raising its earnings per share guidance. For 2008, the company expects more sustainable growth.
cardinal health Conference Call Presentationfinance2
This document contains the key details from Cardinal Health's Q1 FY2009 investor call on October 29, 2008. It discusses Cardinal's financial results for Q1, including revenue of $24.3 billion (up 11% year-over-year) and operating earnings of $426 million (down 13% year-over-year). It also provides updates on Cardinal's Healthcare Supply Chain Services and Clinical and Medical Products segments. The document outlines Cardinal's financial goals for FY2009 and assumptions, and addresses questions from analysts on the call.
Kellogg Company reported financial results for the second quarter of 2012. Net sales increased 2.3% internally to $3.47 billion. Operating profit declined 5% to $485 million due to commodity inflation and investment in supply chain and brand building. Kellogg reaffirmed its full-year outlook for 2-3% internal net sales growth and a 2-4% decline in internal operating profit, excluding Pringles.
In 3 sentences:
BGC Partners reported their financial results for 4Q2012 compared to 4Q2011. Total revenue was $1.1 billion, down 1% from the previous year. Revenue from rates, credit, and equities declined due to lower industry volumes and quantitative easing, though foreign exchange revenue grew due to strong performance in electronic trading. Overall pre-tax earnings were $35.1 million in financial services and $12.6 million in real estate.
Final earnings presentation_conf_call_slides_1_q2013United_Stationers
- United Stationers reported adjusted sales of $1.25 billion for Q1 2013, down 0.1% from Q1 2012. Adjusted earnings per share increased 24% to $0.56 compared to $0.45 in Q1 2012.
- Gross margin was 15.1% of sales, up from 14.2% in Q1 2012. Adjusted operating expenses were 11.9% of sales compared to 11.3% in Q1 2012. Adjusted operating income was 3.2% of sales.
- By product category, the largest sales declines were in technology and facilities products. Sales through office products dealers and contract stationers increased while direct sales declined.
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 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 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.
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 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 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.
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 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 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 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 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 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.
2. Forward-looking Statements
Forward-looking Statements
Certain statements made in this presentation may constitute forward-looking statements, including, but not limited to, statements
regarding our expectations with respect to future growth and performance, the market potential for pipeline assets, the closing of the
Medicis acquisition and the timing of related regulatory approvals, integration planning and expected revenue and synergies associated
with the Medicis acquisition, the composition of the future Medicis management team, future cash returns with respect to acquisitions,
expectations with respect to partnering rights and journal publication with respect to efinaconazole, expectations with respect to gross
margins, certain expenses and the collection of receivables, future debt amounts and ratios, and financial guidance for 2012, including
expected revenues, adjusted cash flow from operations and cash EPS for 2012 and the fourth quarter of 2012. Forward-looking
statements may generally be identified by the use of the words “anticipates,” “expects,” “intends,” “plans,” “could,” “should,” “would,”
“may,” “will,” “believes,” “estimates,” “potential,” “targets,” 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 and other risks and uncertainties detailed from time to time in the Company's filings with the SEC and the
Canadian Securities Administrators, which factors are incorporated herein by reference. Readers are cautioned not to place undue
reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. 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, such as amortization of inventory step-up, amortization of alliance product
assets & pp&e step up, stock-based compensation step-up, contingent consideration fair value adjustments, restructuring, acquisition-
related and other costs, acquired in-process research and development ("IPR&D"), legal settlements outside the ordinary course of
business, the impact of currency fluctuations, amortization and other non-cash charges, amortization of deferred financing costs, debt
discounts and ASC 470-20 (FSP APB 14-1) interest, loss on extinguishment of debt, (gain) loss on assets held for sale/impairment, net,
(gain) loss on investments, net, and adjusts tax expense to cash taxes. Management uses non-GAAP financial measures internally for
strategic decision making, forecasting future results and evaluating current performance. By disclosing non-GAAP financial measures,
management intends to provide investors with a meaningful, consistent comparison of the company’s core operating results and trends
for the periods presented. Non-GAAP financial measures are not prepared in accordance with GAAP. Therefore, the information is not
necessarily comparable to other companies and should be considered as a supplement to, not a substitute for, or superior to, the
corresponding measures calculated in accordance with GAAP.
Note 1: The guidance in this presentation is only effective as of the date given,
November 2, 2012, and will not be updated or affirmed unless and until the Company
publicly announces updated or affirmed guidance.
1
3. Agenda
1. Third Quarter Results and Performance
2. Performance of Deals and Recent Events
3. Medicis and IPD-108 (efinaconazole) Updates
4. Financial Update
5. 2012 Guidance Update
2
4. Q3 Revenue and Earnings Growth
No one-time items reported in Q3 2011 or Q3 2012
Q3 2012
Q3 2012 Q3 2011 vs
Q3 2011
Total Revenue $884 M $601 M 47%
Product Sales $857 M $570 M 50%
Cash EPS $1.15 $0.66 74%
3
5. 2012 Organic Growth
Same Store Sales*
Q3 2012 2012 YTD
U.S. Derm 62% 40%
U.S. Neuro -1% -6%
Canada / Australia -6% 4%
Emerging Markets 8% 11%
Total 14% 9%
Pro Forma*
Q3 2012 2012 YTD
U.S. Derm 35% 30%
U.S. Neuro -1% -6%
Canada / Australia -5% 4%
Emerging Markets 9% 13%
Total 12% 11%
* Adjusts for the impact of foreign exchange, acquisitions, divestitures/discontinuations, and includes JV revenues.
4
6. Price vs. Volume Growth
September 2012 YTD
Adjusts for the impact of acquisitions, divestitures/discontinuations,
and includes JV revenues
Price Volume
U.S. Derm 8% 22%
U.S. Neuro 5% -11%
Canada/Australia -2% 6%
Emerging Markets -1% 14%
Total Company 3% 8%
5
7. Revenue Performance of Past Acquisitions
LTM prior On Track or
to close 2012 Forecast Ahead of
Acquisition Date (USD $M's) (USD $M's) CAGR Deal Model
Coria Oct-08 $28.6 $85.4 28% Yes
Dow/Acanya Dec-08 $36.6 $90.3 23% Yes
Aton May-10 $68.0 $129.1 26% Yes
PharmaSwiss Mar-11 $221.3 $225.6 1% Yes
Zovirax (US & Canada) Feb-11 $169.6 $258.9 29% Yes
Elidel May-11 $43.1 $80.8 43% Yes
Sanitas Aug-11 $120.0 $144.4 12% Yes
Afexa Oct-11 $43.2 $30.3 -35% No
Ortho Dec-11 $150.5 $150.2 0% Yes
Dermik Dec-11 $242.1 $236.6 -2% Yes
Inova Dec-11 $186.6 $205.7 10% Yes
Total $1,309.7 $1,637.2 12%
LTM prior to close as been adjusted to reflect 2012 foreign exchange rates
Note: Excludes deals under $75 million purchase price and transactions completed in 2012 6
8. Performance of Past Acquisitions
Cash Flow vs. Deal Model
Behind by More Ahead by More Than
Acquisition Than 10% On Track 10%
Coria P
Dow/Acanya/111 P
Aton P
PharmaSwiss P
Zovirax (US & Canada) P
Elidel P
Sanitas P
Afexa P
Ortho P
Dermik P
Inova P
Total P
Note: Excludes deals under $75 million purchase price and transactions completed in 2012
7
9. Acquisitions – Cash Payback
(USD in millions)
Cash
Date Cash Generated Purchase Payback to
Acquisition Acquired Since Close Price Date
Coria Oct-08 $133 $95 1.40
Dow/Acanya Dec-08 $292 $400 0.73
Aton May-10 $192 $318 0.60
Biovail (incl. Zovirax) Sep-10 $1,538 $2,636 0.58
PharmaSwiss Mar-11 $98 $491 0.20
Elidel May-11 $97 $99 0.98
Sanitas Aug-11 $99 $448 0.22
Afexa Oct-11 $12 $92 0.13
Ortho Dec-11 $107 $346 0.31
Dermik Dec-11 $119 $421 0.28
Inova Dec-11 $86 $657 0.13
Note: Excludes deals under $75 million purchase price and transactions completed in 2012
8
10. Medicis Update
Medicis stockholder meeting scheduled for 12/7/12
HSR filed in September
Pulled and re-filed in October
Expect response by end of November
Integration planning ahead of schedule
Highly collaborative process
Expect planning to be complete by end of November
Cost synergies now expected to significantly exceed $225 million
New “Medicis” management team expected to
consist of both Medicis and Valeant executives
9
11. Significant Business Development
Activities
Sales
Company Acquired Assets Territories Revenue Purchase Multiple
Price Paid
Shower to Shower; U.S; Canada;
Ambi; Caladryl; South East
J&J* Purpose; Cortaid; Asia; Australia; N/A $153 million 2.2X
Corn Huskers; South Africa;
Cortef Latin America
Visudyne** U.S. Rights to U.S ~$21million $50.5 million 2.4X
Visudyne
Visudyne Non-U.S. Royalties ROW ~$14 million $50 million 3.6X
on Visudyne
* Not all products in every market
** Also purchased $12 million for multiple years of Visudyne inventory (primarily API)
10
12. Efinaconazole (IDP-108) Update
PDUFA date May 26, 2013
We now have worldwide rights
Except for Japan, China, Taiwan and South Korea
Plan to file in all territories where commercially viable
Looking for partners in territories we are not operating in
Filed with Health Canada in October
Kaken filed NDA in Japan in October
Expect publication in leading dermatology journal by year end
2012
11
16. Cash Flow
Q1 2012 Q2 2012 Q3 2012 YTD 2012
GAAP Cash Flow from $167.2 M $254.6 M $166.8 M $588.6 M
Operations
Adjusted Cash Flow $321.6 M $307.5 M $241.2 M $870.3 M
from Operations
Q3 GAAP Cash Flows impacted Full Year Adjusted Cash Flow from
by: Operations guidance reduced to
Restructuring and Integration $1.2 - $1.3 billion
costs of $34.2 million which Q4 Adjusted Cash Flow from
decreased vs Q2 and Q1 Operations $330-$430 million
Payment of accrued legal Lower Full Year Adjusted Cash Flow
settlement costs of $37.7 million from Operations driven by:
Increased working capital of Strong Emerging Markets Growth
$127.9 million, including an Working Capital investments in
increase in A/R of $182.6 M due acquired businesses
to: Global plant consolidations and
Acceleration in top line growth related tech transfers
Strong September sales
Zovirax stock out early in Q3
15
17. Acquisition, Integration, & Restructuring
Cash Costs
($ in millions)
Q3 12 Q2 12 Q1 12
Acquisition Related Restructuring/Integration $ 25.0 $ 36.6 $ 59.5
Biovail Merger Related Costs $ 25.9
Manufacturing Rationalization $ 2.3 $ 10.6 $ 1.9
IP Migration $ 5.4 $ 1.1
U.S. Commercial Restructuring $ 1.6
Total $ 34.2 $ 48.3 $ 87.3
16
18. Update on Recent Financings
Medicis Financing
7 year Term Loan B – to fund at close
$1.0 billion @ L+3.25 (1% LIBOR floor)
8 year High Yield Notes – closed into escrow
$1.75 billion @ 6 3/8%
Other Financings
8 year High Yield Notes - not tied to Medicis deal
$500 million @ 6 3/8%
Q4 2012 Impact
$35 million, or $0.12 Cash EPS, for Medicis related interest expense
$9 million, or $0.03 Cash EPS, for other financing
Pro forma for Medicis closing
Total debt = $10.9 billion
Leverage ratio = ~4.2X
17
19. Financial Guidance for 2012
Previous Guidance Current Guidance
Q4 2012 2012
Revenue $3.4 - $3.6 Revenue $900 M+ $3.4 - $3.6 B
billion
Cash EPS Excluding
Medicis Related $1.30 - $1.35 $4.60 - $4.65
$4.55 - $4.75 Cash
Financing
EPS
Cash EPS Including
$4.18 – $4.38
Medicis Related $1.18 - $1.23 $4.48 - $4.53
ex one-time Interest Expense
items
Cash EPS Excluding
Medicis Related $1.30 - $1.35 $4.23 - $4.28
> $1.4 billion in Interest Expense &
Adjusted Cash Flow One-time Items
from Operations Adjusted Cash Flow
from Operations $330 - $430 M $1.2 - 1.3 B
See Note 1 regarding guidance 18