Valeant Pharmaceuticals International, Inc. held a presentation at the Jefferies Autumn 2015 Global Healthcare Conference on November 18, 2015. The presentation provided an overview of Valeant, including that it is a multinational specialty pharmaceutical company focused on faster-growing therapeutic areas and geographies. It also summarized Valeant's business model, culture of ownership, commitment to innovation, and highlighted recent product launches and updates.
Valeant reported strong financial results for Q2 2015 that exceeded guidance. Key highlights included continued outperformance of U.S. businesses such as dermatology and ophthalmology, and a fast start for recently acquired Salix which exceeded expectations. Valeant increased full-year 2015 guidance due to the outperformance and approval of a new drug indication. Several acquisitions were also completed or announced in the quarter to further expand the company's business.
Valeant Pharmaceuticals International provided a Q3 2015 financial results presentation. Key points include:
- They exceeded Q3 revenue and earnings guidance, reporting their 5th consecutive quarter of over 10% organic growth.
- Growth was driven by strong performance in the U.S., China, South Korea and Mexico. Xifaxan sales increased significantly.
- They continued reducing Salix inventory levels and increasing sales of key Salix products.
- Addyi was launched on October 17th.
- They provided increased Q4 and full year 2015 guidance and reaffirmed expectations to exceed $7.5 billion in EBITDA in 2016.
- The presentation reflected on their strategy, emphasizing growth
Valeant provides revised guidance for Q4 2015 and full year 2015 due to impacts from separating from Philidor and transitioning to a new partnership with Walgreens, estimating a $250M revenue impact from Philidor separation and $150M from the Walgreens transition. Valeant also provides initial guidance for 2016, estimating $12.5-12.7B in revenue and $13.25-13.75 per share in adjusted EPS, representing over 20% growth compared to updated 2015 guidance.
This document summarizes the 2015 annual meeting of Valeant Pharmaceuticals International, Inc. held on May 19, 2015 in Laval, Quebec, Canada. It introduces the board of directors and executive management in attendance. It reports that all proposed resolutions, including electing directors and ratifying the auditor, received over 90% shareholder approval. The document provides an overview of Valeant's business model, product portfolio, acquisition and R&D strategies, and highlights key pipeline and launch products. It concludes by emphasizing Valeant's track record of strong financial performance and shareholder returns.
Valeant reported financial results for Q4 2014 and full year 2014. Q4 revenue was $2.3 billion, a 10% increase over Q4 2013. Cash EPS was $2.58 compared to $2.15 last year. Guidance for Q1 2015 includes revenue of approximately $2.2 billion and cash EPS of $2.55. Valeant also provided an update on the Dendreon and Salix acquisitions.
Valeant reported 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 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 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 continued outperformance of U.S. businesses such as dermatology and ophthalmology, and a fast start for recently acquired Salix which exceeded expectations. Valeant increased full-year 2015 guidance due to the outperformance and approval of a new drug indication. Several acquisitions were also completed or announced in the quarter to further expand the company's business.
Valeant Pharmaceuticals International provided a Q3 2015 financial results presentation. Key points include:
- They exceeded Q3 revenue and earnings guidance, reporting their 5th consecutive quarter of over 10% organic growth.
- Growth was driven by strong performance in the U.S., China, South Korea and Mexico. Xifaxan sales increased significantly.
- They continued reducing Salix inventory levels and increasing sales of key Salix products.
- Addyi was launched on October 17th.
- They provided increased Q4 and full year 2015 guidance and reaffirmed expectations to exceed $7.5 billion in EBITDA in 2016.
- The presentation reflected on their strategy, emphasizing growth
Valeant provides revised guidance for Q4 2015 and full year 2015 due to impacts from separating from Philidor and transitioning to a new partnership with Walgreens, estimating a $250M revenue impact from Philidor separation and $150M from the Walgreens transition. Valeant also provides initial guidance for 2016, estimating $12.5-12.7B in revenue and $13.25-13.75 per share in adjusted EPS, representing over 20% growth compared to updated 2015 guidance.
This document summarizes the 2015 annual meeting of Valeant Pharmaceuticals International, Inc. held on May 19, 2015 in Laval, Quebec, Canada. It introduces the board of directors and executive management in attendance. It reports that all proposed resolutions, including electing directors and ratifying the auditor, received over 90% shareholder approval. The document provides an overview of Valeant's business model, product portfolio, acquisition and R&D strategies, and highlights key pipeline and launch products. It concludes by emphasizing Valeant's track record of strong financial performance and shareholder returns.
Valeant reported financial results for Q4 2014 and full year 2014. Q4 revenue was $2.3 billion, a 10% increase over Q4 2013. Cash EPS was $2.58 compared to $2.15 last year. Guidance for Q1 2015 includes revenue of approximately $2.2 billion and cash EPS of $2.55. Valeant also provided an update on the Dendreon and Salix acquisitions.
Valeant reported 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 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 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 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 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.
The document summarizes Valeant Pharmaceuticals International's investor day agenda on June 21, 2012. The agenda included opening remarks by Mike Pearson, financial discussions by Howard Schiller, business overviews by Rajiv De Silva, and presentations on emerging markets and specialty pharmaceuticals. Guests in attendance included board members and senior leadership. The document also provided important information about forward-looking statements and non-GAAP financial measures.
Valeant Pharmaceuticals 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 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
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 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 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.
Shire - The Path to US$10 Billion in Product Sales by 2020Company Spotlight
Shire outlines a plan to achieve $10 billion in product sales by 2020 through 10% compound annual growth rate. This will be achieved through growth of existing products, pipeline programs currently in development becoming commercialized, and potential additional M&A and licensing deals. Key elements of the plan include simplifying the organizational structure to focus on four commercial business units and one integrated R&D unit, improving operational efficiency through a cost savings program, and acquiring new products like Lifitegrast for dry eye disease and Maribavir for CMV infection in transplant patients. Shire believes this strategy will allow it to maintain leadership in rare diseases and deliver substantial shareholder value through 2020 and beyond.
- 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
Shire - Jefferies 2014 Global Healthcare ConferenceCompany Spotlight
This document provides an overview of Shire's strategy and performance in Q1 2014. Shire has repositioned itself around four focused business units and an integrated R&D organization to drive sustainable growth. In Q1 2014, Shire delivered strong results including 19% revenue growth, 41% EBITDA growth, and upgraded full-year guidance. Shire has leading positions in attractive therapeutic areas such as Rare Diseases, Neuroscience, and GI, and is pursuing a pipeline of innovative treatments.
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 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.
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.
This document summarizes Cardinal Health's investor and analyst meeting that took place on November 19, 2015. The agenda included an overview of healthcare strategy and financials, a discussion of the pharmaceutical and medical outlook, and a specialist physician panel. Cardinal Health's CEO discussed how the company is changing healthcare. Other presentations provided insights into healthcare trends, the consumer of 2020, value-based care, and Cardinal Health's financial performance and long-term growth aspirations.
35th Annual J.P. Morgan Healthcare Conference PresentationCardinal_Health
George S. Barrett, Chairman and CEO of Cardinal Health, gave a presentation at the 35th Annual J.P. Morgan Healthcare Conference on January 9, 2017. In the presentation, Barrett discussed how Cardinal Health is changing healthcare by bringing scaled solutions to help customers navigate a complex industry. He outlined key trends shaping the next five years in healthcare and how Cardinal Health is positioned for growth and success through strategic priorities that align with these trends. Barrett also reviewed Cardinal Health's financial performance and goals over the past five years.
Cardinal Health 2016 Annual Shareholder Meeting PresentationCardinal_Health
This document summarizes the annual shareholders meeting of Cardinal Health, Inc. held on November 3, 2016. It discusses Cardinal Health's transformation of healthcare delivery through various business lines and services. In fiscal year 2016, Cardinal Health achieved $121.5 billion in revenue, a 19% increase over the previous year. Non-GAAP diluted earnings per share were $5.24, a 20% increase. For fiscal year 2017, the company expects high single-digit revenue growth and non-GAAP diluted EPS between $5.40-$5.60.
This document summarizes a Cardinal Health investor presentation from June 17, 2016 in Dublin. The presentation included introductory comments from the Chairman and CEO George Barrett. It also featured overviews of initiatives in the Medical segment from CEO Don Casey and of the post-acute care management company naviHealth from CEO Clay Richards. The agenda allowed for question and answer sessions with leaders of both the Medical and Pharmaceutical segments as well as the CFO.
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.
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.
This document provides an overview of Harvard Bioscience, Inc. including its history, global footprint, recent strategic moves, product segments and brands, commercial channels, the life science market, financial performance, guidance, and stock information. Key points include Harvard Bioscience's global operations, realignment to increase efficiencies and reinvest savings, focus on growth through commercial excellence, product development and acquisitions, and financial targets of maintaining 2014 revenue with improved earnings.
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 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.
The document summarizes Valeant Pharmaceuticals International's investor day agenda on June 21, 2012. The agenda included opening remarks by Mike Pearson, financial discussions by Howard Schiller, business overviews by Rajiv De Silva, and presentations on emerging markets and specialty pharmaceuticals. Guests in attendance included board members and senior leadership. The document also provided important information about forward-looking statements and non-GAAP financial measures.
Valeant Pharmaceuticals 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 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
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 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 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.
Shire - The Path to US$10 Billion in Product Sales by 2020Company Spotlight
Shire outlines a plan to achieve $10 billion in product sales by 2020 through 10% compound annual growth rate. This will be achieved through growth of existing products, pipeline programs currently in development becoming commercialized, and potential additional M&A and licensing deals. Key elements of the plan include simplifying the organizational structure to focus on four commercial business units and one integrated R&D unit, improving operational efficiency through a cost savings program, and acquiring new products like Lifitegrast for dry eye disease and Maribavir for CMV infection in transplant patients. Shire believes this strategy will allow it to maintain leadership in rare diseases and deliver substantial shareholder value through 2020 and beyond.
- 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
Shire - Jefferies 2014 Global Healthcare ConferenceCompany Spotlight
This document provides an overview of Shire's strategy and performance in Q1 2014. Shire has repositioned itself around four focused business units and an integrated R&D organization to drive sustainable growth. In Q1 2014, Shire delivered strong results including 19% revenue growth, 41% EBITDA growth, and upgraded full-year guidance. Shire has leading positions in attractive therapeutic areas such as Rare Diseases, Neuroscience, and GI, and is pursuing a pipeline of innovative treatments.
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 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.
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.
This document summarizes Cardinal Health's investor and analyst meeting that took place on November 19, 2015. The agenda included an overview of healthcare strategy and financials, a discussion of the pharmaceutical and medical outlook, and a specialist physician panel. Cardinal Health's CEO discussed how the company is changing healthcare. Other presentations provided insights into healthcare trends, the consumer of 2020, value-based care, and Cardinal Health's financial performance and long-term growth aspirations.
35th Annual J.P. Morgan Healthcare Conference PresentationCardinal_Health
George S. Barrett, Chairman and CEO of Cardinal Health, gave a presentation at the 35th Annual J.P. Morgan Healthcare Conference on January 9, 2017. In the presentation, Barrett discussed how Cardinal Health is changing healthcare by bringing scaled solutions to help customers navigate a complex industry. He outlined key trends shaping the next five years in healthcare and how Cardinal Health is positioned for growth and success through strategic priorities that align with these trends. Barrett also reviewed Cardinal Health's financial performance and goals over the past five years.
Cardinal Health 2016 Annual Shareholder Meeting PresentationCardinal_Health
This document summarizes the annual shareholders meeting of Cardinal Health, Inc. held on November 3, 2016. It discusses Cardinal Health's transformation of healthcare delivery through various business lines and services. In fiscal year 2016, Cardinal Health achieved $121.5 billion in revenue, a 19% increase over the previous year. Non-GAAP diluted earnings per share were $5.24, a 20% increase. For fiscal year 2017, the company expects high single-digit revenue growth and non-GAAP diluted EPS between $5.40-$5.60.
This document summarizes a Cardinal Health investor presentation from June 17, 2016 in Dublin. The presentation included introductory comments from the Chairman and CEO George Barrett. It also featured overviews of initiatives in the Medical segment from CEO Don Casey and of the post-acute care management company naviHealth from CEO Clay Richards. The agenda allowed for question and answer sessions with leaders of both the Medical and Pharmaceutical segments as well as the CFO.
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.
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.
This document provides an overview of Harvard Bioscience, Inc. including its history, global footprint, recent strategic moves, product segments and brands, commercial channels, the life science market, financial performance, guidance, and stock information. Key points include Harvard Bioscience's global operations, realignment to increase efficiencies and reinvest savings, focus on growth through commercial excellence, product development and acquisitions, and financial targets of maintaining 2014 revenue with improved earnings.
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.
Wright Medical is a global leader in extremities and biologics that recently merged with Tornier. The presentation discusses how the merger positions Wright Medical for accelerated growth and profitability by combining complementary product portfolios and providing scale. Wright expects mid-teens sales growth, adjusted EBITDA margins approaching 20% in 3-4 years, and $40-45 million in annual cost synergies once integrated. New products like Simpliciti shoulder and Augment bone graft are driving growth above market rates and an upward path for the combined company.
Morgan stanley global healthcare conference 2014Quintiles2014
- Quintiles is a leading biopharmaceutical services company that provides drug development and integrated healthcare services.
- They have a track record of profitable growth with adjusted service revenues growing at an 8.3% CAGR from 2010-2013.
- Their vision is to "bring people and knowledge together for a healthier world" and their strategy focuses on differentiated offerings, new markets, and world-class customer relationships.
J.P. Morgan 33rd Annual Healthcare Conference Presentation 2015ir_stjude
St. Jude Medical reported preliminary Q4 2014 financial results that were in line with guidance. Key milestones in 2014 included resolving FDA warning letters, launching new products, completing four acquisitions to strengthen its portfolio, and delivering 2014 results that met or exceeded guidance. Looking ahead to 2015, St. Jude plans to accelerate sales growth through the full-year impact of CardioMEMS and new ablation catheters, a return to growth in neuromodulation, ongoing cost reductions, and continued share repurchases. St. Jude will also provide 2015 guidance and future results on a "cash EPS" basis.
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.
- Quintiles is a leader in biopharma services with a focus on product development and integrated healthcare services
- They have a track record of profitable growth with consistent financial performance and expanding operating margins
- Quintiles utilizes technology and informatics platforms to improve efficiency and the probability of development and commercial success for its customers
Quintiles william blair-35th-annual-growth-stock-conferencepatyi_2000
This document provides an overview of Quintiles, a leader in biopharma services. It discusses Quintiles' two business segments: Product Development services and Integrated Healthcare Services. Product Development services represent the majority of Quintiles' business and includes clinical research services from Phase I-IV. Integrated Healthcare Services includes commercialization services, real-world research, and other healthcare solutions. The document notes that the biopharma market is large, growing, and increasingly outsourcing services. It highlights drivers in the market that play to Quintiles' strengths and differentiated offerings across both segments.
Novartis announced a new organizational model to power its next phase of innovation, growth, and productivity. Key elements include:
1) Integrating Pharma and Oncology into a single Innovative Medicines business with separate US and International units to increase focus and drive synergies.
2) Combining strategy, portfolio management, and business development into a new Strategy & Growth function to strengthen the pipeline.
3) Forming a single Operations unit and integrating global G&A functions to realize economies of scale and productivity gains.
The changes aim to make Novartis more competitive, enhance operational efficiencies, and deliver high value medicines to support consistent above-peer growth.
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
Merck reported strong financial results for fiscal year 2016. Net sales increased 17% to €15.02 billion, driven by organic growth across all regions and the acquisition of Sigma-Aldrich. EBITDA pre increased 24% to €4.49 billion and EPS pre increased 28% to €6.21, both exceeding guidance. All business sectors achieved organic growth, with particularly strong contributions from the Life Science and Healthcare sectors. Merck also reduced net financial debt by 9% and proposed a dividend of €1.20 per share, a 19% increase over the prior year.
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George S. Barrett, Chairman and CEO of Cardinal Health, gave a presentation at the 25th Annual Credit Suisse Healthcare Conference on November 8, 2016. In the presentation, Barrett discussed how healthcare is rapidly transforming, with demands driven by demographics, science/technology, and a greater focus on outcomes. Cardinal Health is positioned to help customers navigate these complex changes through scaled solutions that optimize the healthcare process and connect clinicians and patients.
Agility health investor presentation - investor tab 07.18.16AgilityHealth
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This document provides a summary of a presentation by Quintiles at the Credit Suisse 2014 Healthcare Conference on November 11, 2014. It discusses Quintiles' vision, strategy, track record of growth, the biopharma market landscape, deep customer relationships, and why they win business. Key points include their focus on improving customers' probability of success, a diversified customer portfolio, adjusted service revenue and EBITDA growth, and leadership in providing differentiated offerings.
Agility Health is a leading physical rehabilitation services provider with over 150 locations across the US. The presentation provides an overview of Agility Health's business model, growth strategy, and financials. Key points include:
- Agility Health operates across multiple rehabilitation settings including outpatient clinics, long-term care facilities, hospitals, and industrial worksites.
- The growth strategy focuses on acquisitions, de novo clinic openings, and organic growth across existing and new markets.
- Financial highlights show increasing revenue, EBITDA, and margins in recent years and quarters. Management has taken steps to reduce costs and improve profitability.
- The physical therapy industry is highly fragmented, providing opportunities for consolidation.
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.
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.
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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.
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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
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- 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.
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- Synergies from the Medicis acquisition are expected to exceed original estimates, with a
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Cleades Robinson, a respected leader in Philadelphia's police force, is known for his diplomatic and tactful approach, fostering a strong community rapport.
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Methanex is the world's largest producer and supplier of methanol. We create value through our leadership in the global production, marketing and delivery of methanol to customers. View our latest Investor Presentation for more details.
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 projected, estimated and forecasted revenue and sales, anticipated patent exclusivity and projected impact of generic entry
following loss of such patent exclusivity, expected business development activities and deal pipeline, expectations respecting target
levels of inventory of certain Salix products (including timing of reaching such target levels), anticipated product approvals and
product launches (including anticipated timing of and expected impact of such launches and approvals), planned marketing
campaigns (including expected investments in such campaigns) and anticipated impact of such campaigns, anticipated uses of free
cash flow and expected debt paydown and share buybacks. 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, 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.
Valeant Pharmaceuticals International, Inc. (“Valeant” or 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, except as
required by law.
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 results 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 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.
2
3. Focused, multinational specialty pharmaceutical company
Headquartered in Laval, Quebec, Canada (NYSE/TSX: VRX)
Unconventional Business Model
Decentralized operating model
Geographical and product diversity
Focus on faster-growing geographies and therapeutic categories
Durable product portfolio with limited patent risk
Significant cash pay component / low exposure to government reimbursement
Financially disciplined M&A
Ownership Culture
Shareholder friendly executive compensation and corporate governance
Commitment to Innovation
Emphasis on bringing new products to the market (output), through internal R&D,
acquisitions and licensing (input)
Focus on late-stage and lower-risk development projects
Who is Valeant?
3
4. ~$1.0B
Strong Growth Platforms(3)
Eye Health (U.S.) Dermatology Rx (U.S.) Consumer (U.S.)
Ex- US(1) Neurology/Dental/Other (2)
~$1.5B ~$0.6B
~$3.9B ~$2.2B ~$0.8B
Valeant LTM rev
(1) Includes Japan, Canada, Australia, Western Europe and Emerging Markets
(2) Includes Neuro & Other, Oral Health, Aesthetics, Generics. Growth rate excludes
facial injectable sales from 1H 14
(3) Q2 2015 and Q3 2015, excluding pre acquisition sales
(4) Post Acquisition sales, including part of Q1 2015, full Q2 2015 and Q3 2014
4
Neurology/Dental/Other (2) Salix(4)Salix(3) DendreonDendreon(4)
~$0.2B
5. Based on projected 2015 revenues
1 Includes contact lens, and surgical devices
Asia
Latin
America
Central &
Eastern
Europe/
Middle East/
Africa
United
States
Canada /
Australia
By Geography
68%
16%
7%
4%
5%
9%
14%
58%
11%
Devices 1
Gx/BGx
OTC /
Solutions
Rx
7%
Western
Europe
Emerging Markets = ~18%
Highly Diversified Business Portfolio
By Business
5
7. Limited Patent Risk
2015 2016 2017 2018 2019
Products 1) Xenazine
2) Targretin
1) Ziana
2) Zirgan
3) Visudyne
4) Glumetza
5) Zegerid
1) Lotemax
Gel
2) Macugen
1) Acanya
2) Solodyn
3) Istalol
4) Elidel
1) Zyclara
Annual
2014
Sales
~$335 million ~$190 million ~$115 million ~$400 million ~$30 million
7
8. Ownership Culture
Relentless focus on organic growth
Business units leaders are evaluated on organic growth and cash flows
Each employee has a duty to speak up
Best idea in the room wins
Executive compensation tied to long-term shareholder returns
Front-loaded performance units tied to shareholder returns with
minimum 10% CAGR over 3 years
Shareholder friendly corporate governance
ValueAct (major shareholder since 2007) has representation on the
Board of Directors
Annual executive sessions with top shareholders and Board of Directors
8
9. Valeant’s Approach to Innovation
Innovation critical to the industry and to Valeant
We source innovation through our internal R&D, acquisitions, in-
licensing
We have acquired terrific set of capabilities and technologies over time
Dow (dermatology)
B+L (e.g., Ultra, Victus, Stellaris)
Additional external collaborations (e.g., Cirle navigatino, brodalumab)
We run a lean R&D model focused on productivity – outputs measured
against inputs
Leverage industry overcapacity
Outsource commodity services
Focus on critical skills and capabilities needed to bring new technologies
to market
Spend according to promise of programs - for short and long term
Results of this approach: 20 launches in the U.S. in 2014; rich pipeline
of products for the future sourced from inside, acquisitions and in-
licensing
9
10. asd
Physician
eBlast/Banners
Medical Education
Speaker Programs
Ad Boards
Physician Campaign
Comprehensive JUBLIA Launch Campaign
Extensive professional education and outreach to
Dermatologists and Podiatrists
Extensive print, digital and TV advertising to reach consumers
Over 150 reps supporting launch
Consumer Campaign
Physician Website
Physician
Journal Ads
TV DIGITAL Print
10
11. Launched Early January
Extensive professional education and outreach: product theaters,
webinars, advisory boards, journal and digital advertising
Integrated digital, print and TV consumer campaign beginning Q2
Over 100 sales reps supporting launch
OnextonGel.com
11
12. Xifaxan TRx‟s up 15% Q3‟15 vs Q2‟15, 25% Q3‟15 vs Q3‟14
Uceris TRx‟s up 20% Q3‟15 vs Q3‟14, Relistor TRx‟s up 36% Q3‟15 vs Q3‟14,
Apriso TRx‟s up 7% Q3‟15 vs Q3‟14, Ruconest TRx‟s up 29% sequentially Q2 to
Q3
Inventories reduced to 8-10 weeks; expect to reach our target of 4-6 weeks by end
of year
Xifaxan Integrated Professional and Consumer Campaign Launched October 5th
Salix Update
TV PRINT DIGITAL
12
13. Bausch + Lomb ULTRA® Launch Highlights
Revenue: Forecasted to double from
~$45MM in 2015 to $100MM in 2016
Share: #1 Brand in industry that patients
switched to in Q3 2015
Distribution: Gained +13k doorways in
„15 resulting in 22k total ECP‟s with
diagnostic fitting sets
Pipeline: Launching two new products
(multi-focal and toric) to complete the
ULTRA family in „16
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Mar14
Apr14
May14
Jun14
Jul14
Aug14
Sep14
Oct14
Nov14
Dec14
Jan15
Feb15
Mar15
Apr15
May15
Jun15
Jul15
Aug15
$ Share FRP Category
2015 DTC Campaign: Delivered over 1B impressions via Digital, Social, and Paid
Search campaign to drive patients to ECP office to request trial
Doctor Engagement: Large scale ECP educational events to >6k ECP‟s
Customer partnerships: Secured several strategic partnerships to strengthen
distribution and new product launch uptake
13
14. Bausch + Lomb ULTRA® 2016 Launch Activities
Launching Bausch + Lomb ULTRA® for
Presbyopia and Astigmatism in 2016
Expand Bausch + Lomb ULTRA® reach
by 35% of the Market
Halo effect on Spherical business
Investing $25MM in DTC campaign
TV, Digital, Social Media, Search
In-office Digital Displays to create 360
campaign
Aggressive Professional Outreach
Largest Eye Care Professional Share of Voice
within contact lens industry
High impact launch events to generate
awareness and request of new products
14
15. Sprout Update
Addyi launched in U.S. on 10/17
145 reps in the field
6 Medical Science Liaisons (MSLs) hired
Launching with prescribing information,
submitting marketing materials to the
Office of Prescription Drug Promotion
(OPDP)
No plans for direct to consumer (DTC)
advertising at this time
15
16. Valeant Late Stage R&D Portfolio
Product Category Description Expected launch year
EnVista Toric Eye Health Toric IOL 2016/2017
Luminesse Eye Health Red Eye Relief 2016/2017
Vesneo Eye Health Glaucoma 2016
Lotemax Gel Next Gen Eye Health Post-operative pain and inflammation 2018
Ultra Plus Powers Eye Health Contact lens 2016
BioTrue Toric Eye Health Contact lens 2016
IDP-118 Dermatology Moderate to severe plaque psoriasis 2017/2018
IDP-120 Dermatology Novel acne combination 2019
IDP-121 Dermatology Acne 2017
IDP-122 Dermatology Psoriasis 2017
Relistor Oral Gastrointestinal Opioid Induced Constipation 2016
Vitesse Eye Health Ultrasonic Vitrectomy 2016
Next Generation Stellaris Eye Health Phaco/ Vitrectomy 2018
Next Generation Thermage Dermatology Skin Tightening 2016
16
17. Exceeded top line and bottom line Q3 guidance; 5th consecutive quarter of >10%
organic growth
Includes negative FX impact of $172M revenues and $0.13 Cash EPS
Continued outperformance of U.S. businesses, particularly dermatology and
contact lens
Strong organic growth in China (23%), South Korea (15%), and Mexico (10%)
Continued strong Salix performance
IBS-D indication for Xifaxan (including DTC campaign)
Salix inventories reduced to 8-10 weeks
Addyi launched 10/17
Four deals closed in October
Brodalumab
Sprout
Synergetics
Amoun (expected to close today)
Strong cash flow from operations
GAAP cash flow from operations $737M
90% cash conversion
Q3 2015 Highlights
17
18. Q3 2015 Financial Results
Q3 2015 Q3 2014 Y/Y%
Adjusted
Y/Y% (a)
Total Revenue
$2.8 B
(guidance $2.6 – 2.8B)
$2.1 B 36% 44%
Cash EPS
$2.74
(guidance $2.60 – 2.70)
$2.11 30% 36%
GAAP Cash Flow
from Operations
$737M $619M 19% 26%
Adjusted Cash Flow
from Operations
$865M $771M 12% 18%
a) Negative FX Y/Y Impact: Revenue $172M, Cash EPS $0.13
18
19. Same Store Sales – Y/Y growth rates for businesses that have
been owned for one year or more
Q3 2015 YTD 2015
Total U.S. 22% 27%
Total Developed 16% 19%
Total Emerging Markets 3% 5%
Total Company 13% 15%
Pro Forma – Y/Y growth rates for entire business, including
businesses that have been acquired within the last year
Q3 2015 YTD 2015
Total U.S. 26% 27%
Total Developed 21% 21%
Total Emerging Markets 4% 5%
Total Company 17% 17%
Q3 2015 Organic Growth
19
22. Cash Flow (Q1 2014 to Q3 2015)
*Q4 2014 included a one-time $287M gain from the sale of Allergan shares
2014 2015
Q1 Q2 Q3 Q4 Q1 Q2 Q3
GAAP cash flow from
operations
484 376 619 816* 491 411 737
Adjusted cash flow
from operations
636 500 771 624 708 773 865
Adjusted earnings 600 651 719 881 809 897 961
106% 107%Cash conversion 77% 71% 88% 86% 90%
22
23. Expect to reach ~4-6 weeks target by year end
Increasing full year Salix net sales estimate from
$1.20B to ~$1.35B
Salix Inventory and Drawdown
Actual
Q2
Actual
Q3
Estimated
Q4
Net Sales (including IBS-D) $313M $461M ~$600M
Inventory Reduction $141M $98M ~$100M
Net Sales Adj. for Inventory
Reduction
$454M $559M ~$700M
Beginning Months on Hand 4 - 5 3 - 3.5 2 - 2.5
Ending Months on Hand 3 - 3.5 2 - 2.5 1 - 1.5
23
24. Liquidity position at end of Q3
$1.5B undrawn revolver
$1.4B of cash
Cash and revolver used to fund transactions closed in
October
Free cash flow will be used for a combination of debt
paydown and general corporate purposes
Committed to debt paydown beyond the mandatory
amortizations required by term loans
We remain committed to getting net leverage to <4.0x
adjusted pro forma EBITDA by the end of 2016
Balance Sheet Update
24
25. Summary of Valeant’s Business Model
Robust organic growth profile
Geographical and product diversification creates lower-risk profile
Durable product portfolio limits patent expiry exposure
Rich pipeline of low-risk R&D programs
Internal development – e.g. IDP-118, IDP-120, Onexton
Acquisitions – e.g. Vesneo, Brimonidine, Ultra
Product acquisitions/licenses – e.g. Emerade, Croma, brodalumab
Strong cash flows and balance sheet
Absent large transactions, restructuring charges trending to zero
Convergence of GAAP to non-GAAP cash flows
Enhanced capacity to continue acquisition activity as well as
opportunistically paydown debt and/or buy back shares
Disciplined approach to business development
Continue to be disciplined with capital deployment to generate above
average returns for shareholders
25