Valeant Pharmaceuticals Reports 2010 Fourth Quarter Financial Results

    <<
    -- 2010 Fourth Quarter Total Revenue $515 million

    -- 2010 Fourth Quarter GAAP EPS ($0.10); Cash EPS $0.51

    -- 2010 Fourth Quarter GAAP Operating Cash Flow ($1) million; Adjusted
    Operating Cash Flow $209 million

    -- 2011 Guidance increased to $2.45 - $2.70 Cash EPS

    -- Valeant agrees to repurchase common shares from ValueAct Capital for
    $275 million








    >>

MISSISSAUGA, Ontario, Feb. 24, 2011 /CNW/ -- Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) announces fourth quarter financial results for 2010.

"Our results for the fourth quarter were ahead of our expectations, and reflect the successful integration work we have completed thus far," said J. Michael Pearson, chief executive officer. "We are particularly pleased with the performance of our Canadian operations, especially as this business was principally impacted by the integration process. Our combined company has been building momentum since September 2010 and we believe we are on track to deliver strong 2011 financial results."

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    Revenue

    >>

Total reported revenue was $514.6 million in the fourth quarter of 2010 as compared to $241.1 million in the fourth quarter of 2009. Product sales were $488.7 million in the fourth quarter of 2010, as compared to $231.6 million in the year-ago quarter. These increases are primarily due to the acquisition of Valeant Pharmaceuticals International (Legacy Valeant) by Biovail Corporation (Legacy Biovail), which was completed in September 2010. In connection with the acquisition, Biovail was renamed Valeant Pharmaceuticals International, Inc. Results for the fourth quarter of 2009 only reflect Legacy Biovail revenues and do not include any revenues from Legacy Valeant. Pro forma organic growth for the combined company was approximately six percent for 2010.

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    Operating Expenses

    >>

The Company's cost of goods sold were $210.6 million in the fourth quarter of 2010 and represented 43% of product sales. This number in the fourth quarter of 2010 included a $53.3 million fair value adjustment to inventory and a $7.4 million amortization expense adjustment related to the acquisition of Legacy Valeant by Legacy Biovail. Excluding the adjustments, cost of goods for the fourth quarter of 2010 were 31% of product sales. This rise in cost of goods sold from historical levels is primarily due to contractual changes in the first quarter of 2010 that doubled the cost of goods for Zovirax, to greater than 45% of the product's sales in 2010. As a result of the purchase of Zovirax rights in the U.S., which was completed on February 22, 2011, and the purchase of rights in Canada, which is expected to close by the end of the first quarter of 2011, total cost of goods sold is expected to be back to historical Legacy Valeant levels in the second half of 2011.

Selling, General and Administrative expenses were $127.8 million in the fourth quarter of 2010, which included a $16.4 million step-up in stock based compensation expenses related to the acquisition of Legacy Valeant. Research and Development expenses were $18.3 million in the fourth quarter of 2010 and reflect the termination of the majority of Legacy Biovail's pipeline. These expenses reflect the achievement of approximately $50 million in cost synergies in the fourth quarter of 2010 from the acquisition.

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    Merger Related Costs & Expenses

    >>

We recorded restructuring and acquisition-related costs of $44.1 million in the quarter, virtually all of which arise from the acquisition and are primarily employee termination costs and research and development cancelation costs.

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    Net Loss and Cash Flow from Operating Activities

    >>

The Company reported a net loss of $31.1 million for the fourth quarter of 2010, or a loss of $0.10 per diluted share. On an adjusted Cash EPS basis, adjusted income was $167.6 million, or $0.51 per diluted share, as compared to guidance of $0.44 to $0.48 per diluted share.

GAAP cash flow from operating activities, which includes acquisition transaction fees, was negative $1.4 million in the quarter. Adjusted cash flow from operations was $209.1 million in the fourth quarter of 2010. Excluding working capital changes, adjusted cash flow from operations was $187.6 million, as compared to guidance of $170 to $190 million.

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    2011 Guidance

    >>

The Company is updating its previous Cash EPS guidance and is now targeting Cash EPS between $2.45 - $2.70 in 2011, up from prior guidance of $2.25 to $2.50. This guidance assumes the completion of the acquisitions of PharmaSwiss S.A. and the Canadian rights to Zovirax (U.S. acquisition closed February 22, 2011) in the next several months.

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    Share Repurchase Transaction

    >>

Valeant has agreed to repurchase common shares of the Company's common stock held by ValueAct Capital for $275 million, negotiated at a 5.77% discount over a 20-day trading day average, which was calculated in a similar manner to Legacy Valeant's privately negotiated share repurchase completed in May 2010.

In connection with the pending $275 million share repurchase from ValueAct, the Company is evaluating debt financing alternatives.

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    Conference Call and Webcast Information

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The Company will host a conference call and a live Internet webcast along with a slide presentation today at 10:00 a.m. ET (7:00 a.m. PT), February 24, 2011 to discuss its fourth quarter financial results for 2010. The dial-in number to participate on this call is (877) 295-5743, confirmation code 41335702. International callers should dial (973) 200-3961, confirmation code 41335702. A replay will be available approximately two hours following the conclusion of the conference call through March 3, 2011 and can be accessed by dialing (800) 642-1687, or (706) 645-9291, confirmation code 41335702. The live webcast of the conference call may be accessed through the investor relations section of the Company's corporate website at www.valeant.com.

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    About Valeant

    >>

Valeant Pharmaceuticals International, Inc. (NYSE/TSX:VRX) is a multinational specialty pharmaceutical company that develops and markets a broad range of pharmaceutical products primarily in the areas of neurology, dermatology and branded generics. More information about Valeant can be found at www.valeant.com.

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    Forward-looking Statements

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This press release may contain forward-looking statements, including, but not limited to, statements regarding our performance, growth, achievement of long-term goals, anticipated Cash EPS and adjusted cash flows from operations for 2011, anticipated closing of pending acquisitions and share repurchases and financing alternatives. Forward-looking statements may be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," or "continue" and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in the company's most recent annual or quarterly report filed with the Securities and Exchange Commission ("SEC") and risks and uncertainties relating to the proposed merger, as detailed from time to time in Valeant's filings with the SEC and the Canadian Securities Administrators ("CSA"), which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. Valeant undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes.

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    Note on Guidance

    >>

The guidance contained in this press release is only effective as of the date given, February 24, 2011, and will not be updated or confirmed until the Company publicly announces updated or affirmed guidance.

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    Non-GAAP Information

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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, stock-based compensation step-up, restructuring and acquisition-related costs, acquired in-process research and development ("IPR&D"), legal settlements, 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, and (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.

    <<
    Contact Information:
    Laurie W. Little
    949-461-6002
    laurie.little@valeant.com



    Financial Tables follow.


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    <<
    Valeant Pharmaceuticals International, Inc.                      Table 1
    Condensed Consolidated Statement of Income (Loss)
    For the Three and Twelve Months Ended December 31, 2010 and 2009
    >>

    <<
                                              Three Months Ended
                                                 December 31,
                                                 ------------
                                                                           %
    (In thousands, except per share data)        2010            2009  Change
                                                 ----            ----  -------
    >>

    <<
    Product sales                            $488,721        $231,626     NM
    Alliance and royalty                       19,963           5,172     NM
    Service and other                           5,880           4,255     NM
                                                -----           -----
        Total revenues                        514,564         241,053     NM
                                              -------         -------
    >>

    <<
    Cost of goods sold                        210,648          58,743     NM
    Cost of services                            2,944           3,339     NM
    Selling, general and administrative
     ("SG&A")                                 127,752          30,117     NM
    Research and development                   18,324          14,209     NM
    Acquired in-process research and
     development                               28,000          20,814     NM
    Legal settlements                          14,110           5,950     NM
    Restructuring and acquisition-related
     costs                                     44,078          14,905     NM
    Amortization of intangible assets         117,660          34,328     NM
                                              -------          ------
                                              563,516         182,405
                                              -------         -------
        Operating income (loss)               (48,952)         58,648
    >>

    <<
    Interest expense, net                     (52,564)         (9,736)
    Loss on extinguishment of debt            (32,413)              -
    Gain (loss) on investments, net                 -            (501)
    Other income (expense), net including
     translation and exchange                     229            (411)
                                                  ---            ----
    >>

    <<
    Income (loss) before recovery of income
     taxes                                   (133,700)         48,000
    >>

    <<
    Recovery of income taxes                 (102,570)        (25,000)
                                             --------         -------
    >>

    <<
    Net income (loss)                        $(31,130)        $73,000
                                             ========         =======
    >>

Earnings per share:

    <<
    Basic:
        Net income (loss)                      $(0.10)          $0.46
                                               ======           =====
        Shares used in per share computation  302,005         158,271
                                              =======         =======
    >>

    <<
    Diluted:
        Net income (loss)                      $(0.10)          $0.46
                                               ======           =====
        Shares used in per share computation  302,005         158,785
                                              =======         =======



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    <<
                                                  Twelve Months
                                                      Ended
                                                  December 31,
                                                  ------------
                                                                           %
    (In thousands, except per share data)          2010           2009  Change
                                                   ----           ---- -------
    >>

    <<
    Product sales                            $1,133,371       $789,026    NM
    Alliance and royalty                         35,109         15,418    NM
    Service and other                            12,757         15,986    NM
                                                 ------         ------
        Total revenues                        1,181,237        820,430    NM
                                              ---------        -------
    >>

    <<
    Cost of goods sold                          395,595        204,309    NM
    Cost of services                             10,155         13,849    NM
    Selling, general and administrative
     ("SG&A")                                   276,546        167,633    NM
    Research and development                     68,311         47,581    NM
    Acquired in-process research and
     development                                 89,245         59,354    NM
    Legal settlements                            52,610          6,191    NM
    Restructuring and acquisition-related
     costs                                      179,102         35,629    NM
    Amortization of intangible assets           219,758        104,730    NM
                                                -------        -------
                                              1,291,322        639,276
                                              ---------        -------
        Operating income (loss)                (110,085)       181,154
    >>

    <<
    Interest expense, net                       (83,013)       (23,763)
    Loss on extinguishment of debt              (32,413)             -
    Gain (loss) on investments, net              (5,552)        17,594
    Other income (expense), net including
     translation and exchange                    (5,200)           (30)
                                                 ------            ---
    >>

    <<
    Income (loss) before recovery of income
     taxes                                     (236,263)       174,955
    >>

    <<
    Recovery of income taxes                    (28,070)        (1,500)
                                                -------         ------
    >>

    <<
    Net income (loss)                         $(208,193)      $176,455
                                              =========       ========
    >>

Earnings per share:

    <<
    Basic:
        Net income (loss)                        $(1.06)         $1.11
                                                 ======          =====
        Shares used in per share computation    195,808        158,236
                                                =======        =======
    >>

    <<
    Diluted:
        Net income (loss)                        $(1.06)         $1.11
                                                 ======          =====
        Shares used in per share computation    195,808        158,510
                                                =======        =======


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    <<
    Valeant Pharmaceuticals International, Inc.                       Table 2
    Reconciliation of GAAP EPS to Adjusted Non-GAAP (Cash) EPS
    For the Three and Twelve Months Ended December 31, 2010 and 2009 (a)
    >>

    <<
                                                          Three Months
                                                             Ended
                                                         December 31,
                                                         ------------
                                                                       2009
    (In thousands, except per share data)                 2010          (a)
                                                          ----        -----
    >>

Net income (loss) $(31,130) $73,000

    <<
    Non-GAAP adjustments (b)(c):
    Inventory step-up (d)                               53,266              -
    Stock-based compensation step-up (e)                17,040              -
    Restructuring and acquisition-related
     costs (f)                                          44,078         14,905
    Acquired in-process research and
     development                                        28,000         20,814
    Legal settlements                                   14,110          5,950
    Amortization and other non-cash charges            122,729         42,868
                                                       -------         ------
                                                       279,223         84,537
    Amortization of deferred financing costs,
     debt discounts and ASC 470-20 (FSP APB
     14-1) interest                                      3,624          4,034
    Loss on extinguishment of debt                      32,413              -
    (Gain) loss on investments, net                          -            501
    Write-down of deferred financing costs                   -              -
    Tax                                               (116,570)       (28,500)
                                                      --------        -------
    Total adjustments                                  198,690         60,572
    >>

    <<
    Adjusted income                                   $167,560       $133,572
                                                      ========       ========
    >>

    <<
    GAAP earnings  per share - diluted                  $(0.10)         $0.46
                                                        ======          =====
    >>

    <<
    Adjusted Non-GAAP (Cash) earnings per
     share - diluted                                     $0.51          $0.84
                                                         =====          =====
    >>

    <<
    Shares used in diluted per share
     calculation -GAAP earnings per share              302,005        158,785
                                                       =======        =======
    >>

    <<
    Shares used in diluted per share
     calculation - Adjusted Non-GAAP (Cash)
     earnings per share                                330,452        158,785
                                                       =======        =======
    >>

    <<
                                                          Twelve Months
                                                              Ended
                                                          December 31,
                                                          ------------
                                                                       2009
    (In thousands, except per share data)                 2010          (a)
                                                          ----        -----
    >>

Net income (loss) $(208,193) $176,455

    <<
    Non-GAAP adjustments (b)(c):
    Inventory step-up (d)                               53,266              -
    Stock-based compensation step-up (e)                17,040              -
    Restructuring and acquisition-related
     costs (f)                                         179,102         35,629
    Acquired in-process research and
     development                                        89,245         59,354
    Legal settlements                                   52,610          6,191
    Amortization and other non-cash charges            232,954        130,496
                                                       -------        -------
                                                       624,217        231,670
    Amortization of deferred financing costs,
     debt discounts and ASC 470-20 (FSP APB
     14-1) interest                                     15,698          9,069
    Loss on extinguishment of debt                      32,413              -
    (Gain) loss on investments, net                      5,552        (17,594)
    Write-down of deferred financing costs               5,774            537
    Tax                                                (54,370)       (13,500)
                                                       -------        -------
    Total adjustments                                  629,284        210,182
    >>

    <<
    Adjusted income                                   $421,091       $386,637
                                                      ========       ========
    >>

    <<
    GAAP earnings  per share - diluted                  $(1.06)         $1.11
                                                        ======          =====
    >>

    <<
    Adjusted Non-GAAP (Cash) earnings per
     share - diluted                                     $2.05          $2.44
                                                         =====          =====
    >>

    <<
    Shares used in diluted per share
     calculation -GAAP earnings per share              195,808        158,510
                                                       =======        =======
    >>

    <<
    Shares used in diluted per share
     calculation - Adjusted Non-GAAP (Cash)
     earnings per share                                205,529        158,510
                                                       =======        =======
    >>

    <<
    (a) Prior year non-GAAP adjustments have been modified to conform to
    the 2010 disclosure.
    (b) 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, stock-based compensation step-
    up, restructuring and acquisition-related costs, acquired in-
    process research and development ("IPR&D"), legal settlements, 
    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 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 more 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.
    (c) This table includes Adjusted Non-GAAP (Cash) Earnings Per Share,
    which is a non-GAAP financial measure that represents earnings per
    share, excluding amortization of inventory step-up, stock-based
    compensation step-up, restructuring and acquisition-related costs,
    acquired in-process research and development ("IPR&D"), legal
    settlements, 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 investments, 
    net, and adjusts tax expense to cash taxes.
    (d) ASC 805, accounting for business combinations requires an
    inventory fair value step-up. The impact of the amortization of
    this step-up is included in cost of goods sold. For the three and twelve
    months ended December 31, 2010 the impact is $53.3 million
    for the merger with Valeant Pharmaceutical International.
    (e) Total stock-based compensation for the three and twelve months
    ended December 31, 2010 was $26.2 million and $98.0 million,
    respectively, of which $17.0 million reflects the amortization of
    the fair value increment resulting from the merger.
    (f) Restructuring and acquisition-related costs for the three and 
    twelve months ended December 31, 2010 relate to costs related to the
    merger with Valeant Pharmaceuticals International and include $13.8
    million of expenses related to R&D program cancelation costs, $11.2
    million and $58.6 million related to employee severance, $5.2
    million related to R&D wind down costs, $3.9 million and $49.5
    million related to accelerated equity compensation, $4.9 million
    related to facility closure costs, and $2.5 million and $8.8 million
    of other miscellaneous costs related to the merger.  Acquisition-
    related costs of $2.6 million and $38.3 million for the three and
    twelve months ended December 31, 2010, respectively, relate to the 
    merger with Valeant Pharmaceuticals International.





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    <<
    Valeant Pharmaceuticals International, Inc.           Table 3
    Statement of Revenue - by Segment
    For the Three Months Ended December 31, 2010 and 2009
    (In thousands)
    >>

    <<
                                              Three Months Ended
                                                December 31,
                                                ------------
                                                                     %
                                                                  Change
    Revenue (a)(b)                                                  (c)
                                         2010           2009     -------
                                       GAAP           GAAP
                                       ----           ----
      U.S. Neurology & Other         $212,899       $161,441           32%
      U.S. Dermatology                103,896         46,254          125%
                                      -------         ------
          Total U.S.                  316,795        207,695           53%
    Canada/Australia                   80,421         28,205          185%
                                       ------         ------
        Specialty Pharmaceuticals     397,216        235,900           68%
                                      -------        -------
    Branded Generics - Europe          48,310          5,153          838%
    Branded Generics - Latin America   69,038              -        NM
                                       ------
        Branded Generics              117,348          5,153        NM
                                      -------          -----
    Total revenue                    $514,564       $241,053          113%
                                     ========       ========



    >>

    <<
                                           Three Months Ended
                                             December 31,
                                             ------------
                                                         2010
                                        2010          excluding Change
                                     currency         currency    (c)
    Revenue (a)(b)                     impact           impact     %
                                     ---------        non-GAAP   ------
                                                      --------
      U.S. Neurology & Other                $-         $212,899      32%
      U.S. Dermatology                     121          104,017     125%
                                           ---          -------
          Total U.S.                       121          316,916      53%
    Canada/Australia                    (4,319)          76,102     170%
                                        ------           ------
        Specialty Pharmaceuticals       (4,198)         393,018      67%
                                        ------          -------
    Branded Generics - Europe            2,643           50,953     889%
    Branded Generics - Latin America    (2,772)          66,266   NM
                                        ------           ------
        Branded Generics                  (129)         117,219   NM
                                          ----          -------
    Total revenue                      $(4,327)        $510,237     112%
                                       =======         ========
    >>

    <<
    (a) Note: Currency effect for constant currency sales is determined
    by comparing 2010 reported amounts adjusted to exclude currency
    impact, calculated using 2009 monthly average exchange rates, to the
    actual 2009 reported amounts. Constant currency sales is not a GAAP-
    defined measure of revenue growth. Constant currency sales as
    defined and presented by us may not be comparable to similar
    measures reported by other companies.
    (b) See footnote (b) to Table 2.
    (c) The % change reflects revenue for the combined company for the
    three months ended December 31, 2010 as compared to Legacy Biovail
    alone for the three months ended December 31, 2009.






    >>

    <<
    Valeant Pharmaceuticals International, Inc.                        Table 4
    Reconciliation of GAAP Statement of Cost of Goods Sold to Non-GAAP
    Statement Cost of Goods Sold - by Segment
    For the Three Months Ended December 31, 2010
    (In thousands)
    >>

    <<
                                          Three Months Ended
    Cost of goods sold (a)                   December 31,
                                             ------------
                                            2010          %
                                                          of
                                                       product
                                     as reported        sales
                                         GAAP         --------
                                         ----
    U.S. Neurology & Other               $70,924            35%
    U.S. Dermatology                      42,775            47%
    Canada/Australia                      33,693            42%
    Branded Generics - Europe             24,320            50%
    Branded Generics -Latin
     America                              38,475            56%
    >>

    <<
    Corporate                                461
                                             ---
    >>

    <<
                                        $210,648            43%
                                        ========
    >>

    <<
                                        Three Months Ended
    Cost of goods sold (a)                December 31,
                                          ------------
    >>

    <<
                                                     2010
                                                   excluding
                                   2010           fair value
                               fair value          adjustment
                              adjustment to      to inventory          
                              inventory and          and             % of
                              amortization       amortization       product
                                   (b)             non-GAAP         sales
                              -------------        --------         -------
    U.S. Neurology & Other          $22,436            $48,488            24%
    U.S. Dermatology                 11,300             31,475            35%
    Canada/Australia                 11,409             22,284            28%
    Branded Generics - Europe         5,975             18,345            38%
    Branded Generics -Latin
     America                          9,534             28,941            42%
    >>

    <<
    Corporate                             -                461
                                        ---                ---
    >>

    <<
                                    $60,654           $149,994            31%
                                    =======           ========
    >>

    <<
    (a) See footnote (b) to Table 2.
    (b) U.S. Neurology and Other and U.S. Dermatology  include $15.1
    million and $11.2 million of fair value adjustment to inventory and
    $7.3 million and $0.1 million of amortization, respectively.

    >>

    <<
    Valeant Pharmaceuticals International, Inc.                   Table 5
    Consolidated  Balance Sheet and Other Data
    (In thousands)
                                                    As of        As of
                                                December 31, December 31,
    5.1 Cash                                      2010         2009
                                                  ----         ----
    >>

    <<
    Cash and cash equivalents                   $394,269         $114,463
    Marketable securities                          6,083            9,566
                                                   -----            -----
    Total cash and marketable securities        $400,352         $124,029
                                                ========         ========
    >>

    <<
    5.2 Summary of Cash Flow Statement            Three Months Ended
                                                      December 31,
                                                      ------------
                                                  2010             2009
                                                  ----             ----
    Cash flow provided by (used in):
    >>

    <<
    Adjusted cash flow from operations (Non-
     GAAP) (a)                                  $209,052         $142,552
    Restructuring and acquisition-related costs  (44,078)         (14,905)
    Payment of accrued legal settlements         (38,500)               -
    Effect of ASC 470-20 (FSP APB 14-1)           (4,934)               -
    Changes in working capital related to
     restructuring and acquisition-related
     costs                                      (122,939)               -
                                                --------              ---
    Net cash provided by (used in) operating
     activities (GAAP)                           $(1,399)        $127,647
                                                 =======         ========
    >>

    <<
    (a) See footnote (b) to Table 2.   2010 includes $21.5 million reduction
in
     working capital unrelated to merger/restructuring activities and 2009
     includes $1.0 million increase in working capital.

    (Logo: http://photos.prnewswire.com/prnh/20101025/LA87217LOGO)





    >>

SOURCE Valeant Pharmaceuticals International, Inc.

For further information: Laurie W. Little of Valeant Pharmaceuticals International, Inc., +1-949-461-6002, laurie.little@valeant.com Web Site: http://www.valeant.com


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