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VALEANT PHARMACEUTICALS INTERNATIONAL (VRX)

Income Statement Business | Product

Standardized | As Reported Annual | Quarterly | TTM
  Older >>
In millions, except per share itemsDec-31-09Dec-31-08Dec-31-07Dec-31-06Dec-31-05Dec-31-04Dec-31-03Dec-31-02
   10-K10-K10-K10-K10-K10-K10-K/A10-K
Revenues:  
    Specialty pharmaceuticals product sales  403.9303.7326.7     
    U.S.  357.7223.8244.0     
    Other  234.9215.2234.4     
    Branded generics — Latin America product sales  155.2136.6151.3     
Total revenues  830.5657.0689.5685.1823.5684.3686.1737.1
            Revenue growth   [+]26.4%-4.7%0.6%-16.8%20.4%-0.3%-6.9%18.7%
Cost of goods sold  193.0167.9158.1161.0222.4200.5184.7157.0
Gross profit  637.5489.1531.4524.0601.2483.7501.4580.1
            Gross margin  76.8%74.4%77.1%76.5%73.0%70.7%73.1%78.7%
Selling, general and administrative   [+]255.8278.0292.0283.6340.8296.1278.4530.6
Research and development  44.087.098.0105.4114.192.945.349.5
EBITDA   [+]319.2-67.0129.565.2173.5103.3203.923.2
            EBITDA margin  38.4%-10.2%18.8%9.5%21.1%15.1%29.7%3.1%
Depreciation and amortization  15.716.515.618.728.527.826.223.3
EBITA  303.5-83.5113.846.4145.075.4177.7-0.1
            EBITA margin  36.5%-12.7%16.5%6.8%17.6%11.0%25.9%0.0%
Amortization of intangibles  70.650.056.051.368.859.338.630.7
EBIT   [+]232.8-133.557.8-4.976.116.1139.1-30.8
            EBIT margin  28.0%-20.3%8.4%-0.7%9.2%2.4%20.3%-4.2%
Non-recurring items     -51.6126.411.8117.6 
Interest expense, net   [+]39.328.339.331.127.236.827.337.2
Other income (expense), net  5.8-10.91.70.8-6.4-19.8-8.1244.9
Pre-tax income  199.3-172.720.116.3-83.8-52.2-13.9176.9
Income taxes  -58.334.713.536.655.168.641.275.0
            Tax rate    67.2%223.8%   42.4%
Minority interest  0.00.00.00.00.30.211.817.7
Earnings from continuing ops  257.6-207.46.6-20.2-139.1-121.1-66.984.2
Earnings from discontinued ops  6.1166.5-26.8-37.3    
Net income  263.7-40.8-20.2-57.6-188.7-154.7-57.5-134.8
            Net margin  31.8%-6.2%-2.9%-8.4%-22.9%-22.6%-8.4%-18.3%
   
Basic EPS   [+]   ($0.22)($1.52)($1.44)($0.80)$1.01
Diluted EPS   [+]   ($0.22)($1.52)($1.44)($0.80)$1.00
   
Shares outstanding (basic)   [+]   92.991.684.183.483.3
Shares outstanding (diluted)   [+]   92.991.684.183.484.0
   
EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.  

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