Bausch Health Companies Inc. · TSX:BHC
Bausch Health Companies — Valeant Pharmaceuticals International — Debt Investor Presentation (February 2013)
18 slides from Bausch Health Companies's debt investor presentation, Feb 7, 2013
Slide 1: Valeant Pharmaceuticals International, Inc. Lenders' Presentation
Exhibit 99.1 Valeant Pharmaceuticals International, Inc. Lenders’ Presentation February 8, 2013
Slide 2: Forward-looking Statements
Forward-looking Statements Forward-looking Statements Certain statements made in this presentation may constitute forward-looking statements, including, but not limited to, statements regarding preliminary results and guidance with respect to expected revenues, non-GAAP cash earnings per share, adju
Slide 3: Agenda
Agenda Executive Summary & Transaction Overview Amendment Overview & Timeline Business Update 2012 Achievements Medicis Integration Update 2012 Year End Performance Financial Guidance for 2013 Questions and Answers 3
Slide 4: Transaction Overview
Transaction Overview
Slide 5: Executive Summary
Executive Summary Valeant Pharmaceuticals International, Inc. (“Valeant” or the “Company”) is a multinational specialty pharmaceutical company with a diverse global product portfolio 2012 on-track to be another successful year for Valeant 2012 Full Year Revenue reaffirmed at $3.3 - $3.5 billion (exc
Slide 6: Amendment Overview
Amendment Overview The Company is planning to take advantage of the attractive debt markets to execute an amendment to reprice the Term Loan B – Series C and Series D tranches Valeant is seeking to reduce pricing to L+275 bps The Company is also seeking to reduce the LIBOR floor to 0.75% In conjunct
Slide 7: Capitalization
Capitalization Pro forma for Amendment and Medicis Acquisition Close ($ in millions) 12/31/2012 Pro Forma x LTM 12/31/12 Net debt Pro Forma 1 1 2 Amount Amount PF EBITDA x PF EBITDA Coupon LIBOR Floor Maturity Cash $ 921 $ 894 - - - Revolver ($450 million) - - L + 225 - 4/20/2016 Term Loan A 2,114 2
Slide 8: Summary Terms & Conditions Senior Secured Term Loan B – Series C/D
Summary Terms & Conditions Senior Secured Term Loan B – Series C/D Terms Senior Secured Term Loan B Facilities Borrower Valeant Pharmaceuticals International, Inc. (the “Borrower”) Material direct and indirect wholly-owned subsidiaries of the Borrower subject to customary exclusions (consistent with
Slide 9: Business Update
Business Update
Slide 10: 2012 Achievements
2012 Achievements Operations: 1 1 Revenue growth vs. 2011 of >$1B and >40% Overcame ~$200 M decline related to genericization of Cesamet, Cardizem CD, Ultram ER, Wellbutrin XL 1 Cash EPS growth vs. 2011 of >50% Organic growth of ~8% on a same store basis, ~10% Pro Forma Business Development: Complet
Slide 11: 2012 Achievements (continued)
2012 Achievements (continued) R&D Productivity and Product Launches: Filed multiple New Drug Applications Efinaconazole - Onychomycosis (Valeant) Luliconazole - Tinea Pedis (Medicis) Xerese (in Canada) –Herpes Labialis (Valeant) Launched more than 300 branded generic products in Emerging Markets Lau
Slide 12: Medicis Integration Update
Medicis Integration Update th Valeant closed the acquisition on December 11 with the concurrent closing and funding of the $1.0bn Term Loan B – Series C Leadership team in place for nearly one month Nearly all personnel decisions have been made and communicated Sales incentive programs in place to e
Slide 13: 2012 Full Year Performance
2012 Full Year Performance 2011 2011 w/o 2012 As One-time 2012 Guidance w/o Growth Reported Items Guidance One-time Items Revenue $2.46 billion $2.39 billion $3.4 - $3.6 billion $3.3 - $3.5 billion ~40% - 45% Cash EPS $2.93 $2.63 $4.48 - $4.53 $4.11 - $4.16 ~55% - 60% Adjusted Cash Flow $925 million
Slide 14: Previous Q4 Guidance Unchanged
Previous Q4 Guidance Unchanged Fourth Quarter 2012 Guidance Revenue expected to be >$900 million Cash EPS expected to be between $1.18 - $1.23 Adjusted cash flows from operations expected to be between $330 - $430 million Medicis impact expected to be immaterial Note : The guidance in this presentat
Slide 15: Financial Guidance for 2013
Financial Guidance for 2013* 2013 % over 2012 Revenue $4.4 - $4.8 billion ~35% Cash EPS $5.45 - $5.75 ~35% Cash EPS Including Royalty to Meda $5.35 - $5.65 ~33% Adjusted Cash Flow from Operations $1.5 - $1.75 billion ~40% * Excluding all potential acquisitions Note : The guidance in this presentatio
Slide 16: 2013 Guidance Assumptions
2013 Guidance Assumptions Exchange rates are based on current spot rates Impact from generics to be >$100M in revenues vs. 2012 Retin-A Micro, BenzaClin, and Cesamet No generic assumption included for Zovirax ~$40-$50M in revenue declines as a result of planned divestitures Solodyn revenues of ~$250
Slide 17: Appendix
Appendix
Slide 18: Pro Forma EBITDA Reconciliation
Pro Forma EBITDA Reconciliation December 31, 2012 LTM EBITDA ($ millions) Estimated Range (a) Consolidated Net Income $ (140) $ (190) + Consolidated Interest Expense, net 470 485 + Provision (Benefit) for Income Taxes $ (220) $ (260) + Depreciation and Amortization 975 995 (b) + Restructuring and In
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