Bausch Health Companies Inc. · TSX:BHC
Bausch Health Companies — Valeant Pharmaceuticals International — FY2011 Earnings Presentation
17 slides from Bausch Health Companies's earnings presentation, Jan 6, 2011
Slide 1: 2011 Financial Guidance Conference Call January 6, 2011
2011 Financial Guidance Conference Call January 6, 2011
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: 2010 Achievements
2010 Achievements Completed 8 acquisitions Blaufarma, Vital Science, Bunker, Delta, Aton, Hamilton, Ultravate, Refissa ~$450m in total purchase price ~$185m in revenue (Average 2.4x sales) Created New Valeant through merger between Biovail and Valeant with improved corporate structure - integration
Slide 4: Integration Progress
Integration Progress Headcount 500 employees notified of terminations 400 employees will have left by the end of Q1 2011 Facilities Majority of the facility closures expected to be completed by Jan. 31 R&D Progress All program termination notifications complete Termination activities expected to be
Slide 5: Past acquisitions showing solid organic growth
Past acquisitions showing solid organic growth CAGR = 17%
Slide 6: Ezogabine/retigabine
Ezogabine/retigabine Unanimous positive vote for the effectiveness of ezogabine from FDA Advisory Panel held August 2010 11/13 (2 abstentions) voted that urinary retention could be mitigated by patient monitoring Unanimous vote that monitoring need not be instituted for infection and kidney stones M
Slide 7: Strengthened the Balance Sheet Since Close
Strengthened the Balance Sheet Since Close Raised $1 billion in fixed rate subordinated notes which: Reduced interest rate exposure Paid down $500 million in floating rate senior notes with Libor floor Eliminated $125 million floating rate delayed draw Paid $300 million post-close dividend Purchased
Slide 8: 2010 Update: Fourth Quarter 2010 Guidance
2010 Update Fourth Quarter 2010 Guidance Revenue expected to be between $510 - $520 million Cash EPS expected to be between $0.44 - $0.48 Adjusted cash flows from operations expected to be between $170 - - $190 million* Full Year 2010 pro forma growth rates ~19% product sales growth over 2009 ~7% or
Slide 9: Non-GAAP Cash EPS Methodology for New Valeant
Non-GAAP Cash EPS Methodology for New Valeant
Slide 10: Adjusted Cash Flow from Operations Methodology
Adjusted Cash Flow from Operations Methodology * Includes changes in working capital
Slide 11: 2011 Guidance
2011 Guidance Total revenues expected to be between $2.1 - $2.3 billion Organic product sales growth > 8% Cash EPS expected to be between $2.25 - $2.50 Adjusted Cash Flow from Operations >$800 million See Note 1 regarding guidance
Slide 12: Combined Valeant Financials
Combined Valeant Financials U.S. Neuro & Other U.S. Derm Canada / Australia Branded Generics Europe Specialty Pharma Wellbutrin XL Xenazine Zovirax Acanya CeraVe Atralin Service Royalty Wellbutrin XL Cesamet Tiazac Central Europe 2011 Revenues $225-$245M $850-$950M $480-$515M $285-$305M $2.1 - $2.3
Slide 13: Eliminated Alliance/Service Segment
Eliminated Alliance/Service Segment
Slide 14: Status of Previous Strategic Initiatives
Status of Previous Strategic Initiatives Partner retigabine and taribavirin Sell / IPO Europe Fix Mexico Submit NDA for retigabine Restructure Balance Sheet Restructure Organization 2008 Maximize GSK alliance / File NDA Deliver on Coria, DermaTech and Dow acquisition financial models Augment/replace
Slide 15: New 2011 Strategic Initiatives
New 2011 Strategic Initiatives Complete Biovail integration by mid-year Make at least 5 acquisitions / partnerships outside the U.S., one of significant size Successfully launch ezogabine/retigabine in U.S. / ex - U.S. Improve growth profile of Legacy Biovail product portfolio Strengthen balance she
Slide 16: Executive Compensation - 2011 Annual Bonus
Executive Compensation - 2011 Annual Bonus Executive Management Team (EMT) will recommend to Board that EMT will receive no payout on financial component of bonus if 2011 Cash EPS is less than $2.25
Slide 17: 2011 Financial Guidance Conference Call January 6, 2011
2011 Financial Guidance Conference Call January 6, 2011
Valeant Pharmaceuticals International — FY2011 Earnings Presentation on 6ix