Valeant Pharma (VRX) Reports Q3 EPS of $3.69, Beating Views

Valeant Pharma (NYSE: VRX) reported Q3 GAAP EPS of $3.69, versus ($3.49) last year. Revenue for the quarter came in at $2.22 billion, versus $2.48 billion reported last year and the consensus of $2.165 billion. Adjusted EBITDA (non-GAAP) of $951 million, versus the consensus of $872 million and adjusted Net Income of $367 million versus the consensus of $311 million.

"Our strong third-quarter performance demonstrates our continued progress in the turnaround of Valeant. Driven by solid execution in our Bausch + Lomb/International segment and our Salix business, we delivered strong organic revenue growth1 across approximately 77% of our business in the quarter," said Joseph C. Papa, chairman and chief executive officer, Valeant.

"Valeant is a very different company today than it was a year ago. Under a new management team, we have strengthened our balance sheet and stabilized the Company by simplifying our business and allocating resources more efficiently," Mr. Papa continued. "We realize there is more progress to be made, and we will continue to hold ourselves accountable for delivering on our commitments to best serve our shareholders, employees, customers, and most importantly, patients."

GUIDANCE:

• Valeant Pharma sees FY2017 revenue of $8.65-8.8 million versus prior of $8.70 - $8.90 billion.
• Maintains Full-Year Adjusted EBITDA (non-GAAP) in the range of $3.60 - $3.75 billion despite asset divestitures

Additional Highlights

• Valeant's cash, cash equivalents and restricted cash (including non-current) were $1,969 million at Sept. 30, 2017
• The Company's availability under the Revolving Credit Facility was approximately $980 million at Sept. 30, 2017
• Valeant's corporate credit ratings remained unchanged during the third quarter of 2017

For earnings history and earnings-related data on Valeant Pharma (VRX) click here.

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