Valeant Pharma reports Q3 (Sep) results, beats on revs; lowers FY17 revs guidance, maintains Adj-EBITDA outlook
- Reports Q3 (Sep) GAAP earnings of $3.69 per share, may not be comparable to the Capital IQ GAAP Consensus of ($1.00); revenues fell 10.5% year/year to $2.22 bln vs the $2.17 bln Capital IQ Consensus.
- Commentary on revenues: The decrease was primarily driven by decreases in volume in the U.S. Diversified Products and Branded Rx segments attributed to the previously reported loss of exclusivity for a basket of products and also reflects the impact of divestitures and discontinuations and the unfavorable impact of foreign exchange. The decline was partially offset by increased sales in our Bausch + Lomb/International segment and Salix business.
- Adjusted EBITDA (non-GAAP) was $951 million for the third quarter of 2017, as compared to $1,163 million for the third quarter of 2016, a decrease of $212 million, primarily due to revenue declines coming from the loss of exclusivity impact on the U.S. Diversified Products segment, volume declines in the Ortho Dermatologics business and the previously announced divestitures, partially offset by lower Selling, General and Administrative and Research and Development expenses.
- Co issues in-line guidance for FY17, sees FY17 revs of $8.65-8.8 bln (Prior $8.7-8.9 bln) vs. $8.69 bln Capital IQ Consensus Estimate, continues to see Adj-EBITDA of $3.6-3.75 bln despite asset divestitures
No comments:
Post a Comment