Valeant Pharma beats by $0.02, reports revs in-line; guides FY18 revs below consensus
- Reports Q4 (Dec) earnings of $0.98 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.96; revenues fell 10.0% year/year to $2.16 bln vs the $2.18 bln Capital IQ Consensus.
- The Bausch + Lomb/International segment comprised ~56% of the Company's revenue in 2017. Reported revenue decreased by 1% compared to 2016; excluding foreign exchange and divestitures, revenue grew organically by 6% compared to 2016. Generated mid-single digit organic growth during each of the four quarters of 2017
- The Salix business, which is reported within the Branded Rx segment, comprised ~18% of the Company's revenue in 2017. Reported revenue grew by 2% and revenue grew organically by 5%, compared to 2016. Generated mid-single digit or higher organic growth during the second, third and fourth quarters of 2017
- Continued to focus on stabilizing the dermatology business, which is reported within the Branded Rx segment Recruited new leadership team and rebranded the business as Ortho Dermatologics. Increased dermatology sales force by more than 25% in January 2018. Reduced total debt by more than $4.4 billion in 2017
- Co issues downside guidance for FY18, sees FY18 revs of $8.1-8.3 bln vs. $8.37 bln Capital IQ Consensus Estimate. EBITDA $3.05-3.20 bln.
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