Valeant Pharmaceuticals International Inc VRX
Q3 2010 Earnings Call Transcript

Transcript Call Date 11/04/2010

Operator: Good morning. My name is Amanda and I will be your conference operator today. At this time, I would like to welcome everyone to the Valeant Third Quarter 2010 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks there will be a question-and-answer session. (Operator Instructions). Thank you. Ms. Laurie Little, you may begin your conference.

Laurie W. Little - IR: Good morning and welcome everyone to Valeant's third quarter 2010 financial results conference call. Joining us on the call today are Mike Pearson, Chief Executive Officer; Peggy Mulligan, Chief Financial Officer; and Rajiv De Silva, President and Chief Operating Officer of Specialty Pharmaceuticals.

In addition to this live webcast, a copy of today's slide presentation can be found on our website under the Investor Relations section within the webcast event details.

Before we begin, please turn your attention to the slide containing our cautionary statement regarding forward-looking statements. Certain statements made in this presentation and other statements made during this call and the Q&A session afterwards may constitute forward-looking statements. In addition to supplement the consolidated financial results prepared in accordance with generally accepted accounting principles, the Company uses non-GAAP financial measures that exclude certain items.

The Company has provided guidance with respect to adjusted non-GAAP cash flow from operations, which is a non-GAAP financial measures that represents adjusted cash flow from operations. The Company has not provided reconciliation of this forward-looking non-GAAP financial measure due to the difficulty in forecasting and quantifying the exact amount of the items excluded from the non-GAAP financial measure that will be included in the comparable GAAP financial measure.

Statements made on this call do not and will not constitute an offer to sell or the solicitation of an offer to purchase common shares of the Company. Valeant intends to file a registration statement including the perspective with the Securities and Exchange Commission for the offering of the common shares pursuant to the Special Dividend Reinvestment Plan. Before investing an eligible shareholder should read the prospectus in that Registration Statement and other documents that Company has filed with the SEC and with the CSA for more complete information about the Company and the offering. You may also obtain these documents free of charge from Valeant's website or by directing a request to Investor Relations at our corporate headquarters.

Information related to the Special Dividend Reinvestment Plan is being provided here pursuant to and in accordance with Rule 135 under the Securities Act of 1933, as amended. With that, I will turn the call over to Mike Pearson.

J. Michael Pearson - CEO: Thank you, Laurie. Good morning, everyone and thank you for joining us. This quarter is an unusual quarter from a financial reporting perspective with the merger of Valeant and Biovail closing three days before the end of the quarter. Up to the close the Legacy Biovail business continued to be managed by Legacy Biovail management and the Legacy Valeant business continued to be managed by the Legacy Valeant management. Since September 28, the combined business has been managed by the new Valeant team.

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