Valeant Pharmaceuticals International Inc VRX
Q4 2011 Earnings Call Transcript

Transcript Call Date 02/27/2012

Operator: Good morning. My name is Matthew and I will be your conference operator today. At this time, I'd like to welcome everyone to the Valeant Pharmaceuticals Fourth Quarter 2011 Year End 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.

Thank you, Laurie Little, you may begin your conference.

Laurie W. Little - IR: Thank you, Matthew. Good morning, everyone, and welcome to Valeant's fourth quarter and year end 2011 financial results conference call. Joining us on the call today are J. Michael Pearson, Chairman and Chief Executive Officer, Rajiv De Silva, President and Chief Operating Officer of Specialty Pharmaceuticals; and Howard B. Schiller, our Chief Financial Officer. In addition to a live webcast, a copy of today's slide presentation can be found on our website under the Investor Relations section.

Certain statements made in this presentation today may constitute forward-looking statements. Please see Slide 1 for important information regarding these forward-looking statements and associated risks and uncertainties. Readers are cautioned not to place undue reliance on any of these forward-looking statements. The Company undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect actual outcomes.

In addition, this presentation contains non-GAAP financial measures. For more information about non-GAAP financial measures, please refer to Slide 1. Non-GAAP reconciliations can be found in the press release issued earlier today and posted on our website.

Finally, the financial guidance in this presentation is effective only as of the date originally provided January 6, 2012. It is our policy to update our firm guidance only through broadly disseminated public disclosure.

With that, I will turn the call over to Mike Pearson.

J. Michael Pearson - Chairman and CEO: Thank you, Laurie. Good morning everyone and thank you for joining us. 2011 was another strong year for our company as we completed the Valeant Biovail merger and continued our aggressive but disciplined M&A strategy to build critical mass in U.S. dermatology, Canada, Australia and Central and Eastern Europe. We moved into 2012 on the heels of another solid quarter and remain optimistic about our base business performance and for the prospects of continuing to execute our business development agenda.

On today's call, we will be discussing the following topics; first, I will review our fourth quarter results and our 2011 performance, next I will cover of recent deals, then I'll turn the call over to Rajiv to discuss our U.S. dermatology performance and plan; and finally, Howard will provide a financial update.

This morning, we reported Valeant's fourth quarter and full year results for 2011, which again showed strong growth, profitability, and cash flows. Total revenue in the fourth quarter of 2011 was $688 million, as compared to $515 million in the same period in the prior year, an increase of 34%. Our fourth quarter cash EPS was $0.94 per share or an increase of 88% over 2010 and adjusted cash flow from operations was $253 million in the quarter. This represented a 22% increase over the comparable quarter in 2010.

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