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Financial Report: Valeant

Recent acquisitions recover generic losses

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By: Kristin Brooks

Managing Editor, Contract Pharma

Valeant

3Q Revenues: $2.1 billion (+33%)

3Q Earnings: $276.4 million (loss of $971.9 million in 3Q13)

YTD Revenues: $5.9 billion (+61%)

YTD Earnings: $378.1 million (loss of $988.6 million)

Comments: Neuro & Other/Generics sales were $391.7 million, up 40% in the quarter. Dermatology sales were up 33% to $272.8 million. Consumer sales were $141.4 million, up 43%. Ophthalmology Rx sales were $117.8 million, up 57%. 2013 results include acquisition costs related to Bausch & Lomb and the impact of generics. Charges for the quarter included $19.9 million for write-offs for in-process R&D impairment assets including $12.5 million acquired in the Medicis Pharmaceutical Corp. acquisition in December 2012, in-process R&D charges for 3Q13 of $124.0 million relating to the modified-release formulation of ezogabine/retigabine of $93.8 million and $27.3 million of IPR&D assets acquired as part of Aton Pharma, Inc.

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