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Valeant reports 11% decrease in total revenues in second quarter

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Valeant Pharmaceuticals International announced second quarter 2016 financial results, including that total revenues decreased 11% to $2.42 billion in the time period compared to $2.73 billion in the second quarter of 2015, according to a press release.

The loss was “driven primarily by a decline in product sales revenues from our existing business, as well as negative foreign currency exchange impact, partially offset by incremental product sales revenues from acquisitions completed in 2015,” according to the release.

“We continue to make progress towards stabilizing the organization,” Joseph C. Papa, CEO and chairman, stated in the release. “We are also announcing a new strategic direction for Valeant, which, at its heart has a mission to improve patients’ lives, and will involve reorganizing our company and reporting segments.”

Revenues declined 14% in the Developed Markets segment, with factors including a drop in product sales revenue in existing business, according to the release.

Net loss for the second quarter of 2016 was $302 million, compared to a net loss of $53 million in the same time period a year earlier, according to the release.  There was an adjusted net income (non-GAAP) of $488 million in the second quarter compared to $751 million in the second quarter a year earlier, Valeant reported.

There was $448 million in cash flow from operations in the second quarter of 2016, compared to $411 million a year earlier, for an increase of 9% of the same period year-to-year, according to the release.

In business development, the company has sold, or agreed to sell, brodalumab EU rights, Synergetics USA OEM business, and Ruconest, a recombinant human C1 esterase inhibitor, for a combined upfront payment of $181 million, and additional consideration up to $320 million for specific approval and sales milestone achievements, according to the release. Valeant announced in the release it had entered into a definitive agreement to divest all North American commercial rights to Ruconest to Pharming Group N.V.

Reference: www.valeant.com