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Valeant Pharmaceuticals’ Performance in 4Q17 and 2017

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Valeant Pharmaceuticals’ revenue trends

In 4Q17, Valeant Pharmaceuticals International (VRX) generated revenues of $2.2 billion compared to $2.4 billion in 4Q16, which reflected a 10% decline on a YoY (year-over-year) basis and a 3% decline quarter-over-quarter.

In fiscal 2017, Valeant Pharmaceuticals reported revenues of $8.6 billion compared to $9.5 billion in fiscal 2016, which was a 10% YoY decline.

In 4Q17 and 2017, Valeant Pharmaceuticals generated revenues of $2.1 billion and $8.6 billion, respectively, from product sales and $30 million and $129 million, respectively, from other revenues.

In 4Q17, it reported GAAP (generally accepted accounting principles) net income of $513 million compared to a net loss of $515 million in 4Q16. In fiscal 2017, it reported net income of $2.4 billion compared to a net loss of $2.4 million in 2016.

In 4Q17, the company reported GAAP EPS (earnings per share) of $1.45 compared to a net loss per share of $1.47 in 4Q16.

In 4Q17, it reported a non-GAAP gross margin of 70% compared to 72% in 4Q16.

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Expense trends

In 4Q17, Valeant Pharmaceuticals reported cost of goods sold, SG&A (selling, general, and administrative), and R&D (research and development) expenses of $10 million, $639 million, and $90 million, respectively, compared to $10 million, $665 million, and $93 million, respectively, in 4Q16.

In fiscal 2017, it reported cost of goods sold, SG&A, and R&D expenses of $42 million, $2.6 billion, and $361 million, respectively, compared to $39 million, $2.8 billion, and $421 million, respectively, in fiscal 2016.

In 4Q17, Valeant Pharmaceuticals’ peers in the biopharmaceuticals market were Teva Pharmaceutical Industries (TEVA), GlaxoSmithKline (GSK), and Mylan (MYL), which reported revenues of $5.5 billion, $10.1 billion, and $3.2 billion, respectively.

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