UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Valeant Pharmaceuticals International

(Exact name of registrant as specified in its charter)

Delaware		1-11397		33-0628076
(State or other jurisdiction of		(Commission File Number)		(I.R.S Employer
incorporation or organization)				Identification No.)

One Enterprise
Aliso Viejo, California 92656
(Address of principal executive offices) (Zip Code)
(949) 461-6000
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 7.01 Regulation FD Disclosure.

     On June 1, 2009, Valeant Pharmaceuticals International (the “Company”) disclosed the following non-GAAP financial information and metrics relating to the thirteen quarters ended March 31, 2009.

     To supplement the financial measures prepared in accordance with generally accepted accounting principles (GAAP), the Company uses non-GAAP financial measures such as EBITDA and Adjusted EBITDA. EBITDA consists of income (loss) from operations plus depreciation and amortization. Adjusted EBITDA consists of EBITDA plus the sum of acquired in-process research and development, gain or loss on litigation settlements, and restructuring, asset impairments and dispositions. Management uses non-GAAP financial measures to measure and evaluate the operating performance of our core business operations because our resource allocation, cost of capital and income tax positions are managed at a corporate level, apart from the activities of the operating segments, and the operating facilities are located in different taxing jurisdictions which can cause considerable variation in tax expense. Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to similar measures reported by other companies and should be considered as a supplement to, not a substitute for or superior to, the corresponding measures calculated in accordance with GAAP.

     Below is a reconciliation of income (loss) from operations, the most directly comparable GAAP measures, to EBITDA and EBITDA to Adjusted EBITDA for the thirteen quarters ended March 31, 2009.

Valeant Pharmaceuticals International
Reconciliation of GAAP Income/Loss from Operations to EBITDA and Adjusted EBITDA
For the Thirteen Quarters Ended March 31, 2009
(In thousands)

		Q1 2006				Q2 2006				Q3 2006				Q4 2006				2006
Income (loss) from operations (GAAP)		$	10,421			$	(5,066	)		$	28,244			$	13,082			$	46,681
Depreciation and Amortization			17,663				17,739				17,557				17,068				70,027
EBITDA (Non-GAAP)			28,084				12,674				45,800				30,150				116,708
Adjustments:
Restructuring, asset impairments & dispositions			26,171				24,827				14,562				23,056				88,616
Gain on Litigation Settlement			(34,000	)			0				(17,550	)			0				(51,550	)
Adjusted EBITDA (Non-GAAP)		$	20,255			$	37,501			$	42,812			$	53,206			$	153,774

		Q1 2007				Q2 2007				Q3 2007				Q4 2007				2007
Income from operations (GAAP)		$	21,283			$	6,486			$	10,038			$	20,018			$	57,825
Depreciation and Amortization			17,862				18,105				17,957				17,710				71,634
EBITDA (Non-GAAP)			39,145				24,591				27,995				37,728				129,459
Adjustments:
Restructuring, asset impairments & dispositions			5,060				13,014				0				9,601				27,675
Adjusted EBITDA (Non-GAAP)		$	44,205			$	37,605			$	27,995			$	47,329			$	157,134

		Q1 2008				Q2 2008				Q3 2008				Q4 2008				2008
Income (loss) from operations (GAAP)		$	17,356			$	(14,414	)		$	16,014			$	(152,449	)		$	(133,493	)
Depreciation and Amortization			17,795				17,885				16,117				16,644				68,441
EBITDA (Non-GAAP)			35,151				3,471				32,131				(135,805	)			(65,052	)
Adjustments:
Acquired in-process research and development			0				0				0				186,300				186,300
Restructuring, asset impairments & dispositions			(13,190	)			13,956				3,528				17,001				21,295
Adjusted EBITDA (Non-GAAP)		$	21,961			$	17,427			$	35,659			$	67,496			$	142,543

		Q1 2009
Income from operations (GAAP)		$	42,734
Depreciation and Amortization			20,764
EBITDA (Non-GAAP)			63,498
Adjustments:
Restructuring, asset impairments & dispositions			1,211
Adjusted EBITDA (Non-GAAP)		$	64,709

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.