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`10-Q 1 valeantq12017.htm 10-Q
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`UNITED STATES
`SECURITIES AND EXCHANGE COMMISSION
`Washington, D.C. 20549
`FORM 10-Q
`x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
`For the Quarterly Period Ended March 31, 2017
`OR
`o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
` to
`
`For the transition period from
`
`Commission File Number: 001-14956
`
`VALEANT PHARMACEUTICALS INTERNATIONAL, INC.
`(Exact name of registrant as specified in its charter)
`
`British Columbia, Canada
`(State or other jurisdiction of
`incorporation or organization)
`2150 St. Elzéar Blvd. West, Laval, Quebec
`(Address of principal executive offices)
`
`98-0448205
`(I.R.S. Employer Identification No.)
`
`H7L 4A8
`(Zip Code)
`
`(514) 744-6792
`(Registrant’s telephone number, including area code)
`
`Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
`during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
`for the past 90 days. Yes x No o
`
`Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required
`to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to
`submit and post such files). Yes x No o
`
`Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an
`emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in
`Rule 12b-2 of the Exchange Act.
`
`Large accelerated filer x
`
`Accelerated filer o
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`o
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`Smaller reporting
`company
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`o
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`Non-accelerated filer
`(Do not check if a smaller
`reporting company)
`If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised
`financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
`
`Emerging growth
`company
`
`o
`
`Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
`
`Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
`
`Common shares, no par value — 347,906,024 shares outstanding as of May 3, 2017.
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`ACRUX DDS PTY LTD. et al.
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`EXHIBIT 1587
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`IPR Petition for
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`U.S. Patent No. 7,214,506
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`VALEANT PHARMACEUTICALS INTERNATIONAL, INC.
`FORM 10-Q
`FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2017
`
`INDEX
`
`Part I.
`Item 1.
`
`Item 2.
`Item 3.
`Item 4.
`Part II.
`Item 1.
`Item 1A.
`Item 2.
`Item 3.
`Item 4.
`Item 5.
`Item 6.
`Signatures
`
`Financial Information
`Consolidated Financial Statements (unaudited)
`Consolidated Balance Sheets as of March 31, 2017 and December 31, 2016
`Consolidated Statements of Operations for the three months ended March 31, 2017 and 2016
`Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2017 and 2016
`Consolidated Statements of Cash Flows for the three months ended March 31, 2017 and 2016
`Notes to the Consolidated Financial Statements
`Management’s Discussion and Analysis of Financial Condition and Results of Operations
`Quantitative and Qualitative Disclosures About Market Risk
`Controls and Procedures
`Other Information
`Legal Proceedings
`Risk Factors
`Unregistered Sales of Equity Securities and Use of Proceeds
`Defaults Upon Senior Securities
`Mine Safety Disclosures
`Other Information
`Exhibits
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`2
`3
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`5
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`VALEANT PHARMACEUTICALS INTERNATIONAL, INC.
`FORM 10-Q
`FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2017
`
`Introductory Note
`
`Except where the context otherwise requires, all references in this Quarterly Report on Form 10-Q (this “Form 10-Q”) to the “Company”, “we”, “us”, “our” or
`similar words or phrases are to Valeant Pharmaceuticals International, Inc. and its subsidiaries, taken together. In this Form 10-Q, references to “$” or "USD" are to
`United States (“U.S.”) dollars, references to “€” are to Euros, references to CAD are to Canadian dollars and references to RUB are to Russian rubles. Unless
`otherwise indicated, the statistical and financial data contained in this Form 10-Q are presented as of March 31, 2017.
`
`Forward-Looking Statements
`
`Caution regarding forward-looking information and statements and “Safe-Harbor” statements under the U.S. Private Securities Litigation Reform Act of 1995:
`
`To the extent any statements made in this Form 10-Q contain information that is not historical, these statements are forward-looking statements within the
`meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and may be forward-looking
`information within the meaning defined under applicable Canadian securities legislation (collectively, “forward-looking statements”).
`
`These forward-looking statements relate to, among other things: our business strategy, business plans and prospects, forecasts and changes thereto, product
`pipeline, prospective products or product approvals, product development and distribution plans, future performance or results of current and anticipated products;
`our liquidity and our ability to satisfy our debt maturities as they become due; our ability to reduce debt levels; the impact of our distribution, fulfillment and other
`third party arrangements; proposed pricing actions; exposure to foreign currency exchange rate changes and interest rate changes; the outcome of contingencies,
`such as litigation, subpoenas, investigations, reviews, audits and regulatory proceedings; general market conditions; our expectations regarding our financial
`performance, including revenues, expenses, gross margins and income taxes; our ability to meet the financial and other covenants contained in our Third Amended
`and Restated Credit and Guaranty Agreement, as amended (the "Credit Agreement") and indentures; and our impairment assessments, including the assumptions
`used therein and the results thereof.
`
`Forward-looking statements can generally be identified by the use of words such as “believe”, “anticipate”, “expect”, “intend”, “estimate”, “plan”,
`“continue”, “will”, “may”, “could”, “would”, “should”, “target”, “potential”, “opportunity”, “tentative”, “positioning”, “designed”, “create”, “predict”,
`“project”, “forecast”, “seek”, “ongoing”, “increase”, or “upside” and variations or other similar expressions. In addition, any statements that refer to
`expectations, intentions, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements
`may not be appropriate for other purposes. Although we have indicated above certain of these statements set out herein, all of the statements in this Form 10-Q that
`contain forward-looking statements are qualified by these cautionary statements. These statements are based upon the current expectations and beliefs of
`management. Although we believe that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties,
`and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, including,
`but not limited to, factors and assumptions regarding the items outlined above. Actual results may differ materially from those expressed or implied in such
`statements. Important factors that could cause actual results to differ materially from these expectations include, among other things, the following:
`
`•
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`the expense, timing and outcome of legal and governmental proceedings, investigations and information requests relating to, among other matters, our
`distribution, marketing, pricing, disclosure and accounting practices (including with respect to our former relationship with Philidor Rx Services, LLC
`("Philidor")), including pending investigations by the U.S. Attorney's Office for the District of Massachusetts, the U.S. Attorney's Office for the Southern
`District of New York and the State of North Carolina Department of Justice, the pending investigations by the U.S. Securities and Exchange Commission
`(the “SEC”) of the Company, pending investigations by the U.S. Senate Special Committee on Aging and the U.S. House Committee on Oversight and
`Government Reform, the request for documents and information received by the Company from the Autorité des marchés financiers (the “AMF”) (the
`Company’s principal securities regulator in Canada), the document subpoena from the New Jersey State Bureau of Securities, the pending investigation by
`the California Department of Insurance, a number of pending putative class action litigations in the U.S. and Canada and purported class actions under the
`federal RICO statute and other claims, investigations or proceedings that may be initiated or that may be asserted;
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`the success of our new management team (including our new Chairman and Chief Executive Officer, new Chief Financial Officer, new General Counsel,
`new Corporate Controller and Chief Accounting Officer and new Chief Quality Officer) in implementing and achieving the strategies and goals of the
`Company as they develop;
`
`the impact of the changes in and reorganizations to our business structure, including changes to our operating and reportable segments;
`
`the effect of the misstatements identified in, and the resultant restatement of, certain of our previously issued financial statements and results, and any
`claims, investigations or proceedings (and any costs, expenses, use of resources, diversion of management time and efforts, liability and damages that may
`result therefrom), negative publicity or reputational harm that has arisen or may arise as a result;
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`the effectiveness of the measures implemented to remediate the material weaknesses in our internal control over financial reporting that were identified by
`the Company, our deficient control environment and the contributing factors leading to the misstatement of our previously issued results and the impact
`such measures may have on the Company and our businesses;
`
`potential additional litigation and regulatory investigations (and any costs, expenses, use of resources, diversion of management time and efforts, liability
`and damages that may result therefrom), negative publicity and reputational harm on our Company, products and business that may result from the recent
`public scrutiny of our distribution, marketing, pricing, disclosure and accounting practices and from our former relationship with Philidor, including any
`claims, proceedings, investigations and liabilities we may face as a result of any alleged wrongdoing by Philidor and/or its management and/or employees;
`
`the current scrutiny of our business practices including with respect to pricing (including the investigations by the U.S. Attorney's Offices for the District of
`Massachusetts and the Southern District of New York, the U.S. Senate Special Committee on Aging, the U.S. House Committee on Oversight and
`Government Reform and the State of North Carolina Department of Justice) and any pricing controls or price adjustments that may be sought or imposed
`on our products as a result thereof;
`
`pricing decisions that we have implemented, or may in the future, elect to implement, whether as a result of recent scrutiny or otherwise, such as the
`decision of the Company to take no further price increases on our Nitropress® and Isuprel® products and to implement an enhanced rebate program for
`such products, our decision on the price of our Siliq™ product, the Patient Access and Pricing Committee’s commitment that the average annual price
`increase for our prescription pharmaceutical products will be set at no greater than single digits and below the 5-year weighted average of the increases
`within the branded biopharmaceutical industry or any future pricing actions we may take following review by our Patient Access and Pricing Committee
`(which is responsible for the pricing of our drugs);
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`legislative or policy efforts, including those that may be introduced and passed by the U.S. Congress, designed to reduce patient out-of-pocket costs for
`medicines, which could result in new mandatory rebates and discounts or other pricing restrictions, controls or regulations (including mandatory price
`reductions);
`
`ongoing oversight and review of our products and facilities by regulatory and governmental agencies, including periodic audits by the U.S. Food and Drug
`Administration (the "FDA"), and the results thereof, such as the inspections by the FDA of the Company's facilities in Tampa, Florida and Rochester, New
`York, and the results thereof;
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`any default under the terms of our indentures or Credit Agreement and our ability, if any, to cure or obtain waivers of such default;
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`any delay in the filing of any future financial statements or other filings and any default under the terms of our indentures or Credit Agreement as a result of
`such delays;
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`our substantial debt (and potential additional future indebtedness) and current and future debt service obligations, our ability to reduce our outstanding
`debt levels in accordance with our stated intention and the resulting impact on our financial condition, cash flows and results of operations;
`
`our ability to meet the financial and other covenants contained in our Credit Agreement, indentures and other current or future debt agreements and the
`limitations, restrictions and prohibitions such covenants impose or may impose on the way we conduct our business, prohibitions on incurring additional
`debt if certain financial covenants are not met, limitations on the amount of additional debt we are able to incur where not prohibited, and restrictions on
`our ability to make certain investments and other restricted payments;
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`any further downgrade by rating agencies in our credit ratings, which may impact, among other things, our ability to raise debt and the cost of capital for
`additional debt issuances;
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`any reductions in, or changes in the assumptions used in, our forecasts for fiscal year 2017 or beyond, which could lead to, among other things, (i) a failure
`to meet the financial and/or other covenants contained in our Credit Agreement and/or indentures, and/or (ii) impairment in the goodwill associated with
`certain of our reporting units (including our Salix reporting unit) or impairment charges related to certain of our products (in particular, our Addyi®
`product) or other intangible assets, which impairments could be material;
`
`changes in the assumptions used in connection with our impairment analyses or assessments, which would lead to a change in such impairment analyses
`and assessments and which could result in an impairment in the goodwill associated with any of our reporting units or impairment charges related to
`certain of our products (in particular, our Addyi® product) or other intangible assets;
`
`the pending and additional divestitures of certain of our assets or businesses and our ability to successfully complete any such divestitures on commercially
`reasonable terms and on a timely basis, or at all, and the impact of any such pending or future divestitures on our Company, including the reduction in the
`size or scope of our business or market share, loss of revenue, any loss on sale, including any resultant write-downs of goodwill, or any adverse tax
`consequences suffered as a result of any such divestitures;
`
`our shift in focus to much lower business development activity through acquisitions for the foreseeable future as we focus on reducing our outstanding debt
`levels and as a result of the restrictions imposed by our Credit Agreement that restrict us from, among other things, making acquisitions over an aggregate
`threshold (subject to certain exceptions) and from incurring debt to finance such acquisitions, until we achieve a specified leverage ratio;
`
`the uncertainties associated with the acquisition and launch of new products (such as our Addyi® product and our recently approved Siliq™ product
`(brodalumab)), including, but not limited to, our ability to provide the time, resources, expertise and costs required for the commercial launch of new
`products, the acceptance and demand for new pharmaceutical products, and the impact of competitive products and pricing, which could lead to material
`impairment charges;
`
`our ability to retain, motivate and recruit executives and other key employees, including subsequent to retention payments being paid out and as a result of
`the reputational challenges we face and may continue to face;
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`our ability to implement effective succession planning for our executives and key employees;
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`the challenges and difficulties associated with managing a large complex business, which has, in the past, grown rapidly;
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`our ability to compete against companies that are larger and have greater financial, technical and human resources than we do, as well as other competitive
`factors, such as technological advances achieved, patents obtained and new products introduced by our competitors;
`
`our ability to effectively operate, stabilize and grow our businesses in light of the challenges that the Company currently faces, including with respect to its
`substantial debt, pending investigations and legal proceedings, scrutiny of our pricing, distribution and other practices, reputational harm and limitations
`on the way we conduct business imposed by the covenants in our Credit Agreement, indentures and the agreements governing our other indebtedness;
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`the success of our fulfillment arrangements with Walgreen Co. ("Walgreens"), including market acceptance of, or market reaction to, such arrangements
`(including by customers, doctors, patients, pharmacy benefit managers ("PBMs"), third party payors and governmental agencies), the continued
`compliance of such arrangements with applicable laws, and our ability to successfully negotiate any improvements to our arrangements with Walgreens;
`
`the extent to which our products are reimbursed by government authorities, PBMs and other third party payors; the impact our distribution, pricing and
`other practices (including as it relates to our former relationship with Philidor, any alleged wrongdoing by Philidor and our current relationship with
`Walgreens) may have on the decisions of such government authorities, PBMs and other third party payors to reimburse our products; and the impact of
`obtaining or maintaining such reimbursement on the price and sales of our products;
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`the inclusion of our products on formularies or our ability to achieve favorable formulary status, as well as the impact on the price and sales of our
`products in connection therewith;
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`our eligibility for benefits under tax treaties and the continued availability of low effective tax rates for the business profits of certain of our subsidiaries,
`including the impact on such matters of the proposals published by the Organization
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`for Economic Co-operation and Development ("OECD") respecting base erosion and profit shifting ("BEPS") and various corporate tax reform proposals
`being considered in the U.S.;
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`the actions of our third party partners or service providers of research, development, manufacturing, marketing, distribution or other services, including
`their compliance with applicable laws and contracts, which actions may be beyond our control or influence, and the impact of such actions on our
`Company, including the impact to the Company of our former relationship with Philidor and any alleged legal or contractual non-compliance by Philidor;
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`the risks associated with the international scope of our operations, including our presence in emerging markets and the challenges we face when entering
`and operating in new and different geographic markets (including the challenges created by new and different regulatory regimes in such countries and the
`need to comply with applicable anti-bribery and economic sanctions laws and regulations);
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`adverse global economic conditions and credit markets and foreign currency exchange uncertainty and volatility in the countries in which we do business
`(such as the current or recent instability in Brazil, Russia, Ukraine, Argentina, Egypt, certain other countries in Africa and the Middle East, the devaluation
`of the Egyptian pound, and the adverse economic impact and related uncertainty caused by the United Kingdom's decision to leave the European Union
`(Brexit));
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`our ability to obtain, maintain and license sufficient intellectual property rights over our products and enforce and defend against challenges to such
`intellectual property;
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`the introduction of generic, biosimilar or other competitors of our branded products and other products, including the introduction of products that compete
`against our products that do not have patent or data exclusivity rights;
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`if permitted under our Credit Agreement, and to the extent we elect to resume business development activities through acquisitions, our ability to identify,
`finance, acquire, close and integrate acquisition targets successfully and on a timely basis;
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`factors relating to the acquisition and integration of the companies, businesses and products that have been acquired by the Company and that may in the
`future be acquired by the Company (once the additional limitations in our Credit Agreement restricting our ability to make acquisitions are no longer
`applicable and to the extent we elect to resume business development activities through acquisitions), such as the time and resources required to integrate
`such companies, businesses and products, the difficulties associated with such integrations (including potential disruptions in sales activities and potential
`challenges with information technology systems integrations), the difficulties and challenges associated with entering into new business areas and new
`geographic markets, the difficulties, challenges and costs associated with managing and integrating new facilities, equipment and other assets, the risks
`associated with the acquired companies, businesses and products and our ability to achieve the anticipated benefits and synergies from such acquisitions
`and integrations, including as a result of cost-rationalization and integration initiatives. Factors impacting the achievement of anticipated benefits and
`synergies may include greater than expected operating costs, the difficulty in eliminating certain duplicative costs, facilities and functions, and the outcome
`of many operational and strategic decisions;
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`the expense, timing and outcome of pending or future legal and governmental proceedings, arbitrations, investigations, subpoenas, tax and other regulatory
`audits, reviews and regulatory proceedings against us or relating to us and settlements thereof;
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`our ability to obtain components, raw materials or finished products supplied by third parties (some of which may be single-sourced) and other
`manufacturing and related supply difficulties, interruptions and delays;
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`the disruption of delivery of our products and the routine flow of manufactured goods;
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`economic factors over which the Company has no control, including changes in inflation, interest rates, foreign currency rates, and the potential effect of
`such factors on revenues, expenses and resulting margins;
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`interest rate risks associated with our floating rate debt borrowings;
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`our ability to effectively distribute our products and the effectiveness and success of our distribution arrangements, including the impact of our recent
`arrangements with Walgreens;
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`our ability to secure and maintain third party research, development, manufacturing, marketing or distribution arrangements;
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`the risk that our products could cause, or be alleged to cause, personal injury and adverse effects, leading to potential lawsuits, product liability claims and
`damages and/or recalls or withdrawals of products from the market;
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`the mandatory or voluntary recall or withdrawal of our products from the market and the costs associated therewith;
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`the availability of, and our ability to obtain and maintain, adequate insurance coverage and/or our ability to cover or insure against the total amount of the
`claims and liabilities we face, whether through third party insurance or self-insurance;
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`the difficulty in predicting the expense, timing and outcome within our legal and regulatory environment, including with respect to approvals by the FDA,
`Health Canada and similar agencies in other countries, legal and regulatory proceedings and settlements thereof, the protection afforded by our patents
`and other intellectual and proprietary property, successful generic challenges to our products and infringement or alleged infringement of the intellectual
`property of others;
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`the results of continuing safety and efficacy studies by industry and government agencies;
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`the success of preclinical and clinical trials for our drug development pipeline or delays in clinical trials that adversely impact the timely commercialization
`of our pipeline products, as well as other factors impacting the commercial success of our products (such as our Addyi® product and our recently approved
`Siliq™ product (brodalumab)), which could lead to material impairment charges;
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`the results of management reviews of our research and development portfolio (including following the receipt of clinical results or feedback from the FDA
`or other regulatory authorities), which could result in terminations of specific projects which, in turn, could lead to material impairment charges;
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`the seasonality of sales of certain of our products;
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`declines in the pricing and sales volume of certain of our products that are distributed or marketed by third parties, over which we have no or limited
`control;
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`compliance by the Company or our third party partners and service providers (over whom we may have limited influence), or the failure of our Company or
`these third parties to comply, with health care “fraud and abuse” laws and other extensive regulation of our marketing, promotional and business practices
`(including with respect to pricing), worldwide anti-bribery laws (including the U.S. Foreign Corrupt Practices Act), worldwide economic sanctions and/or
`export laws, worldwide environmental laws and regulation and privacy and security regulations;
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`the impacts of the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act of 2010 (the “Health Care
`Reform Act”) and potential repeal or amendment thereof and other legislative and regulatory healthcare reforms in the countries in which we operate,
`including with respect to recent government inquiries on pricing;
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`the impact of any changes in or reforms to the legislation, laws, rules, regulation and guidance that apply to the Company and its business and products or
`the enactment of any new or proposed legislation, laws, rules, regulations or guidance that will impact or apply to the Company or its businesses or
`products;
`
`the impact of changes in federal laws and policy under consideration by the new administration and Congress, including the effect that such changes will
`have on fiscal and tax policies, the potential repeal of all or portions of the Health Care Reform Act, international trade agreements and policies and policy
`efforts designed to reduce patient out-of-pocket costs for medicines (which could result in new mandatory rebates and discounts or other pricing
`restrictions);
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`potential ramifications, including legal sanctions and/or financial penalties, relating to the restatement by Salix Pharmaceuticals, Ltd. ("Salix") of its
`historical financial results prior to our acquisition of Salix in April 2015;
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`illegal distribution or sale of counterfeit versions of our products;
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`interruptions, breakdowns or breaches in our information technology systems; and
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`risks in Item 1A. "”Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2016, filed on March 1, 2017, and risks detailed
`from time to time in our other filings with the SEC and the Canadian Securities Administrators (the “CSA”), as well as our ability to anticipate and manage
`the risks associated with the foregoing.
`
`Additional information about these factors and about the material factors or assumptions underlying such forward-looking statements may be found in our
`Annual Report on Form 10-K for the year ended December 31, 2016, filed on March 1, 2017, under Item 1A. “Risk Factors” and in the Company’s other filings with
`the SEC and CSA. When relying on our forward-looking statements to make decisions with respect to the Company, investors and others should carefully consider
`the foregoing factors and other uncertainties and potential events. These forward-looking statements speak only as of the date made. We undertake no obligation to
`update or revise any of these forward-looking statements to reflect events or circumstances after the date of this
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`Form 10-Q or to reflect actual outcomes, except as required by law. We caution that, as it is not possible to predict or identify all relevant factors that may impact
`forward-looking statements, the foregoing list of important factors that may affect future results is not exhaustive and should not be considered a complete statement
`of all potential risks and uncertainties.
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`Item 1. Financial Statements
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`PART I. FINANCIAL INFORMATION
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`VALEANT PHARMACEUTICALS INTERNATIONAL, INC.
`CONSOLIDATED BALANCE SHEETS
`(in millions, except share amounts)
`(Unaudited)
`
`Assets
`Current assets:
`Cash and cash equivalents
`Trade receivables, net
`Inventories, net
`Current assets held for sale
`Prepaid expenses and other current assets
`Total current assets
`Property, plant and equipment, net
`Intangible assets, net
`Goodwill
`Deferred tax assets, net
`Non-current assets held for sale
`Other non-current assets
`Total assets
`Liabilities
`Current liabilities:
`Accounts payable
`Accrued and other current liabilities
`Current liabilities held for sale
`Current portion of long-term debt
`Total current liabilities
`Acquisition-related contingent consideration
`Non-current portion of long-term debt
`Pension and other benefit liabilities
`Liabilities for uncertain tax positions
`Deferred tax liabilities, net
`Non-current liabilities held for sale
`Other non-current liabilities
`Total liabilities
`Commitments and contingencies (Note 17)
`Equity
`Common shares, no par value, unlimited shares authorized, 347,860,891 and 347,821,606
` issued and outstanding at March 31, 2017 and December 31, 2016, respectively
`Additional paid-in capital
`Accumulated deficit
`Accumulated other comprehensive loss
`Total Valeant Pharmaceuticals International, Inc. shareholders’ equity
`Noncontrolling interest
`Total equity
`Total liabilities and equity
`
`As of
`March 31,
`2017
`
`As of
`December 31,
`2016
`
`$
`
`$
`
`$
`
`$
`
`1,210
`2,097
`1,111
`240
`675
`5,333
`1,328
`18,186
`15,753
`142
`1,401
`190
`42,333
`
`368
`3,484
`49
`346
`4,247
`818
`28,198
`197
`253
`4,490
`48
`88
`38,339
`
`10,041
`374
`(4,502)
`(2,020)
`3,893
`