$BHC
Bausch Health Companies Inc.

2017 Q2 Form 10-Q Financial Statement

#000088559017000055 Filed on August 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q4 2016 Q2
Revenue $2.233B $2.403B $2.420B
YoY Change -7.73% -12.87% -11.45%
Cost Of Revenue $635.0M $665.3M $648.0M
YoY Change -2.01% -1.68% -3.27%
Gross Profit $1.598B $1.737B $1.772B
YoY Change -9.82% -15.65% -14.11%
Gross Profit Margin 71.56% 72.3% 73.22%
Selling, General & Admin $659.0M $665.0M $671.0M
YoY Change -1.79% -10.49% -2.12%
% of Gross Profit 41.24% 38.28% 37.87%
Research & Development $94.00M $92.80M $124.0M
YoY Change -24.19% -3.23% 52.9%
% of Gross Profit 5.88% 5.34% 7.0%
Depreciation & Amortization $667.0M $707.0M $720.0M
YoY Change -7.36% 1.2% 13.39%
% of Gross Profit 41.74% 40.7% 40.63%
Operating Expenses $753.0M $1.136B $795.0M
YoY Change -5.28% -31.98% 3.7%
Operating Profit $175.0M $150.0M $81.00M
YoY Change 116.05% -10.71% -76.32%
Interest Expense -$417.0M -$510.4M -$457.3M
YoY Change -8.81% 17.33% 12.58%
% of Operating Profit -238.29% -340.27% -564.57%
Other Income/Expense, Net $19.00M $46.00M
YoY Change -58.7%
Pretax Income -$242.0M -$360.1M -$377.0M
YoY Change -35.81% 49.85% 482.69%
Income Tax -$205.0M $151.9M -$73.00M
% Of Pretax Income
Net Earnings -$37.00M -$514.6M -$304.0M
YoY Change -87.83% 42.19% 489.15%
Net Earnings / Revenue -1.66% -21.41% -12.56%
Basic Earnings Per Share -$0.11 -$1.47 -$0.88
Diluted Earnings Per Share -$0.11 -$1.47 -$0.88
COMMON SHARES
Basic Shares Outstanding 350.1M shares 347.7M shares 345.0M shares
Diluted Shares Outstanding 350.1M shares 345.0M shares

Balance Sheet

Concept 2017 Q2 2016 Q4 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.214B $542.0M $852.0M
YoY Change 42.49% -9.21% -11.06%
Cash & Equivalents $1.214B $542.0M $852.0M
Short-Term Investments
Other Short-Term Assets $1.598B $957.0M $897.0M
YoY Change 78.15% -0.93% -49.78%
Inventory $1.084B $1.061B $1.337B
Prepaid Expenses
Receivables $2.096B $2.517B $2.733B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.992B $5.077B $5.818B
YoY Change 2.98% -7.81% -8.3%
LONG-TERM ASSETS
Property, Plant & Equipment $1.373B $1.312B $1.472B
YoY Change -6.73% -9.02% 8.25%
Goodwill $15.89B $15.79B $18.51B
YoY Change -14.15% -14.87% 7.42%
Intangibles $17.52B $18.88B $21.34B
YoY Change -17.9% -18.19% -7.84%
Long-Term Investments
YoY Change
Other Assets $111.0M $184.0M $219.4M
YoY Change -49.41% -17.86% 31.38%
Total Long-Term Assets $35.74B $38.45B $41.84B
YoY Change -14.58% -11.52% -0.37%
TOTAL ASSETS
Total Short-Term Assets $5.992B $5.077B $5.818B
Total Long-Term Assets $35.74B $38.45B $41.84B
Total Assets $41.73B $43.53B $47.66B
YoY Change -12.44% -11.1% -1.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $371.0M $324.0M $425.9M
YoY Change -12.89% -25.35% 2.43%
Accrued Expenses $3.259B $3.227B $3.336B
YoY Change -2.29% -16.38% 9.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $6.000M $0.00
YoY Change -62.5%
Long-Term Debt Due $813.0M $1.000M $294.1M
YoY Change 176.44% -99.88% -50.23%
Total Short-Term Liabilities $4.465B $3.609B $4.226B
YoY Change 5.65% -32.07% -1.51%
LONG-TERM LIABILITIES
Long-Term Debt $27.65B $29.85B $30.77B
YoY Change -10.16% -1.39% 1.59%
Other Long-Term Liabilities $104.0M $486.0M $168.7M
YoY Change -38.35% 162.7% -19.2%
Total Long-Term Liabilities $27.75B $30.33B $30.94B
YoY Change -10.31% -0.39% 1.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.465B $3.609B $4.226B
Total Long-Term Liabilities $27.75B $30.33B $30.94B
Total Liabilities $37.70B $40.27B $42.26B
YoY Change -10.78% -6.21% 1.14%
SHAREHOLDERS EQUITY
Retained Earnings -$4.539B -$5.129B -$3.426B
YoY Change 32.5% 86.51% 43.46%
Common Stock $10.44B $10.39B $10.30B
YoY Change 1.36% 1.83% 1.78%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.931B $3.152B $5.296B
YoY Change
Total Liabilities & Shareholders Equity $41.73B $43.53B $47.66B
YoY Change -12.44% -11.1% -1.41%

Cashflow Statement

Concept 2017 Q2 2016 Q4 2016 Q2
OPERATING ACTIVITIES
Net Income -$37.00M -$514.6M -$304.0M
YoY Change -87.83% 42.19% 489.15%
Depreciation, Depletion And Amortization $667.0M $707.0M $720.0M
YoY Change -7.36% 1.2% 13.39%
Cash From Operating Activities $268.0M $512.0M $449.0M
YoY Change -40.31% -14.38% 7.42%
INVESTING ACTIVITIES
Capital Expenditures -$47.00M -$62.00M -$69.00M
YoY Change -31.88% -23.65% -247.44%
Acquisitions
YoY Change
Other Investing Activities $827.0M $68.00M $119.0M
YoY Change 594.96% -104.68% 23700.0%
Cash From Investing Activities $780.0M $6.000M $50.00M
YoY Change 1460.0% -100.39% -101.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -249.0M -575.0M -951.0M
YoY Change -73.82% -569.39% -171.76%
NET CHANGE
Cash From Operating Activities $268.0M $512.0M $449.0M
Cash From Investing Activities 780.0M 6.000M 50.00M
Cash From Financing Activities -249.0M -575.0M -951.0M
Net Change In Cash $268.0M $512.0M $449.0M
YoY Change -40.31% -14.38% -149.78%
FREE CASH FLOW
Cash From Operating Activities $268.0M $512.0M $449.0M
Capital Expenditures -$47.00M -$62.00M -$69.00M
Free Cash Flow $315.0M $574.0M $518.0M
YoY Change -39.19% -15.49% 39.55%

Facts In Submission

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us-gaap Gain Loss On Disposition Of Assets1
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9000000 USD
us-gaap Income Tax Expense Benefit
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CY2017Q2 us-gaap Gain Loss On Disposition Of Assets1
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us-gaap Gain Loss On Disposition Of Assets1
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CY2016Q2 us-gaap Gain Loss Related To Litigation Settlement
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35000000 USD
us-gaap Gain Loss Related To Litigation Settlement
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33000000 USD
CY2017Q2 us-gaap Gain Loss Related To Litigation Settlement
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us-gaap Gain Loss Related To Litigation Settlement
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0 USD
us-gaap Gains Losses On Extinguishment Of Debt
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0 USD
CY2017Q2 us-gaap Gains Losses On Extinguishment Of Debt
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0 USD
us-gaap Gains Losses On Extinguishment Of Debt
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191000000 USD
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CY2016Q3 us-gaap Goodwill Impairment Loss
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0 USD
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CY2016 us-gaap Goodwill Written Off Related To Sale Of Business Unit
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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us-gaap Income Tax Reconciliation Nondeductible Expense Restructuring Charges
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635000000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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35000000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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156000000 USD
us-gaap Increase Decrease In Accounts Receivable
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43000000 USD
us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Inventories
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145000000 USD
us-gaap Increase Decrease In Inventories
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0 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2016Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
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0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Interest And Debt Expense
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us-gaap Interest And Debt Expense
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270000000 USD
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57000000 USD
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5732000000 USD
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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590000000 USD
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us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Proceeds From Insurance Settlement Operating Activities
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us-gaap Proceeds From Short Term Debt
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us-gaap Profit Loss
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us-gaap Restructuring Charges
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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350000000 shares
CY2016Q4 vrx Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
17000000 USD
CY2017Q2 vrx Accrued Capital Expenditures Current
AccruedCapitalExpendituresCurrent
10000000 USD
CY2016Q4 vrx Accrued Product Rebate Current
AccruedProductRebateCurrent
897000000 USD
CY2017Q2 vrx Accrued Product Rebate Current
AccruedProductRebateCurrent
979000000 USD
CY2016Q4 vrx Accrued Product Return Current
AccruedProductReturnCurrent
708000000 USD
CY2017Q2 vrx Accrued Product Return Current
AccruedProductReturnCurrent
788000000 USD
vrx Acquisition Accounting Adjustment On Inventory Sold
AcquisitionAccountingAdjustmentOnInventorySold
36000000 USD
vrx Acquisition Accounting Adjustment On Inventory Sold
AcquisitionAccountingAdjustmentOnInventorySold
0 USD
vrx Allowances For Losses On Accounts Receivable And Inventories
AllowancesForLossesOnAccountsReceivableAndInventories
52000000 USD
vrx Allowances For Losses On Accounts Receivable And Inventories
AllowancesForLossesOnAccountsReceivableAndInventories
48000000 USD
CY2016Q2 vrx Amortization Of Intangible Assets Excluding Amortization Allocated To Revenues Cost Of Good Sold
AmortizationOfIntangibleAssetsExcludingAmortizationAllocatedToRevenuesCostOfGoodSold
673000000 USD
vrx Amortization Of Intangible Assets Excluding Amortization Allocated To Revenues Cost Of Good Sold
AmortizationOfIntangibleAssetsExcludingAmortizationAllocatedToRevenuesCostOfGoodSold
1351000000 USD
CY2017Q2 vrx Amortization Of Intangible Assets Excluding Amortization Allocated To Revenues Cost Of Good Sold
AmortizationOfIntangibleAssetsExcludingAmortizationAllocatedToRevenuesCostOfGoodSold
623000000 USD
vrx Amortization Of Intangible Assets Excluding Amortization Allocated To Revenues Cost Of Good Sold
AmortizationOfIntangibleAssetsExcludingAmortizationAllocatedToRevenuesCostOfGoodSold
1258000000 USD
CY2016Q4 vrx Assumed Accrued Professional Feels Legal Liabilities
AssumedAccruedProfessionalFeelsLegalLiabilities
281000000 USD
CY2017Q2 vrx Assumed Accrued Professional Feels Legal Liabilities
AssumedAccruedProfessionalFeelsLegalLiabilities
56000000 USD
vrx Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Asset Cash
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationAssetCash
9000000 USD
vrx Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Asset Cash
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationAssetCash
-59000000 USD
CY2016Q4 vrx Business Combination Contingent Consideration Noncurrent Liability
BusinessCombinationContingentConsiderationNoncurrentLiability
840000000 USD
CY2017Q2 vrx Business Combination Contingent Consideration Noncurrent Liability
BusinessCombinationContingentConsiderationNoncurrentLiability
755000000 USD
CY2016Q4 vrx Business Combination Deferred Consideration Liability
BusinessCombinationDeferredConsiderationLiability
18000000 USD
vrx Research And Development In Process And Other Charges
ResearchAndDevelopmentInProcessAndOtherCharges
5000000 USD
CY2017Q2 vrx Business Combination Deferred Consideration Liability
BusinessCombinationDeferredConsiderationLiability
18000000 USD
CY2016Q4 vrx Collaborative Agreement Milestone Payments Due
CollaborativeAgreementMilestonePaymentsDue
12000000 USD
CY2017Q2 vrx Collaborative Agreement Milestone Payments Due
CollaborativeAgreementMilestonePaymentsDue
12000000 USD
vrx Debt Instrument Redemption Price Percentage Changein Control
DebtInstrumentRedemptionPricePercentageChangeinControl
1.01
CY2016Q2 vrx Deconsolidation Gain Loss Excluding Noncash Portion Amount
DeconsolidationGainLossExcludingNoncashPortionAmount
0 USD
vrx Deconsolidation Gain Loss Excluding Noncash Portion Amount
DeconsolidationGainLossExcludingNoncashPortionAmount
-19000000 USD
CY2017Q2 vrx Deconsolidation Gain Loss Excluding Noncash Portion Amount
DeconsolidationGainLossExcludingNoncashPortionAmount
0 USD
vrx Deconsolidation Gain Loss Excluding Noncash Portion Amount
DeconsolidationGainLossExcludingNoncashPortionAmount
0 USD
vrx Deferred Income Tax Noncash Expense Benefit
DeferredIncomeTaxNoncashExpenseBenefit
-165000000 USD
vrx Deferred Income Tax Noncash Expense Benefit
DeferredIncomeTaxNoncashExpenseBenefit
-1207000000 USD
CY2017Q2 vrx Deferred Tax Asset Increase Decrease In Equity Method Investment
DeferredTaxAssetIncreaseDecreaseInEquityMethodInvestment
320000000 USD
vrx Effective Income Tax Rate Reconciliation Change In Deferred Tax Asset On Outside Basis Difference Amount
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetOnOutsideBasisDifferenceAmount
-1863000000 USD
CY2016Q4 vrx Effective Income Tax Rate Reconciliation Changein Deferred Tax Liability Amount
EffectiveIncomeTaxRateReconciliationChangeinDeferredTaxLiabilityAmount
361000000 USD
vrx Effective Income Tax Rate Reconciliation Discrete Items Amount
EffectiveIncomeTaxRateReconciliationDiscreteItemsAmount
-974000000 USD
CY2017Q2 vrx Finite Lived Intangible Assets Amortization Expense Thereafter
FiniteLivedIntangibleAssetsAmortizationExpenseThereafter
4128000000 USD
CY2017Q2 vrx Finite Lived Intangible Assets Amortization Expense Year Six
FiniteLivedIntangibleAssetsAmortizationExpenseYearSix
1742000000 USD
vrx Highly Liquid Investments Maturity Period
HighlyLiquidInvestmentsMaturityPeriod
P3M
vrx Increase Decrease In Antidilutive Securities Excludedfrom Computationof Earnings Per Share Amount
IncreaseDecreaseInAntidilutiveSecuritiesExcludedfromComputationofEarningsPerShareAmount
300000 shares
CY2016Q4 vrx Intangible Assets Accumulated Amortizationand Impairment Losses
IntangibleAssetsAccumulatedAmortizationandImpairmentLosses
9435000000 USD
CY2017Q2 vrx Intangible Assets Accumulated Amortizationand Impairment Losses
IntangibleAssetsAccumulatedAmortizationandImpairmentLosses
10712000000 USD
CY2017Q2 vrx Long Term Debt Maturities Repayments Of Principal In Year Six
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearSix
6987000000 USD
CY2017Q2 vrx Long Term Debt Maturities Repayments Of Principal Thereafter
LongTermDebtMaturitiesRepaymentsOfPrincipalThereafter
11225000000 USD
CY2016Q2 vrx Other Income Expense Net
OtherIncomeExpenseNet
0 USD
vrx Other Income Expense Net
OtherIncomeExpenseNet
2000000 USD
CY2017Q2 vrx Other Income Expense Net
OtherIncomeExpenseNet
-2000000 USD
vrx Other Income Expense Net
OtherIncomeExpenseNet
-1000000 USD
vrx Payment Of Accreted Interest On Contingent Consideration
PaymentOfAccretedInterestOnContingentConsideration
8000000 USD
vrx Payment Of Accreted Interest On Contingent Consideration
PaymentOfAccretedInterestOnContingentConsideration
2000000 USD
vrx Paymentof Deferred Consideration
PaymentofDeferredConsideration
516000000 USD
vrx Paymentof Deferred Consideration
PaymentofDeferredConsideration
0 USD
vrx Payments Of Contingent Consideration
PaymentsOfContingentConsideration
44000000 USD
vrx Payments Of Contingent Consideration
PaymentsOfContingentConsideration
25000000 USD
CY2016Q2 vrx Potential Weighted Average Number Of Diluted Shares Outstanding
PotentialWeightedAverageNumberOfDilutedSharesOutstanding
349100000 shares
vrx Potential Weighted Average Number Of Diluted Shares Outstanding
PotentialWeightedAverageNumberOfDilutedSharesOutstanding
349700000 shares
CY2017Q2 vrx Potential Weighted Average Number Of Diluted Shares Outstanding
PotentialWeightedAverageNumberOfDilutedSharesOutstanding
351400000 shares
CY2016Q2 vrx Research And Development Expense Product Related
ResearchAndDevelopmentExpenseProductRelated
115000000 USD
vrx Research And Development Expense Product Related
ResearchAndDevelopmentExpenseProductRelated
210000000 USD
CY2017Q2 vrx Research And Development Expense Product Related
ResearchAndDevelopmentExpenseProductRelated
86000000 USD
vrx Research And Development Expense Product Related
ResearchAndDevelopmentExpenseProductRelated
172000000 USD
CY2016Q2 vrx Research And Development Expense Quality Assurance
ResearchAndDevelopmentExpenseQualityAssurance
9000000 USD
vrx Research And Development Expense Quality Assurance
ResearchAndDevelopmentExpenseQualityAssurance
17000000 USD
CY2017Q2 vrx Research And Development Expense Quality Assurance
ResearchAndDevelopmentExpenseQualityAssurance
8000000 USD
vrx Research And Development Expense Quality Assurance
ResearchAndDevelopmentExpenseQualityAssurance
18000000 USD
CY2016Q2 vrx Research And Development In Process And Other Charges
ResearchAndDevelopmentInProcessAndOtherCharges
2000000 USD
vrx Research And Development In Process And Other Charges
ResearchAndDevelopmentInProcessAndOtherCharges
3000000 USD
CY2017Q2 vrx Research And Development In Process And Other Charges
ResearchAndDevelopmentInProcessAndOtherCharges
1000000 USD
CY2016Q4 vrx Unrecognized Tax Benefits Including Interest And Penalties
UnrecognizedTaxBenefitsIncludingInterestAndPenalties
423000000 USD
CY2017Q2 vrx Unrecognized Tax Benefits Including Interest And Penalties
UnrecognizedTaxBenefitsIncludingInterestAndPenalties
499000000 USD
us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain reclassifications have been made to prior year amounts to conform to the current year presentation.</font></div></div>
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">DESCRIPTION OF BUSINESS </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Valeant Pharmaceuticals International, Inc. (the &#8220;Company&#8221;) is a multinational, specialty pharmaceutical and medical device company, continued under the laws of the Province of British Columbia, that develops, manufactures, and markets a broad range of branded, generic and branded generic pharmaceuticals, over-the-counter (&#8220;OTC&#8221;) products, and medical devices (contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetics devices) which are marketed directly or indirectly in over </font><font style="font-family:inherit;font-size:10pt;">100</font><font style="font-family:inherit;font-size:10pt;"> countries.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In preparing the unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from these estimates. </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On an ongoing basis, management reviews its estimates to ensure that these estimates appropriately reflect changes in the Company&#8217;s business and new information as it becomes available. If historical experience and other factors used by management to make these estimates do not reasonably reflect future activity, the Company&#8217;s results of operations and financial position could be materially impacted.</font></div></div>

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