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Valeant Pharmaceuticals


will restructure its operations to reduce costs and accelerate earnings growth, and will focus its research and development resources on select late stage pipeline products.

The company expects to record a restructuring charge of about $80 million to $100 million, of which a portion will be recorded in the first quarter of 2006. The company said around 25% to 35% of the restructuring charge will be in cash.

Valeant expects adjusted earnings a share to break-even in the first quarter of 2006, excluding the impact of any restructuring charges.

Excluding costs associated with the restructuring, the company expects adjusted earnings of more than 50 cents a share in 2006 and $1 a share in 2007. Valeant reiterates its 2008 goal of $1.90 in adjusted earnings a share, excluding any impact from Viramidine.

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