New York, December 16, 2015 -- Moody's Investors Service commented that Valeant faces execution risk as it faces transition in its dermatology business and certain other product lines. However, the recent deal with Walgreens is credit positive, as is management's continuing emphasis on debt reduction during 2016. There are no changes to Valeant's ratings including the Ba3 Corporate Family Rating or the stable rating outlook.
"The combination of transitioning to Walgreens and lower price and volume trends in other products results in a weaker earnings outlook for 4Q2015 and 2016 relative to management's prior outlook, but well within our expectations," stated Michael Levesque, Moody's Senior Vice President.
For additional information please refer to Moody's new Issuer Comment on Valeant available on www.moodys.com.
Headquartered in Laval, Quebec, Valeant Pharmaceuticals International, Inc. ("Valeant") is a global specialty pharmaceutical company with expertise including branded dermatology, gastrointestinal disorders, eye health, neurology, branded generics and OTC products. Valeant reported approximately $10 billion in total revenue for the 12 months ended September 30, 2015.