We will file timely SEC filings from now on
Based on our guidance, we have a solid position with our liquidity, and I expect to be in compliance with the debt covenants throughout 2016 and beyond. Also, we are now planning or to file our quarterly information in a timely fashion for the regulatory SEC filings.
We have good franchises still
as I was doing my due diligence in joining the company. I believe that Valeant has a diverse collection of leading healthcare franchises and brands, such as Bausch & Lomb, CeraVe, and Salix. As I did my due diligence, I discovered Valeant had a very broad geographic global footprint. I believe that our commitment to bring innovative products to the market through an exciting new product pipeline continues to be undervalued and misunderstood and I hope to change that perception.
Negative attention continues to impact business
Unfortunately, negative external attention come – continues to adversely impact the business and our reputation with patients, physicians, and all of you, our shareholders as well as our distracted organization.
Number one, we need to drive engagement in the company. We need to re-recruit Valeant employees back to the company. We need to add some additional outside talent and we’re going to work very hard to reengage with our partners, the patients, the prescribers, the payers, and investors.
Number two, we want to reallocate strategic resources at Valeant to fix the dermatology business, accelerate Salix growth, which is already quite good as Rob mentioned. But I just want to clearly reaccelerate that growth.
Number three, we want to refocus R&D dollars into investment for core assets of ophthalmology, dermatology, GI, and consumer. We want to manage the neuro and other business for cash generation and to pay down debt.
There are some good core assets here
based on 30 days and I have to put it a caveat, it’s only been 30 days now. My review of the business is that really there are some very important core assets within the company.
The core assets that we see are clearly the Bausch & Lomb franchise, the Salix franchise, the derm franchise, and the consumer franchise. We view those as core assets, where we want to spend behind those, spend behind both in R&D, capital expenditures, in terms of what we’re looking at.
There are also non core assets
there are some areas of the company that I would refer to as non-core. I don’t want to go into the specifics of them, but the non-core area are places where we will look to potentially look at asset sales. We think those asset sales there can help do two things. Number one, it can certainly generate cash to pay down debt. But number two, and I think this is also very important one, is that it can reduce some of the complexity of our business by selling off some of these assets that are good assets, but they are complex and they do result in a more complex business for us.