VRX最重要特质是靠买其他公司成长。最主要的买是 Bausch & Lomb （8.7B）和 Salix （14.5B）。其中Bausch & Lomb就是著名的博士伦眼镜买得很值。
以下一些价值分析数据是copy&past from the internet。看样子还可以没有太追究因为主要问题是还债（正研究中）。
VRX的价值 （from seeking alpha）
“VRX bought B+L for 8.6B, since then revenue grown by 30% so definitely value is up by 30% which is equal to 11B + and Salix every one including bears agree $9B so total these a assets are $20B
New drugs launched this year will be about $2B
Dermatology with 800 million revenue valued at $2.4B
Dentistry revenue 150 million valued at 600m million
generics revenue 400 million valued at $2B
These account for 7.5B revenue at this low valuations total valuation comes to $27B, after recent assets sale net debt is about same at $27B. still has other products like neuro & other for $1B revenue, canada revenue 300 million, obagi 60 million, solta 40 million company has assets to match current valuation, the risk factor is law suits and what they are going to cost.
EBITA is 3.5B- in that $1.8B is Interest, still has 1.7B for write offs and goodwill impairment.
Only Salix revenue is dependent on patents. Rest all are classified as stable revenue with +5 to -5 growth. Allergan is challenging Xifaxin patent, if patent holds salix retains its value other wise salix falls to 3B. we know this only in 2018. based on this people still believe in long can hold stock till 3Q'2017. If no improvement by then existing at any price is worth than waiting to become Zero.
Bottom line VRX has definitely another 6 months life。” （注：不知道为什么是3Q'2017也不知道为什么no improvement会导致Zero.）
VRX的free cash flow （from seeking alpha）
“Dec 2009: $353 million
Dec 2010: $162 million
Dec 2011: $255 million
Dec 2012: $476 million
Dec 2013: $857 million
Dec 2014: $1,841 billion
Dec 2015: $1,954 billion
Dec 2016: $1,796 billion
TTM: $1,796 billion”
VRX的新产品pipeline （from yahoo message board）
“Here is why people with knowledge are buying - In yesterday's CC, CEOI Papa said they are launching 50 new products this year! Each of these can be sold or partnerned. Valeant has a strong drug pipeline with a total of 134 active projects underway (76 are in Bausch & Lomb); 20 in dermatology, and 16 in GI. The pipeline is heavily weighted to products that company expects to launch over the next three years: 80% of projects are expected launch in the 2017 to 2019 timeframe. At average of $75 million each, the company has $10 billion of assets that are not shown on the balance sheet!”