NEW YORK (Standard&Poor's) June 11, 2007--Standard&Poor's Ratings Services today said that Valeant Pharmaceuticals International's (B+/Stable/--) announcement that it intends to repurchase $200 million of its shares over the next two years does not have an impact on the current rating or outlook. Valeant had nearly $364 million in cash on-hand as of March 31, 2007 and is expected to continue to generate positive free cash flow from its diverse pharmaceutical product portfolio. Debt to EBITDA of 3.7x is also in line with the current rating. However, Standard&Poor's is somewhat concerned that this share repurchase will diminish the company's flexibility to conduct product acquisitions. Valeant's core product portfolio is aging and the product pipeline is
