Explain what these adjustments represent and whether you believe they were appropriate adjustments to make for a key performance metric like non-GAAP operating income.

Case : Valeant Pharmaceuticals 2015

Submit the following individually:

• What FY 2015 metrics did Valeant guide for during H1 15. You can also look for guidance figures in other transcripts and investor presentations during H1 15.

• What comparable GASP results did the Company end up achieving for FY 15?

• Identify the three largest non-GAAP adjustments used to get to $486m in Q1 15 operating income.

• Explain what these adjustments represent and whether you believe they were appropriate adjustments to make for a key performance metric like non-GAAP operating income.

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