Exhibit 12.1
VALEANT PHARMACEUTICALS INTERNATIONAL, INC.
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the Years Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
(in thousands, except for ratios) | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||
Pre-tax income (loss) from continuing operations before adjustment for income or loss from equity investees | (1,740,374 | ) | (2,435,746 | ) | (155,300 | ) | 1,053,527 | (1,314,141 | ) | |||||||||||
Amortization of capitalized interest | 2,225 | 944 | 603 | 226 | — | |||||||||||||||
Fixed charges | 1,875,781 | 1,874,945 | 1,598,703 | 1,001,260 | 864,159 | |||||||||||||||
Capitalized interest | (10,452 | ) | (10,813 | ) | (7,204 | ) | (5,225 | ) | (2,534 | ) | ||||||||||
Non-controlling interest inpre-tax income (loss) of subsidiaries that have not incurred fixed charges | (342 | ) | (886 | ) | (3,883 | ) | 1,340 | (2,473 | ) | |||||||||||
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Total Earnings | 126,838 | (571,556 | ) | 1,432,919 | 2,051,128 | (454,989 | ) | |||||||||||||
Fixed Charges: | ||||||||||||||||||||
Interest expense | 1,839,518 | 1,836,065 | 1,563,223 | 971,023 | 844,316 | |||||||||||||||
Interest component of rental expense** | 25,811 | 28,067 | 28,276 | 25,012 | 17,309 | |||||||||||||||
Capitalized interest | 10,452 | 10,813 | 7,204 | 5,225 | 2,534 | |||||||||||||||
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Total Fixed Charges | 1,875,781 | 1,874,945 | 1,598,703 | 1,001,260 | 864,159 | |||||||||||||||
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Ratio of Earnings to Fixed Charges | * | * | * | 2.05 | * | |||||||||||||||
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* | For the years ended December 31, 2017, 2016, 2015 and 2013, our earnings were insufficient to cover fixed charges and the deficiency of earnings were $1,749 million, $2,447 million, $166 million and $1,319 million, respectively. |
** | The interest component of rental expense is estimated to be one-third of our total rental expense. |