BRIEF-Valeant comments on outlook, debt reduction, other initiatives

Nov 10 (Reuters) - Valeant Pharmaceuticals International Inc (N:VRX) VRX.TO :
* CEO says as of last week philidor has stopped adjudicating claims
* CEO says philidor has committed to cease operations by January 30 2016 at the
latest
* CEO says looking to put in place a new Valeant access program in the next 90
days for its dermatology products
* CEO says in the very short term, disruption in its dermatology business will
be "significant"
* CEO says downsides in Q4 will be in dermatology and neurology rx
* CEO says obviously what is happened will impact Q4 and co is working to
qualify the impact on Q4 2016
* CEO says will provide investors with updated guidance at its investor day in
December
* CEO says in "past few weeks have been a painful learning experience for me
personally."
* CEO says he is committed to the company and committed to its long-term
success
* CEO says not listening to people outside co has been a mistake on part of the
co and on his part as its leader
* CEO says one of the things i'm dedicated to doing going forward is listening
more to our patients our partners & critics
* CEO says working hard to reach out to payers and other distribution partners
* CEO says feels very good about the company's existing financial, compliance
and legal controls
* CEO declines to comment on whether the co will stand by it's full year EBITDA
guidance, says will give update in December
* CEO says feels very good about organic growth prospects next year
* CEO says co has been reaching out to other specialty pharmacies, but declined
to provide details
* CEO says reception from other specialty pharmacies so far has been very good
* CEO says reaching out to pbms and so far the discussions have been productive
* CEO says "delivering results" will be the best way for co to regain investor
confidence
* CEO says "we are going to listen more to our critics and the outside world"
and we think we can get through this
* CEO says in near term deleveraging of balance sheet is a priority & co plans
to focus its cash flow on debt repayment
* CEO says mgnt team will continue to evolve, feel good about current team, but
will make changes as needed going forward
* Says it has frequent conversations with rating agencies, no near term funding
needs, no threat to any covenants
* Says no significant maturities until 2018
* CEO says lions shares of next year's cash flow will go toward debt reduction
* Says current revolver draw is for $845 million, plan to pay down revolver as
part of overall debt reduction plan
* Says at the end of Q1 interest coverage ratio moves up to 3.0, but co still
feels comfortable about that covenant
* Says will update investors on debt reduction plan in December
* Shares turn positive, up slightly at $86.09 in trading before the bell in New
York
* CEO says share buybacks are largely "off the table in the short term"
* CEO says co wants to be as conservative as possible in the near future, debt
reduction will be focus
* Says will make decisions opportunistically on which tranches of debt to pay
down
* CEO says guidance call being moved up from January 7 to some time in
December, says bulk of businesses performing well