BRIEF-Valeant prepared comments from conference call

Oct 26 (Reuters) - Valeant Pharmaceuticals International Inc (N:VRX) VRX.TO :
* Begins conf call to address allegations made by short seller
* CEO says co has been slow to answer some of the questions investors & the
media have raised
* CEO says has requested that the SEC investigate mr left and citron
* CEO says with respect to philidor, the model of using specialty pharmacies is
sound and an important part of strategy
* Says sales of treatments such as jublia have been unaffected by recent events
* Lead director says audit committee haws reviewed co's accounting with the
philidor relationship
* Lead director says committee has confirmed the appropriateness of the co's
revenue recognition and accounting treatment
* Says philidor accounted for 6.8 percent of sales in third quarter
* Lead director says board has "complete and total faith in Mike Pearson (L:PSON)"
* Says philidor accounted for 7.2 percent of revenue year to date, and 44
percent of jublia sales in third quarter
* Says strategic relationship with philidor aimed at high service to patients,
doctors and affordable access to drugs
* Says philidor is a separate limited liability legal entity
* Says acquired option to acquire philidor to keep focus on valeant's business
* Says pearson, other board members do not own stakes in philidor
* Says it believes philidor structure meets legal requirements
* Says the bulk of philidor sales are from Valeant products
* Says says ad hoc board committee plans to review why philidor's California
pharmacy application was rejected
* Says philidor hired a field force that included former Valeant employees
* Says there is simply no way to "stuff the channel" with philidor
* Says consolidates two other variable interest entities in addition to
philidor
* Says says prior to entering option agreement with philidor, its board and
audit committee toured co facilities
* Says philidor has safeguards in place to prevent against medicare patient
discounts
* Says options including severing philidor ties, moving to new 3rd party
specialty pharmacies
* Says will conider all options including buying philidor, or severing ties
with it & using other specialty pharmacies
* CEO says research and development, m&a strategies have not fundamentally
changed
* CEO says year to date in 2015 its rx business showed organic growth of 53
percent
* CEO says 32 percent of this was from volume, 14 percent was from gross to net
adjustments, & just 7 percent was from price increases