Sure this is pretty simple... I am sure that you are focused on longterm debt. THe company targets a debt/ebitda ratio of 4 which was exceeded as a result of the B&L acquistion which was financed with new debt and equity. There is no secret about this leverage ratio target, as it has been well communicated.
Currently this ratio is above target, again well disclosed in the investors calls related to the acquistion. They plan to get this ratio in line by paying down debt from operating cash flows over time.
The company plans to target a BB credit rating, and is managing finanical ratios to keep this BB rating.
I will be watching this ratio over time
One implication of the higher than target leverage is that the firm is constrained in any large acquisitions. Basically until the ratios get back in line dont expect anything other tham small scale tuck in acquisitions.
I suspect this is a good thing as I am sure that the company needs to digest the many acquisitons done to date.
None of this is a mystery, all you have to do is listen to the investor calls and do a few quick balance sheet ratios.
Disclosure - I am long VRX via long call options and short put options, and have been long this stock since 2006.
My exit strategy is to sell when the company announces a big merger of equals financed with stock.