J.P. Morgan 31st Annual

Healthcare Conference

January 2013

Howard Schiller

Executive Vice President and Chief Financial Officer

Ryan Weldon

Executive Vice President and Company Group Chairman

1

Forward-looking Statements Forward-looking Statements Certain statements made in this presentation may constitute forward-looking statements, including, but not limited to, statements regarding preliminary results and guidance with respect to expected revenues, non-GAAP cash earnings per share, adjusted cash flows from operations, organic product sales growth, integration-related activities and benefits, synergies, launches and approvals of products, assumptions with respect to 2013 guidance, and the 2013 strategic initiatives of Valeant Pharmaceuticals International, Inc. (the “Company”). Forward-looking statements may be identified by the use of the words “anticipates,” “expects,” “intends,” “plans,” “could,” “should,” “would,” “may,” “will,” “believes,” “estimates,” “potential,” or “continue” and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in the company's most recent annual or quarterly report filed with the Securities and Exchange Commission ("SEC") and other risks and uncertainties detailed from time to time in the Company's filings with the SEC and the Canadian Securities Administrators ("CSA"), which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. The Company undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect actual outcomes.

Non-GAAP Information To supplement the financial measures prepared in accordance with generally accepted accounting principles (GAAP), the Company uses non-GAAP financial measures that exclude certain items. Management uses non-GAAP financial measures internally for strategic decision making, forecasting future results and evaluating current performance. By disclosing non-GAAP financial measures, management intends to provide investors with a meaningful, consistent comparison of the Company’s core operating results and trends for the periods presented. Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. The Company has provided preliminary results and guidance with respect to cash earnings per share, adjusted cash flows from operations and organic product growth rates, which are non-GAAP financial measures. The Company has not provided a reconciliation of these preliminary and forward-looking non-GAAP financial measures due to the difficulty in forecasting and quantifying the exact amount of the items excluded from the non-GAAP financial measures that will be included in the comparable GAAP financial measures. Reconciliations of historical non-GAAP financials can be found at www.valeant.com.

Note 1: The guidance in this presentation is only effective as of the date given,

January 4, 2013, and will not be updated or affirmed unless and until the Company

publicly announces updated or affirmed guidance.

2

Valeant Pharmaceuticals Overview Focused, multinational specialty pharma company

~$4.3B* in pro forma 2012 revenue and ~7,000 employees

Headquartered in Montreal, Canada (NYSE/TSX: VRX)

International footprint

Developed Markets - U.S., Canada, Australia, New Zealand

Emerging Markets – Central and Eastern Europe; Latin America; South

East Asia and South Africa

Diversified revenue base

Over 1000 products

Limited generic risk

Minimal exposure to government reimbursement

Low risk R&D model with promising pipeline

Dermatology – efinaconazole, luliconazole, lifecycle management

Branded generics / various OTC line extensions

Experienced, high quality management team, with established

track record for delivering results

* Pro forma revenue adjusted for full year impact of Medicis acquisition

3

Revenue Diversity

United States

60%Canada and

Australia

13%

Emerging Markets

27%

2012 Pro Forma Revenue = ~$4.3 billion*

U.S.Promoted

41%

U.S. Neurology and Other

19%

Canada and Australia

13%

Emerging Markets

27%

* Pro forma revenue adjusted for full year impact of Medicis acquisition

4

Our Strategic Principles 1. Only compete in attractive market segments • Geographies

• Payors

• Competition

• Therapeutic areas

• Product forms

2. Highly disciplined business development driven

growth strategy

• Undermanaged company assets

• In line vs. pipeline

• Cash on cash returns >20%

• Don’t bet on science

3. Decentralized operations and strategy • Attract top talent

• “Insider” in all markets

• No global S&M infrastructure

4. Low cost operating structure

• Generic mindset

5. Diversification • Geographies (>50% outside the U.S.)

• Products (No single product more than

~5% sales)

6. Strong bias towards enduring assets • OTC

• Branded generics

• Topicals

• Life cycle management

5

Investment Focus – Developed

Markets

Niche markets that fit strategy

Dermatology

Aesthetics

Podiatry

Ophthalmology

Oral Health

Avoid primary care

Broad presence given legacy Biovail / Valeant capabilities

Aggressive in-licensing to leverage infrastructure

Build Consumer business

Broad presence given legacy iNova / Valeant capabilities

Bolt-on niche product acquisitions

U.S.

Canada

Australia

Orphan

Physician recommended OTC

Physician dispensed products

Specialty CNS :

~$275 Million(~16%)

Canada:

~$160 Million(~9%)

Emerging Markets / Branded Generics:

~$350 Million

(~20%)

Legacy / Other:

~$600 Million(~34%)

Dermatology:

~$375 Million(~21%)

The New Valeant

6

Investment Focus – Emerging

Markets

Increase critical mass in Brazil and Mexico

Look for new market expansion opportunities (e.g., Colombia)

Growing “anchor markets” – Poland, Serbia

High growth emerging markets – Russia, CIS

New platform from iNova acquisition

Strengthen existing hubs (e.g., Malaysia and Philippines)

Enter new markets (e.g., Indonesia, Vietnam)

New platform from iNova acquisition

Strengthen hub in South Africa

Central/Eastern

Europe

Latin America

South East Asia

South Africa

32%

59%

9%

Latin America

Europe

SE Asia/S. Africa

% Revenue Breakdown

82%

18%Cash Pay

Gov'tReimbursement

% Government Reimbursement

7

Valeant’s Consistent Financial Performance ($ in millions)

Note: Historical financials for Valeant exclude certain pro forma run rate adjustments for completed acquisitions for which financials have not been made

publicly available

Note: Actuals prior to 2010 reflect only Legacy Valeant results and not combined with Biovail. 2010 Actual reflects results as filed under 8KA.

Consistent high double-digit revenue growth and high single-digit organic

growth

Operating margins >50%

$657 $830

$1,928

$2,463

$3.4-$3.6B

FY 2008A FY 2009A FY 2010A FY 2011A FY 2012e FY 2013e*

Revenue

Dec-2012: Acquisition of Medicis

Corp

Sep-2010 Merger of Legacy Valeant

with Biovail

~$4.4 –

$4.8B

A Look Back At 2012

9

2012 Achievements Operations:

Revenue growth vs. 2011 of >$1B1 and >40%1

Overcame ~$200 M decline related to genericization of Cesamet, Cardizem CD, Ultram

ER, Wellbutrin XL

Cash EPS growth vs. 2011 of >50%1

Organic growth of ~8% on a same store basis, ~10% Pro Forma

Business Development:

Completed over 25 acquisitions

Probiotica, Pedinol, OraPharma, Medicis, Gerot Lannach

Majority between 2-3 X sales

Established new growth platforms

Oral Health, Podiatry, Aesthetics , Russia, South East Asia/South Africa

Medicis Acquisition Closed in Mid-December

1Excludes impact of one time items

Strengthened Senior Management Team Marcelo Noll Barboza – President, Valeant Brazil

Jacques Dessureault - President, Valeant Canada

Jason Hanson – Company Group Chairman

Andrew Howden – CEO iNova

Vince Ippolito – SVP, GM Aesthetics

Laizer Kornwasser – Company Group

Chairman

Pavel Mirovsky – President, Valeant Europe

Steve Sembler – SVP, President

OraPharma

Justin Smith – SVP, GM U.S. Rx Derm

10

2012 Achievements (continued)

R&D Productivity and Product Launches:

Filed multiple New Drug Applications

Efinaconazole - Onychomycosis (Valeant)

Luliconazole - Tinea Pedis (Medicis)

Xerese (in Canada) – Herpes Labialis (Valeant)

Launched more than 300 branded generic products in Emerging Markets

Launched multiple patented/OTC products

Regederm in Brazil

Zyclara Pump (Medicis) and Potiga in U.S.

Sublinox and Lodalis in Canada

>25 OTC line extensions in U.S. and Canada (CeraVe, Bedoyecta)

Achieved several regulatory approvals

Dysport (Medicis) in Canada

Restylane-L (Medicis) in U.S.

Balance Sheet Management:

Repurchased 5.3 million common shares at average cost of ~$53 per share

Raised $4.55 billion in high yield notes and loans

11

2012 Full Year Performance

See Note 1 regarding guidance

2011 As

Reported

2011 w/o One-time

Items

2012

Guidance

2012

Guidance w/o One-time Items

Growth

Revenue

$2.46 billion

$2.39 billion

$3.4 - $3.6 billion

$3.3 - $3.5 billion

~40% - 45%

Cash EPS

$2.93

$2.63

$4.48 - $4.53

$4.11 - $4.16

~55% - 60%

Adjusted

Cash Flow

from

Operations

$925 million

$849 million

$1.2 - $1.3 billion

$1.1 - $1.2 billion

~30% - 40%

12

Status of 2012 Initiatives

1) Increase non-US revenues to

approximately 50% of the company

2) Exceed $75M synergy run-rate in Europe

by end of 2012

3) Build / acquire at least once additional

growth platform

4) Exceed $1.5B in emerging market sales

5) Substantially increase the company’s

liquidity and access to capital

6) Become a top 15 global pharma company

by 2013

Medicis Transaction

Ryan Weldon

Executive Vice President and Company Group Chairman

14

Combination Creates A Global Leader in

Dermatology

Strengthens medical dermatology portfolio and brings critical mass in

aesthetic dermatology, creating a leading player in both markets

Ability to leverage strong Medicis reputation by adopting the Medicis name for combined

Dermatology and Aesthetics organizations

Builds leading dermatology and aesthetics sales forces across US and Canada by bringing

together top talent from both Medicis and Valeant

Combined commercial dermatology operations in Scottsdale, AZ with US corporate functions

primarily based in NJ

Research and Development to be located in Laval, QC, Scottsdale, AZ and Petaluma, CA

Highly complementary product portfolio and pipeline to drive growth

In dermatology, oral acne treatment SOLODYN® complements topical acne offerings

In aesthetics, RESTYLANE®, PERLANE® and DYSPORT® add complementary injectables

to our current SCULPTRA™ and PRO THERAPY MD™ offerings

Expanded portfolio in actinic keratosis

Robust pipeline of near-term opportunities

15

Valeant Is Now Largest U.S. Derm Company

2008 - Top 15 (US)

Note: based on gross sales

Source: Wolters Kluwer Health Integrated AWP Dollars for Rx Derm Products Only - May 2012

2011 - Top 15 (US)

Valeant #11

Valeant PF #1

NewCo

Medicis

Valeant

Medicis

Valeant

16

Complementary Dermatology Portfolio Topical Acne Oral Acne Actinic Keratosis Dermatitis OTC Anti-Viral Anti-Fungal

Lau

nch

Pro

du

cts

Efinaconazole

Luliconazole

17

Complementary Aesthetic Portfolio

Collagen Stimulator Dermal Filler Botulinum Toxin Physician dispensed

Lau

nch

Pro

du

cts

18

Medicis Integration Update

Leadership team in place for over one month Nearly all personnel decisions have been made and communicated

Sales incentive programs in place to ensure Q1 success

Sales force product training scheduled for late January

Approximately 350 sales professionals (Dermatology, Aesthetics, Podiatry) in the field

Upsides from Medicis R&D Pipeline 2 recent / scheduled product launches

Zyclara Pump launched Q3 2012

Dysport Canada to be launched Q1 2013

2 late stage products Luliconazole filed Q4 2012

MetroGel 1.3% Hydrogel - Bacterial Vaginosis (to be filed 1H 2013)

Life cycle management opportunities

Synergies We now expect synergies to exceed $275M on a run rate basis by end of 2013

Significant amount of synergies will not occur until back half of 2013 (ie. R&D and Legal)

Restructuring costs expected to be less than full year run rate synergies with the majority incurred in Q4 2012

19

Reflections on Medicis Integration

Extensive efforts made to understand success drivers for each company Retain Medicis success drivers (ie. customer focus, enable sales force) while

integrating with Valeant operating principles (ie. quick decisions, high accountability)

Strong alignment on decisions, made with shared goal in mind “Best of the best” people selection

Pursue the best ideas

Stress speed, transparent communication, minimize customer disruption

Closely monitor restructuring costs and progress toward synergy targets

Excitement around new organization’s potential “Go-forward” team is composed of highly motivated achievers

Teams are working together to meet deadlines

Focus on optimizing organization for success (strategic investments)

Significant upside opportunities being identified Alternative fulfillment

Sculptra

Gross-to-nets / discounts

Loyalty programs in Aesthetics

Orphan drugs

Canadian Graceway portfolio

Looking Forward

Howard Schiller

Executive Vice President and Chief Financial Officer

21

New Executive Organization

Mike Pearson

Chairman &

CEO*

Howard Schiller

EVP, Chief

Financial Officer

• Finance

• Europe

• South East

Asia

• South Africa

Jason Hanson

EVP, Company

Group Chairman

• Latin America

• Oral Health

• Consumer

• Ophthal-

mology

• R&D

Robert Chai-Onn

EVP, General

Counsel

• Corporate

Secretary

• Legal

Brian Stolz

EVP, Chief

Human Capital

Officer

• HR

• Integration

Susan Hall

SVP, Global

R&D

• R&D

• Medical

Affairs

• Regulatory

Ryan Weldon

EVP, Company

Group Chairman

• U.S.

Dermatology

• U.S.

Aesthetics

• Podiatry

Laizer

Kornwasser

EVP, Company

Group Chairman

• U.S. Neuro &

Other

• Canada

• U.S. Managed

Care &

Distribution

* Chief Medical Officer and Chief Compliance Officer report directly to CEO

22

Financial Guidance for 2013*

See Note 1 regarding guidance

2013 % over 2012

Revenue $4.4 - $4.8 billion ~35%

Cash EPS

$5.45 - $5.75

~35%

Cash EPS Including

Royalty to Meda

$5.35 - $5.65

~33%

Adjusted Cash Flow from

Operations

$1.5 - $1.75 billion

~40%

* Excludes potential acquisitions other than Natur Produkt which is expected to close January 2013

23

2013 Guidance Assumptions

Exchange rates are based on current spot rates

Impact from generics to be >$100M in revenues vs. 2012

Retin-A Micro, BenzaClin, and Cesamet

No generic assumption included for Zovirax

~$40-$50M in revenue declines as a result of planned divestitures

Solodyn revenues of ~$250M - $275M

Includes Natur Produkt

No other acquisitions included in guidance

Efinaconazole launch to be breakeven in 2013

Cash EPS expected to be 45%/55% 1H vs. 2H

Q2 expected to be lowest quarter

Q4 expected to be highest quarter

Cash tax rate expected <5%

Leverage reduced to <4x Pro Forma EBITDA by the end of Q3

24

New 2013 Strategic Initiatives

1) Optimize the balance sheet by reducing leverage to less than

4x and driving improvements in working capital

2) Successfully integrate Medicis and achieve run rate synergies

of greater than $275M by year-end

3) Build out key therapeutic areas (Podiatry, Ophthalmology, Oral

Health) and geographic platforms (SEA, SA, LA, Russia)

through tuck-in acquisitions

4) Receive approval for efinaconazole and luliconazole and

launch both in the U.S.

5) Improve gross margins from 2012 to progress towards our

goal of 80%

6) Maintain global government reimbursement levels of less than

20%

25

Long Term Aspirations

Commitment to patients, customers, employees, and the

communities and countries we work in, though ethical and

empathetic decisions supersede all other objectives

We will continue to embrace our core management philosophies

Speed

Decentralization

Diversification (Products/ geographies)

Low cost operating model

Emphasis on in-line, not pipeline

Organic and acquired growth

To become the leading specialty pharmaceutical company as

measured against total returns to shareholders

J.P. Morgan 31st Annual

Healthcare Conference

January 2013

Howard Schiller

Executive Vice President and Chief Financial Officer

Ryan Weldon

Executive Vice President and Company Group Chairman