Valeant Pharmaceuticals

International, Inc.

2015 Annual Meeting

May 19, 2015

Laval, Quebec, Canada

Introductions

Board of Directors

Ronald Farmer

Colleen Goggins

Robert Ingram (Lead Director)

Anders Lönner

Theo Melas-Kyriazi

Robert Power

Norma Provencio

Howard Schiller

Katharine Stevenson

Jeffery Ubben

J. Michael Pearson (Chairman)

Executive Management

Robert Chai-Onn

Dr. Ari Kellen

Laizer Kornwasser

Dr. Pavel Mirovsky

Brian Stolz

Anne Whitaker

Valeant Pharmaceuticals

International, Inc.

2015 Annual Meeting

May 19, 2015

Laval, Quebec, Canada

Shareholder Voting Results

All Directors

Say on Pay (Executive

Compensation)

PricewaterhouseCoopers

as Auditors

4

>90%

>90%

>90%

Valeant Pharmaceuticals

International, Inc.

2015 Annual Meeting

May 19, 2015

Laval, Quebec, Canada

Forward-looking Statements

Certain statements made in this presentation may constitute forward-looking statements, including, but

not limited to, statements regarding the timing of and outcome of regulatory approvals and commercial

plans with respect to product candidates and product launches, future manufacturing capabilities, debt

reduction, acquisition capacity, shareholder return and future operational performance, including

guidance and outlook with respect to revenue and earnings. Forward-looking statements may generally

be identified by the use of the words “anticipates,” “expects,” “intends,” “plans,” “should,” “could,” “would,”

“may,” “will,” “believes,” “estimates,” “potential,” “target,” 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 and detailed

from time to time in Valeant’s other filings with the Securities and Exchange Commission and the

Canadian Securities Administrators, which factors are incorporated herein by reference. Readers are

cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking

statements speak only as of the date hereof. Valeant 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.

Who Is Valeant? Focused, multinational specialty pharmaceutical company

$75B+ Market Cap

Headquartered in Laval, Quebec, Canada (NYSE/TSX: VRX)

Unconventional Business Model

Decentralized operating model

Geographical and product diversity

Focus on faster-growing geographies and therapeutic categories

Durable product portfolio with limited patent risk

Significant cash pay component / low exposure to government reimbursement

Financially disciplined M&A

Ownership Culture

Shareholder friendly executive compensation and corporate governance

Commitment to Innovation

Emphasis on bringing new products to the market (output), through internal R&D, acquisitions and licensing

(input)

Focus on late-stage and lower-risk development projects

Proven track record of delivering industry leading returns to shareholders

7

Based on pro forma 2015 revenues excluding effect of inventory

1 Includes contact lens, and surgical devices

By Geography By Business

15%

14%

62%

9% Devices 1

BGx/Gx

OTC /

Solutions Rx

Emerging Markets = ~20%

Highly Diversified Business Portfolio

8

United States 64%

Emerging Europe, Africa, &

Middle East 10%

Asia 8%

Western Europe

8%

Canada / Australia

6%

Latin America

4%

(a) Source: IMS

Salix at a Glance

Mid-sized specialty pharma company that is a clear

leader in the GI market

Ranked #1 GI sales force 3 of the past 4 years(a)

Xifaxan:

Approved for Hepatic Encephalopathy (HE) and

Traveler’s Diarrhea

PDUFA date for IBS-D – May 28, 2015

Other major products for Ulcerative Colitis (Apriso and

Uceris) and opioid induced constipation (Relistor) with

attractive growth prospects

Attractive, low-risk short-term pipeline

Xifaxan IBS-D indication

Relistor oral indication (approval expected

2016/2017)

Xifaxan Early decompensated liver cirrhosis

indication

Traveler’s Diarrhea &

Hepatic Encephalopathy (HE)

Ulcerative Colitis

Ulcerative Colitis

Opioid Induced Constipation

9

Valeant’s Approach to Innovation

Innovation critical to the industry and to Valeant

We source innovation through our internal R&D, acquisitions, in-

licensing

We have acquired terrific set of capabilities and technologies over time

Dow (Dermatology Rx and OTC)

Bausch + Lomb (e.g., Contact lens, surgical, ophthalmology Rx, OTC)

Additional external collaborations (e.g., Emerade)

We run a lean R&D model focused on productivity – outputs measured

against inputs

Leverage industry overcapacity

Outsource commodity services

Focus on critical skills and capabilities needed to bring new technologies

to market

Spend according to promise of programs - for short and long term

Results of this approach: 20 launches in the US in 2014; rich pipeline of

products for the future sourced from inside, acquisitions and in-

licensing

10

Key R&D Milestones for 2015 Product Category Action Status

EnVista Toric Eye Health File PMA 1H 2015 Additional studies requested

To Be Filed mid- 2016

Luminesse™

(Brimonidine) Eye Health File NDA 1H 2015 Filed NDA in March

Vesneo (glaucoma) Eye Health File NDA 1H 2015 On Track

Lotemax Gel Next Gen Eye Health File NDA 2H 2015 Filing delayed until mid-2016

Ultra Multi Focal Eye Health File PMA 1H 2015 Approved

Ultra Toric Eye Health File PMA 2H 2015 Approved

BioTrue Toric Eye Health File PMA 2H 2015 Approved

IDP-118 (moderate to

severe plaque psoriasis) Derm Initiate Phase III 1H 2015 Phase III Initiated

IDP – 120 (novel acne

combination ) Derm Initiate Phase II 2H 2015 On Track

Arestin LCM Oral Health File NDA 2H 2015 On Track

Xifaxan

(IBS-D Indication) Gastrointestinal PDUFA Date May 28 On Track

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Dermatology Launch Products

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Leading branded product for onychomycosis among

dermatologists and podiatrists

Current sales annualizing at >$400M

Recently launched 8 ml bottle; strong uptake

Weekly TRx’s up 100% YTD

New DTC campaign driving further growth

Continued franchise growth with sales up

50% Y/Y

Launch ahead of expectations with current run-rate

greater than $75M

Combined Onexton and Luzu run-rate revenues

~$100M; well above our projection of $75M for 2015

0

5,000

10,000

15,000

20,000

25,000

30,000

DTC TV

Jublia TRx Growth Since Launch

• 1Q 2015 sales >$60 million

• Annualized run rate >$400 million

~25,000

TRxs

13

Luzu TRx Growth 2015

2,038

TRxs

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

14

Onexton TRx Growth Since Launch

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

1/9 1/16 1/23 1/30 2/6 2/13 2/20 2/27 3/6 3/13 3/20 3/27 4/3 4/10 4/17 4/24 5/8

Annualized run rate >$75 million

5,946

TRxs

15

Ex-U.S. Launches

16

Strong launch in Canada

Surpassed generic Lamisil and is now the

number 1 prescribed product for onychomycosis

Launched in Sweden, UK, and Germany

Ongoing registrations around the world

Achieved 25% share in Sweden in less than one

year

200+ launches across EMEA region in 2014

200+ launches expected in 2015

Branded Gx

Launches

Contact Lens Launch Products

17

Continuing to sell to capacity

First full manufacturing line installed and

validated, producing commercial product

2nd commercial line expected in Q3 2015

Selected Ex-US launches planned for 2H 2015

Multifocal and Toric offerings approved,

expected to launch in Q4 2015 and Q1 2016

respectively

Three consecutive quarters of 100%+ growth in

the US

Multifocal launch underway

Launched in China Q2, 2015

U.S. Consumer Launch Products

18

Continued expansion of the franchise with 9 launches

planned in 2015

26% Y/Y growth in 2014

44% Y/Y growth in Q1, 2015

Expected to achieve revenues ~$150MM in 2015

Fastest growing product in category

18%+ growth Y/Y, ~17% market share

Brand growing 20%, driven by launch of Soothe XP

Recent launch; ~10% market share of category

already achieved

May 28th PDUFA date for IBS-D

Currently in labeling discussions with FDA

Launched Q4, 2014

Only recombinant product available for HAE

Continued strong sales uptake

Uceris tablets launched February 2013

Foam launch expected Q3/4 2015

Expect to file NDA for oral by end of Q2 2015

Salix Late Stage Pipeline and Launch Products

19

2015 - Validation of Valeant’s Business Model

Robust organic growth profile

Double-digit organic growth expected in 2015, 2016 and continued strong growth

beyond

Geographical and product diversification creates lower-risk profile

Durable product portfolio limits patent expiry exposure

Rich pipeline of low-risk R&D programs

Internal development – e.g. IDP-118, IDP-120, Onexton

Acquisitions – e.g. Vesneo, Luminesse, Ultra

Product acquisitions/licenses – e.g. Emerade, Croma

Strong cash flows and balance sheet

Expected EBITDA >$7.5B in 2016

Commitment to reduce leverage to < 4x by 2H of 2016

Enhanced capacity to continue acquisition activity as well as opportunistically pay

down debt and/or buy back shares

Disciplined approach to business development

Continue to be disciplined with capital deployment to generate above average

returns for shareholders

20

$0

$50

$100

$150

$200

$250

2008 2009 2010 2011 2012 2013 2014 2015

VRX

Valeant’s Execution Track Record Valeant Management Team Performance*

USD

>3,000% price

adjusted increase in

VRX share price

(Feb 2008 to today)

Consistently

exceeded

expectations

*Adjusted for Valeant/Biovail merger.

21

Valeant Pharmaceuticals

International, Inc.

2015 Annual Meeting

May 19, 2015

Laval, Quebec, Canada