Fourth Quarter and Full

Year End 2013 Financial

Results Conference Call

February 27, 2014

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 guidance with respect to expected revenues, non-GAAP cash earnings per share and adjusted cash flows from

operations, organic growth, operating margin, integration-related activities and benefits, synergies, launches and approvals of products

and assumptions with respect to guidance 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, 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 U.S. generally accepted accounting principles (GAAP), the company

uses non-GAAP financial measures that exclude certain items, such as amortization of inventory step-up, amortization of alliance

product assets & property, plant and equipment step up, stock-based compensation step-up, contingent consideration fair value

adjustments, restructuring, acquisition-related and other costs, In-process research and development, impairments and other charges,

("IPR&D"), legal settlements outside the ordinary course of business, the impact of currency fluctuations, amortization including

intangible asset impairments and other non-cash charges, amortization and write-down of deferred financing costs, debt discounts and

ASC 470-20 (FSP APB 14-1) interest, loss on extinguishment of debt, (gain) loss on assets sold/held for sale/impairment, net, (gain) loss

on investments, net, and adjusts tax expense to cash taxes. 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.

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

February 27, 2014, and will not be updated or affirmed unless and until the Company

publicly announces updated or affirmed guidance.

2

Agenda

1. Fourth Quarter & Year End 2013 Results

2. Operations Update

3. Financial Update

3

Fourth Quarter and Year End 2013 Results

Q4 2013 Y/Y

%

2013 Y/Y

%

Product Sales $2.0 B 116% $5.6 B 72%

Total Revenue $2.1 B 109% $5.8 B 66%

Cash EPS $2.15 76% $6.24 51%*

Adjusted Cash Flow

from Operations

$607 M

43%

$1.8 B

38%

* Excludes $66M dermatology divestitures , $45M milestone payment from GSK and $30M one-time non-cash Fx

gain recorded in 2012

4

2013 Organic Growth

Same Store Sales

Q4 2013 Ex Generics FY 2013 Ex Generics

Total U.S. -3% 14% -7% 10%

ROW Developed 12% 12% 2% 7%

Total Developed 0% 13% -5% 9%

Emerging Markets 8% 8% 11% 11%

Total 2% 12% 0% 10%

Pro Forma

Q4 2013 Ex Generics FY 2013 Ex Generics

Total U.S. 4% 12% -2% 7%

ROW Developed 5% 5% 2% 1%

Total Developed 4% 10% -1% 6%

Emerging Markets 13% 13% 12% 12%

Total 6% 11% 2% 7%

Note: Generics excluded include Zovirax Franchise, Retin-A Micro, BenzaClin

5

Bausch + Lomb Performance

Same Store Sales Growth

Q4 2013 2013

(Since Close)

U.S. 17% 16%

ROW Developed 1% 2%

Total Developed Markets 9% 9%

Total Emerging Markets 16% 15%

Total Company 10% 10%

6

Bausch + Lomb U.S. Performance

Same Store Sales Growth

Q4 2013

Contact Lens 14%

Surgical 24%

Rx 16%

Consumer 11%

Generics 31%

Total U.S 17%

7

Operational Highlights -

Top Performing Business Units

Business Unit 4Q Run Rate Y/Y Growth

Asia $1.0 B >300%

Neurology & Other $1.0 B >20%

Aesthetics $400 M >300%

Russia $400 M >300%

Canada $400 M >10%

Poland $250 M >30%

Oral Health $125 M >20%

8

Adjusted Cash Flow From Operations

$345

$423 $408

$607

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

Total 2013 Adjusted Cash Flow from Operations = $1.8 Billion

Excluded Items:

• Legal Settlements

• Restructuring/Acquisition

Related Costs

• Tax Benefit from Stock Options

9

2013 Performance v. Guidance

Original Expectations

Revenue $4.4 - $4.8 billion

Cash EPS $5.35 - $5.65

$1.5 - $1.75 billion in

Adjusted Cash Flow from

Operations

Final Results

Revenue $5.8 billion

Cash EPS $6.24

$1.8 billion in Adjusted

Cash Flow from

Operations

Organic Growth*:

10% same store sales

7% pro forma

* Generics excluded include Zovirax Franchise, Retin-A Micro, BenzaClin

10

Update on 2014 Expected Product Launches Product Business Unit Description Estimated Launch Date

Bensal Derm Rx Topical treatment for the inflammation and

irritation associated with many forms of dermatitis Launched

CeraVe Baby Line Consumer OTC Moisturizer Launched

enVista Inserter Surgical Latest enhancements Approved and Launched

Ossix Plus Oral Health Dental Membrane Launched

Bausch+Lomb Ultra Contact Lens Silicone Hydrogel monthly disposable contact

lenses Launched

Luzu Derm Rx Topical antifungal approved for tinea cruris,

corporis, and pedis To Be Launched 3/31

Neotensil Aesthetics Topical product that reduces the appearance of

under-eye bags within one hour To Be Launched 3/31

Peroxiclear Consumer Hydrogen peroxide-based contact lens solution To Be Launched Late March

Retin-A Micro .08% Derm Rx Topical medication to treat Acne Approved and To Be Launched

June

Victus Enhancements

Surgical

Launch of multiple VICTUS enhancements FDA corneal incision clearance

Feb 14/ FDA lens fragmentation

estimated 2H of 2014

Jublia Derm Rx Topical antifungal for onychomycosis 2H 2014 (pending FDA approval)

Trulign ranges Surgical Broader range of powers Q2

BioTrue Oneday for

Presbyopia

Contact Lens Daily Contact Lens Launching regionally in 2014

Hyaluronic Acid for Lips Aesthetics Small-particle filler Q4 2014

11

Update on R&D Projects

Program Status Result Next Steps

Mapracorat Phase 3 Unsuccessful Discontinued

Brimonidine (Eye Whitener) Phase 3 Successful Submit in 2015

Latanoprostene bunod (Glaucoma) Phase 3 Pending Receive data 2H

2014

MIM-D3 (Dry Eye) Phase 3 Pending Receive data Q1

2015

Jublia Submitted Pending Launch 2H 2014

Retin-A Micro .08% sNDA Approved Launch in June

Onexton (Acne) Phase 3 Submitted PDUFA date -

Nov 2014

Bausch + Lomb Ultra Toric / Multi-

focal

510k Cleared Design Validation

BioTrue Multifocal 510k Cleared Design Validation

12

Emphasis on Sales Professionals

Total

Sales Professionals

% of Headcount (Excl Mfg)

Total U.S 1,445 73%

Asia 1,900 87%

Europe 2,300 68%

Latin America 800 69%

Total Company 6,680 72%

13

Update on Aesthetic and Oral Health Expansions

Aesthetics

Increase facial injectable sales professionals in Q1 2014

Total facial injectables sales force ~200

Integration of Solta complete

Launch Neotensil March 31, 2014

Launch of Obagi 360 system

OraPharma

Completed sales force expansion by ~50%

Recently launched Ossix Plus (dental membrane) in U.S. market

Doubled the market share for Xerese (within dental market

segment) from Dec 2012 - Dec 2013 through sales promotion by

OraPharma team

Financial Update

Howard Schiller

15

Financial Summary

Q4 2013 Q4 2012 FY 2013 FY 2012

Product Sales $2.0B $942M $5.6M $3.3B

Ongoing Service/Alliance Revenue $32M $44M $129M $147M

Total Revenue excl. “one-timers” $2.1B $986M $5.8B $3.4B

One-time items N/A N/A N/A $45M

Total Revenue $2.1B $986M $5.8B $3.5B

Cost of Goods Sold% 2 (% of product sales) 26% 25% 25% 24%

SG&A% 2 (% of total revenue) 22% 20% 22% 21%

R&D Expense $60M $20M $157M $79M

EBITA Margin 1 (% of total revenue) 49% 53% 50% 53%

Cash EPS (Reported) $2.15 $1.22 $6.24 $4.51

w/o one-time items $2.15 $1.22 $6.24 $4.14

Adjusted Cash Flow from

Operations $607M $423M $1.8B $1.3B

Fully Diluted Share Count 341M 312M 327M 313M

1 Excludes all non-operating expenses 2 Excludes adjustments per Press Tables 2a & 2b

16

Q1 2014 Outlook Cash EPS expected to be 40% / 60% 1H vs. 2H

Q1 expected to be lowest quarter; Q4 expected to be highest quarter

Generic impact greatest in Q1

Continued impact from Zovirax franchise & RAM

New generics Wellbutrin XL (Canada) & Vanos (U.S.)

Same store organic growth expected to be negative in Q1 due to generic

headwinds, but positive in Q2 and for full year

SG&A as a % of revenue is expected to increase in Q1

Launch costs from Luzu, Neotensil, Bausch + Lomb Ultra

Expansion of Oral Health and Aesthetics sales forces

Completion of late stage R&D programs

~$200m spend expected in 1H

Fx impact

Movement in currencies to negatively impact Q1 by ~$0.04 per share

since budget approved in November

17

Fx Exposure Summary

Currency

% of

Total Revenue

Change

since Budget

U.S. ~50% N/A

Euro ~15% 0.0%

Russian Ruble ~5% -11%

Canadian Dollar ~5% -7%

Polish Zloty ~5% 2%

Japanese Yen ~4% -5%

All Others Combined

- Turkish Lira

- Argentinian Peso

- Brazilian Real

- Australian Dollar

- All others

~20%

-10%

-33%

-5%

-5%

N/A

18

Financial Guidance for 2014

See Note 1 regarding guidance

2014 % over 2013

Revenue

$8.2 - $8.6 billion

~40%

Cash EPS

$8.25 - $8.75

~40%

Adjusted Cash Flow from

Operations

$2.4 - $2.6 billion

~40%

Includes Solta

Does not include PreCision – will update after close

Fx Exposure

~$0.15 per share negative Cash EPS impact since budget was approved in

November

Significant Fx changes in a number of countries, including Russia, Canada,

Japan, Australia, Brazil, Turkey, Argentina

Fourth Quarter and Full

Year End 2013 Financial

Results Conference Call

February 27, 2014