Valeant Pharmaceutical

International, Inc.

Jefferies Autumn 2015 Global

Healthcare Conference

November 18, 2015

Laurie W. Little

SVP, Investor Relations

Forward-looking Statements Forward-looking Statements Certain statements made in this presentation may constitute forward-looking statements, including, but not limited to, statements regarding projected, estimated and forecasted revenue and sales, anticipated patent exclusivity and projected impact of generic entry following loss of such patent exclusivity, expected business development activities and deal pipeline, expectations respecting target levels of inventory of certain Salix products (including timing of reaching such target levels), anticipated product approvals and product launches (including anticipated timing of and expected impact of such launches and approvals), planned marketing campaigns (including expected investments in such campaigns) and anticipated impact of such campaigns, anticipated uses of free cash flow and expected debt paydown and share buybacks. 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. Valeant Pharmaceuticals International, Inc. (“Valeant” or 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, except as required by law.

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 results 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 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.

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Focused, multinational specialty pharmaceutical company

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

Who is Valeant?

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~$1.0B

Strong Growth Platforms(3)

Eye Health (U.S.) Dermatology Rx (U.S.) Consumer (U.S.)

Ex- US(1) Neurology/Dental/Other (2)

~$1.5B ~$0.6B

~$3.9B ~$2.2B ~$0.8B

Valeant LTM rev (1) Includes Japan, Canada, Australia, Western Europe and Emerging Markets

(2) Includes Neuro & Other, Oral Health, Aesthetics, Generics. Growth rate excludes

facial injectable sales from 1H 14

(3) Q2 2015 and Q3 2015, excluding pre acquisition sales

(4) Post Acquisition sales, including part of Q1 2015, full Q2 2015 and Q3 2014 4

Neurology/Dental/Other (2) Salix(4) Salix(3) Dendreon Dendreon(4)

~$0.2B

Based on projected 2015 revenues

1 Includes contact lens, and surgical devices

Asia Latin

America

Central &

Eastern

Europe/

Middle East/

Africa

United

States

Canada /

Australia

By Geography

68%

16%

7% 4%

5%

9%

14%

58%

11%

Devices 1

Gx/BGx

OTC /

Solutions

Rx

7%

Western

Europe

Emerging Markets = ~18%

Highly Diversified Business Portfolio

By Business

5

Public Pay 25% 75

50%

50%

42%

Cash/Private

Pay

23%

Government

Pay

By Gov‟t Reimbursement

77%

By Number of Products

Top 10 Top 20

43%

28%

Highly Diversified Product Revenue Based on projected 2015 revenues

No product greater than 10% of revenue

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Limited Patent Risk

2015 2016 2017 2018 2019

Products 1) Xenazine

2) Targretin

1) Ziana

2) Zirgan

3) Visudyne

4) Glumetza

5) Zegerid

1) Lotemax

Gel

2) Macugen

1) Acanya

2) Solodyn

3) Istalol

4) Elidel

1) Zyclara

Annual

2014

Sales

~$335 million

~$190 million

~$115 million

~$400 million

~$30 million

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Ownership Culture

Relentless focus on organic growth

Business units leaders are evaluated on organic growth and cash flows

Each employee has a duty to speak up

Best idea in the room wins

Executive compensation tied to long-term shareholder returns

Front-loaded performance units tied to shareholder returns with

minimum 10% CAGR over 3 years

Shareholder friendly corporate governance

ValueAct (major shareholder since 2007) has representation on the

Board of Directors

Annual executive sessions with top shareholders and Board of Directors

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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)

B+L (e.g., Ultra, Victus, Stellaris)

Additional external collaborations (e.g., Cirle navigatino, brodalumab)

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 U.S. in 2014; rich pipeline

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

licensing

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asd

Physician

eBlast/Banners

Medical Education

Speaker Programs

Ad Boards

Physician Campaign

Comprehensive JUBLIA Launch Campaign Extensive professional education and outreach to

Dermatologists and Podiatrists

Extensive print, digital and TV advertising to reach consumers

Over 150 reps supporting launch

Consumer Campaign

Physician Website Physician

Journal Ads

TV DIGITAL Print 10

Launched Early January

Extensive professional education and outreach: product theaters,

webinars, advisory boards, journal and digital advertising

Integrated digital, print and TV consumer campaign beginning Q2

Over 100 sales reps supporting launch

OnextonGel.com

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Xifaxan TRx‟s up 15% Q3‟15 vs Q2‟15, 25% Q3‟15 vs Q3‟14

Uceris TRx‟s up 20% Q3‟15 vs Q3‟14, Relistor TRx‟s up 36% Q3‟15 vs Q3‟14,

Apriso TRx‟s up 7% Q3‟15 vs Q3‟14, Ruconest TRx‟s up 29% sequentially Q2 to

Q3

Inventories reduced to 8-10 weeks; expect to reach our target of 4-6 weeks by end

of year

Xifaxan Integrated Professional and Consumer Campaign Launched October 5th

Salix Update

TV PRINT DIGITAL

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Bausch + Lomb ULTRA® Launch Highlights

Revenue: Forecasted to double from

~$45MM in 2015 to $100MM in 2016

Share: #1 Brand in industry that patients

switched to in Q3 2015

Distribution: Gained +13k doorways in

„15 resulting in 22k total ECP‟s with

diagnostic fitting sets

Pipeline: Launching two new products

(multi-focal and toric) to complete the

ULTRA family in „16

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$ Share FRP Category

2015 DTC Campaign: Delivered over 1B impressions via Digital, Social, and Paid

Search campaign to drive patients to ECP office to request trial

Doctor Engagement: Large scale ECP educational events to >6k ECP‟s

Customer partnerships: Secured several strategic partnerships to strengthen

distribution and new product launch uptake

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Bausch + Lomb ULTRA® 2016 Launch Activities

Launching Bausch + Lomb ULTRA® for

Presbyopia and Astigmatism in 2016

Expand Bausch + Lomb ULTRA® reach

by 35% of the Market

Halo effect on Spherical business

Investing $25MM in DTC campaign TV, Digital, Social Media, Search

In-office Digital Displays to create 360

campaign

Aggressive Professional Outreach Largest Eye Care Professional Share of Voice

within contact lens industry

High impact launch events to generate

awareness and request of new products

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Sprout Update

Addyi launched in U.S. on 10/17

145 reps in the field

6 Medical Science Liaisons (MSLs) hired

Launching with prescribing information,

submitting marketing materials to the

Office of Prescription Drug Promotion

(OPDP)

No plans for direct to consumer (DTC)

advertising at this time

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Valeant Late Stage R&D Portfolio Product Category Description Expected launch year

EnVista Toric Eye Health Toric IOL 2016/2017

Luminesse Eye Health Red Eye Relief 2016/2017

Vesneo Eye Health Glaucoma 2016

Lotemax Gel Next Gen Eye Health Post-operative pain and inflammation 2018

Ultra Plus Powers Eye Health Contact lens 2016

BioTrue Toric Eye Health Contact lens 2016

IDP-118 Dermatology Moderate to severe plaque psoriasis 2017/2018

IDP-120 Dermatology Novel acne combination 2019

IDP-121 Dermatology Acne 2017

IDP-122 Dermatology Psoriasis 2017

Relistor Oral Gastrointestinal Opioid Induced Constipation 2016

Vitesse Eye Health Ultrasonic Vitrectomy 2016

Next Generation Stellaris Eye Health Phaco/ Vitrectomy 2018

Next Generation Thermage Dermatology Skin Tightening 2016

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Exceeded top line and bottom line Q3 guidance; 5th consecutive quarter of >10%

organic growth

Includes negative FX impact of $172M revenues and $0.13 Cash EPS

Continued outperformance of U.S. businesses, particularly dermatology and

contact lens

Strong organic growth in China (23%), South Korea (15%), and Mexico (10%)

Continued strong Salix performance

IBS-D indication for Xifaxan (including DTC campaign)

Salix inventories reduced to 8-10 weeks

Addyi launched 10/17

Four deals closed in October

Brodalumab

Sprout

Synergetics

Amoun (expected to close today)

Strong cash flow from operations

GAAP cash flow from operations $737M

90% cash conversion

Q3 2015 Highlights

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Q3 2015 Financial Results

Q3 2015

Q3 2014

Y/Y%

Adjusted

Y/Y% (a)

Total Revenue $2.8 B

(guidance $2.6 – 2.8B) $2.1 B 36% 44%

Cash EPS $2.74

(guidance $2.60 – 2.70) $2.11 30% 36%

GAAP Cash Flow

from Operations $737M $619M 19% 26%

Adjusted Cash Flow

from Operations $865M $771M 12% 18%

a) Negative FX Y/Y Impact: Revenue $172M, Cash EPS $0.13

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Same Store Sales – Y/Y growth rates for businesses that have

been owned for one year or more

Q3 2015 YTD 2015

Total U.S. 22% 27%

Total Developed 16% 19%

Total Emerging Markets 3% 5%

Total Company 13% 15%

Pro Forma – Y/Y growth rates for entire business, including

businesses that have been acquired within the last year

Q3 2015 YTD 2015

Total U.S. 26% 27%

Total Developed 21% 21%

Total Emerging Markets 4% 5%

Total Company 17% 17%

Q3 2015 Organic Growth

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Product Q3

2014

Q4

2014

Q1

2015

Q2

2015

Q3

2015

1) Xifaxan - - - 148 220

2) Jublia 13 53 62 102 106

3) Wellbutrin XL* 80 82 68 67 92

4) SofLens* 95 89 81 84 84

5) Xenazine 56 52 57 66 73

6) Provenge - - 30 74 69

7) Solodyn 54 61 57 65 66

8) Ocuvite / Preservision* 62 62 60 59 57

9) ReNu* 59 60 53 59 54

10) Glumetza - - - 26 53

Q3 2015 Top 10 Brands ($M)

Top 30 represent 54% of total company revenue

* Sales depressed on 12 of top 30 products due to FX impact

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Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015

Total Revenue $2,056M $2,280M $2,191M $2,732M $2,787

Cost of Goods Sold (% of product sales) 26% 24% 25% 23% 22%

SG&A (% of total revenue) 24% 23% 26% 25% 24%

R&D Expense $59M $59M $56M $81M $102M

Operating Margin (% of total revenue) (excluding amortization) 47% 50% 47% 49% 50%

Cash EPS (Reported) $2.11 $2.58 $2.36 $2.56 $2.74

GAAP Cash Flow from Operations $619M $816M $491M $411M $737M

Adjusted Cash Flow from Operations $771M $624M $708M $773M $865M

Fully Diluted Share Count 341M 342M 343M 351M 351M

Financial Summary

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Cash Flow (Q1 2014 to Q3 2015)

*Q4 2014 included a one-time $287M gain from the sale of Allergan shares

2014 2015

Q1 Q2 Q3 Q4 Q1 Q2 Q3

GAAP cash flow from

operations

484 376 619 816* 491 411 737

Adjusted cash flow

from operations

636 500 771 624 708 773 865

Adjusted earnings 600 651 719 881 809 897 961

106% 107% Cash conversion 77% 71% 88% 86% 90%

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Expect to reach ~4-6 weeks target by year end

Increasing full year Salix net sales estimate from

$1.20B to ~$1.35B

Salix Inventory and Drawdown

Actual

Q2

Actual

Q3

Estimated

Q4

Net Sales (including IBS-D) $313M $461M ~$600M

Inventory Reduction $141M $98M ~$100M

Net Sales Adj. for Inventory

Reduction

$454M $559M ~$700M

Beginning Months on Hand 4 - 5 3 - 3.5 2 - 2.5

Ending Months on Hand 3 - 3.5 2 - 2.5 1 - 1.5

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Liquidity position at end of Q3

$1.5B undrawn revolver

$1.4B of cash

Cash and revolver used to fund transactions closed in

October

Free cash flow will be used for a combination of debt

paydown and general corporate purposes

Committed to debt paydown beyond the mandatory

amortizations required by term loans

We remain committed to getting net leverage to <4.0x

adjusted pro forma EBITDA by the end of 2016

Balance Sheet Update

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Summary of Valeant’s Business Model

Robust organic growth profile

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, Brimonidine, Ultra

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

Strong cash flows and balance sheet

Absent large transactions, restructuring charges trending to zero

Convergence of GAAP to non-GAAP cash flows

Enhanced capacity to continue acquisition activity as well as

opportunistically paydown 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

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Valeant Pharmaceutical

International, Inc.

Jefferies Autumn 2015 Global

Healthcare Conference

November 18, 2015

Laurie W. Little

SVP, Investor Relations