Valeant Pharmaceuticals 2015 Annual Shareholders Meeting

1. Valeant Pharmaceuticals
International, Inc.
2015 Annual Meeting
May 19, 2015
Laval, Quebec, Canada

2. 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

3. Valeant Pharmaceuticals
International, Inc.
2015 Annual Meeting
May 19, 2015
Laval, Quebec, Canada

4. Shareholder Voting Results
 All Directors
 Say on Pay (Executive
Compensation)
 PricewaterhouseCoopers
as Auditors
4
>90%
>90%
>90%

5. Valeant Pharmaceuticals
International, Inc.
2015 Annual Meeting
May 19, 2015
Laval, Quebec, Canada

6. 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.

7. 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

8. 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%

9. (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

10. 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

11. 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
11

12. Dermatology Launch Products
12
 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

13. 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

14. Luzu TRx Growth 2015
2,038
TRxs
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
14

15. 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

16. 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

17. 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

18. 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

19.  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

20. 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

21. $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

22. Valeant Pharmaceuticals
International, Inc.
2015 Annual Meeting
May 19, 2015
Laval, Quebec, Canada