1. Fourth Quarter and Year
End 2012 Financial
Results Conference Call
February 28, 2013

2. Forward-looking Statements
Forward-looking Statements
Certain statements made in this presentation may constitute forward-looking statements, including, but not limited to,
statements regarding expected gain of future market share, product sales growth, synergies, cash flow initiatives and
objectives and product approvals and launches. 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, such as amortization of inventory step-up,
amortization of alliance product assets & pp&e step up, stock-based compensation step-up, contingent consideration fair
value adjustments, restructuring, acquisition-related and other costs, acquired in-process research and development
("IPR&D"), legal settlements outside the ordinary course of business, the impact of currency fluctuations, amortization and
other non-cash charges, amortization of deferred financing costs, debt discounts and ASC 470-20 (FSP APB 14-1) interest,
loss on extinguishment of debt, (gain) loss on assets 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.
1

3. Agenda
1. Fourth Quarter & Year End 2012 Results
2. Operations Update
3. Financial Update
2

4. Fourth Quarter and Year End 2012
Results
Q4 2012 % 2012 %
Product Sales $947 M 45% $3,310 M 47%
Total Revenue $986 M 43% $3,547 M 44%
Cash EPS $1.22 30% $4.51 54%
Cash EPS Excluding
Medicis interest $1.34 43% $4.63 58%
expense
Adjusted Cash Flow
from Operations $423 M 67% $1,294 M 40%
3

5. 2012 Organic Growth
Same Store Sales*
Q4 2012 FY 2012
U.S. Derm/Promoted 17% 32%
U.S. Neuro 3% -4%
Canada / Australia 1 -12% -1%
Emerging Markets 12% 11%
Total 7% 8%
Pro Forma*
Q4 2012 FY 2012
U.S. Derm/Promoted 15% 25%
U.S. Neuro 3% -4%
Canada / Australia 2 -6% 1%
Emerging Markets 15% 13%
Total 9% 10%
* Adjusts for the impact of foreign exchange, acquisitions, divestitures/discontinuations, and includes JV revenues
1 Excluding Cesamet, the Canadian / Australian segment delivered Q4 5% organic growth (same store) and 6% (pro forma)
2 Excluding Cesamet, the Canadian / Australian segment delivered 2012 12% organic growth (same store) and 9% (pro forma) 4

6. Adjusted Cash Flow From Operations
$423
$322 $308 Excluded Items:
• Legal Settlements
• Restructuring/Acquisition
$241 Related Costs
• Tax Benefit from Stock Options
• Effect of ASC 470-20
1st Qtr* 2nd Qtr* 3rd Qtr 4th Qtr
Total 2012 Adjusted Cash Flow from Operations = $1.3 Billion
* Includes $66M Q1 dermatology divestitures and $45M Q2 milestone payment from GSK 5

7. 2012 Performance v. Guidance
Original Expectations Final Results
 Revenue $3.1-$3.4 billion  Revenue $3.5 billion
 Cash EPS $3.95 - $4.20  Cash EPS $4.51
 >$1.2 billion in Adjusted  $1.3 billion in Adjusted
Cash Flow from Cash Flow from
Operations Operations
 Organic Growth:
 8% same store sales
 10% pro forma
6

8. Top Performing Units in 2012
 Poland
 Market shrank 6% while Valeant grew 3%
 Fastest growing pharmaceutical company in Poland; 1 of only 2 pharmaceutical
companies that delivered positive organic growth in 2012
 Continue to gain market share as the overall Polish market returns to growth in 2013
 South East Asia/South Africa
 Delivered growth of 20% in constant currency
 Both operations realize operating margins above 40%
 U.S. Neurology & Other
 After 6 quarters of decreases, delivered positive growth in Q412
 Wellbutrin XL scripts have now leveled off; expect growth in products sales in 2013
 U.S. Dermatology
 Double digit growth in key Rx dermatology brands - Elidel, Zovirax, Xerese, Acanya,
Retin–A Micro
 Other non-dermatology Rx business units also grew double digit - OraPharma,
ophthalmology, podiatry, aesthetics, consumer
 Mexico
 Delivered greater than 10% organic growth (pro forma)
 Successfully added Atlantis acquisition to the portfolio 7

9. Other Business Updates
 Business Development
 Natur Produkt closed February 1
 Acquired OTC assets from Lek-am in Poland February 12
 Acquired Targretin from Eisai February 21
 Medicis Integration Update
 Integration on track – pursuing legal / R&D synergies
 Sales force now fully trained and back in the field
 Continue to see more upsides than downsides to original deal model
 R&D / Product Updates
 Luliconazole PDUFA date set for December 11, 2013
 Dysport launched in Canada
 Efinaconazole on track for May 23 PDUFA date
 2 Emervel fillers to be filed in 2013
 MetroGel 1.3% Hydrogel (Bacterial Vaginosis) to be filed 1H 2013
 We will wait until Q1 2013 conference call to update financial
guidance 8

10. Financial Update
Howard Schiller

11. Financial Summary
Q4 2011 Q4 2012 FY 2011 FY 2012
Product Sales $654M $947M $2,255M $3,310M
Ongoing Service/Alliance Revenue $34M $39M $132 M $126M
Total Revenue excl. “one-timers” $688M $986M $2,387M $3,436M
One-time items N/A N/A $76M $111M
Total Revenue $688M $986M $2,463M $3,547M
Cost of Goods Sold% 2 (% of product
sales) 25% 25% 27% 24%
SG&A% 2 (% of total revenue) 20% 20% 21% 20%
R&D Expense $17M $20M $65M $79M
EBITA Margin 1 (% of total revenue) 54% 53% 51% 53%
Cash EPS (Reported) $0.94 $1.22 $2.93 $4.51
w/o one-time items $0.87 $1.22 $2.64 $4.14
Adjusted Cash Flow from
Operations $253M $423M $925M $1,294M
Fully Diluted Share Count 317 M 312M 326 M 313M
1 Excludes all non-operating expenses
2
10
Excludes adjustments per Press Tables 2a & 2b

12. Revenue & Cash EPS Trend Analysis
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12
Reported Revenues ($M) $565 $609 $601 $688 $856 $820 $884 $986
Sale Cloderm/5FU/IDP111 -$36 -$66
Milestones -$40 -$45
Revenue excl. one-time items ($M) $529 $569 $601 $688 $790 $775 $884 $986
Revenue Growth (vs PY) 17% 15% 28% 34% 49% 36% 47% 43%
Reported Cash EPS $0.62 $0.73 $0.66 $0.94 $1.14 $1.01 $1.15 $1.22
Sale Cloderm/5FU/IDP111 (margin) -$0.05 -$0.15
Milestones -$0.12 -$0.14
Gain on Cephalon Shares -$0.06
One-time Fx Gains -$0.06 -$0.08
Cash EPS excl. one-time items $0.56 $0.54 $0.66 $0.87 $0.91 $0.87 $1.15 $1.22
Cash EPS Growth (vs Prior Year)* 28% 17% 65% 75% 61% 61% 75% 40%
Base Business Cash Earnings ($M) $188 $179 $212 $277 $287 $269 $357 $380
Cash Earnings / Revenue 36% 31% 35% 40% 36% 35% 40% 39%
Cash Earnings / Revenue (LTM) 32% 32% 34% 36% 36% 37% 38% 38%
* Cash EPS excluding one-time items was $1.34 (54% growth vs Q4 ’11) excluding Medicis related financing.
11

13. Q4 Medicis Project Related Costs
($ in millions)
Restructuring Related Costs Amount Paid
Severance Payments $78.0
Acquisition Related Costs Paid to 3rd Parties $23.7
Integration Related Consulting, Duplicative
Labor, Transition Services, and Other $3.5
Costs Incurred to date to Achieve Synergies $105.2
Pre-acquisition Related Costs Amount Paid
Stock Based Compensation 1 $134.7
Medicis Advisory & Legal Fees $47.0
Total $181.7
1Accelerated vesting of Medicis stock based compensation of $76M expensed and paid upon closing and payment of
Medicis stock appreciation rights and other compensation of $58M that was accrued by Medicis prior to close and paid
post-close 12

14. 2012 Revenue Bridge
$1,023 $35 $161 $39 $101
$327
$3,547
$2,463
2011 Rev B ase Growt h A cquisit ions One-Tim ers* Generics Divest itures Foreign Exchange 2012 Rev
* One-time items Include incremental revenue received from one-time items of $111M received in 2012 over
$76M received in 2011
13

15. Cash Flow Initiatives
 We have set working capital targets for each
business unit
 We are diligently tracking all restructuring costs
 More disciplined approach for the deal model and restructuring
efforts
 We are performing monthly working capital reviews
with each unit
 Cash Flow objectives have been built into the GM’s
compensation structure
14

16. Fourth Quarter and Year
End 2012 Financial
Results Conference Call
February 28, 2013