1. business and industrial
2. company
3. annual report

Valeant Pharmaceuticals
International, Inc.
2015 Annual Meeting
May 19, 2015
Laval, Quebec, Canada
Introductions
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Board of Directors
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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)
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Executive Management
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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
>90%

Say on Pay (Executive
Compensation)
>90%

PricewaterhouseCoopers
as Auditors
>90%
4
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?
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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
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Durable product portfolio with limited patent risk
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Significant cash pay component / low exposure to government reimbursement

Financially disciplined M&A
Ownership Culture


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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
Highly Diversified Business Portfolio
Based on pro forma 2015 revenues excluding effect of inventory
By Geography
Canada /
Australia
6%
By Business
Latin
America
4%
BGx/Gx
Western
Europe
8%
9%
Devices 1
14%
Asia
8%
15%
Emerging
Europe,
Africa, &
Middle East
10%
OTC /
Solutions
United
States
64%
62%
Rx
Emerging Markets = ~20%
1
8
Includes contact lens, and surgical devices
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
Traveler’s Diarrhea &
Hepatic Encephalopathy (HE)
Ulcerative Colitis
Ulcerative Colitis

Xifaxan IBS-D indication

Relistor oral indication (approval expected
2016/2017)

Xifaxan Early decompensated liver cirrhosis
indication
(a) Source: IMS
9
Opioid Induced Constipation
Valeant’s Approach to Innovation

Innovation critical to the industry and to Valeant

We source innovation through our internal R&D, acquisitions, inlicensing

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 inlicensing
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
Derm
Initiate Phase III 1H 2015
Phase III Initiated
Derm
Initiate Phase II 2H 2015
On Track
Oral Health
File NDA 2H 2015
On Track
Gastrointestinal
PDUFA Date May 28
On Track
IDP-118 (moderate to
severe plaque psoriasis)
IDP – 120 (novel acne
combination )
Arestin LCM
Xifaxan
(IBS-D Indication)
11
Dermatology Launch Products
 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
12
Jublia TRx Growth Since Launch
TRxs
30,000
25,000
•
1Q 2015 sales >$60 million
•
Annualized run rate >$400 million
20,000
DTC TV
15,000
10,000
5,000
0
13
~25,000
Luzu TRx Growth 2015
TRxs
2,200
2,038
2,000
1,800
1,600
1,400
1,200
1,000
800
14
Onexton TRx Growth Since Launch
TRxs
Annualized run rate >$75 million
7,000
5,946
6,000
5,000
4,000
3,000
2,000
1,000
0
1/9
1/16
1/23
1/30
2/6
2/13
2/20
2/27
3/6
15
3/13
3/20
3/27
4/3
4/10
4/17
4/24
5/8
Ex-U.S. Launches
 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
Branded Gx
Launches
 200+ launches across EMEA region in 2014
 200+ launches expected in 2015
16
Contact Lens Launch Products
 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
17
U.S. Consumer Launch Products
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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
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Brand growing 20%, driven by launch of Soothe XP

Recent launch; ~10% market share of category
already achieved
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18
Salix Late Stage Pipeline and Launch Products
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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
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Uceris tablets launched February 2013
Foam launch expected Q3/4 2015
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Expect to file NDA for oral by end of Q2 2015
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19
2015 - Validation of Valeant’s Business Model
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Robust organic growth profile
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Rich pipeline of low-risk R&D programs
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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
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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
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
Valeant’s Execution Track Record
Valeant Management Team Performance*
USD
$250
$200

>3,000% price
adjusted increase in
VRX share price
(Feb 2008 to today)

Consistently
exceeded
expectations
$150
$100
$50
$0
2008
2009
2010
2011
2012
2013
VRX
*Adjusted for Valeant/Biovail merger.
21
2014
2015
Valeant Pharmaceuticals
International, Inc.
2015 Annual Meeting
May 19, 2015
Laval, Quebec, Canada