Fourth Quarter and Year

End 2012 Financial

Results Conference Call

February 28, 2013

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 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.

2

Agenda

1. Fourth Quarter & Year End 2012 Results

2. Operations Update

3. Financial Update

3

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

expense

$1.34

43%

$4.63

58%

Adjusted Cash Flow

from Operations

$423 M

67%

$1,294 M

40%

4

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)

5

Adjusted Cash Flow From Operations

$322 $308

$241

$423

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

Excluded Items:

• Legal Settlements

• Restructuring/Acquisition

Related Costs

• Tax Benefit from Stock Options

• Effect of ASC 470-20

6

2012 Performance v. Guidance

Original Expectations

Revenue $3.1-$3.4 billion

Cash EPS $3.95 - $4.20

>$1.2 billion in Adjusted

Cash Flow from

Operations

Final Results

Revenue $3.5 billion

Cash EPS $4.51

$1.3 billion in Adjusted

Cash Flow from

Operations

Organic Growth:

8% same store sales

10% pro forma

7

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

8

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

Financial Update

Howard Schiller

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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 Excludes adjustments per Press Tables 2a & 2b

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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.

12

Q4 Medicis Project Related Costs

($ in millions)

1 Accelerated 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

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

13

2012 Revenue Bridge

$2,463

$327

$1,023 $35 $161$39 $101

$3,547

2011 Rev Base Growth Acquisit 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

14

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

Fourth Quarter and Year

End 2012 Financial

Results Conference Call

February 28, 2013