International Headquarters 2150 St. Elz ar Blvd. West Laval, Quebec H7L 4A8 Phone: 514.744.6792 Fax: 514.744.6272 Contact Information: Investors: Laurie W. Little laurie.little@valeant.com or Elif McDonald elif.mcdonald@

International Headquarters

2150 St. Elz ar Blvd. West

Laval, Quebec H7L 4A8

Contact Information:

877-281-6642 (toll free)

Chris Kittredge/Jared Levy

Sard Verbinnen & Co.

VALEANT PHARMACEUTICALS REPORTS FIRST QUARTER 2016 FINANCIAL RESULTS

LAVAL, Quebec, June 7, 2016 Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX)

( Valeant or the Company ) today announced first quarter 2016 financial results and updated 2016 guidance.

The first quarter s results reflect, in part, the impact of significant disruption this organization has faced

over the past nine months, said Joseph Papa, chairman and chief executive officer. This has been a difficult period for Valeant and its stakeholders, and while there are some challenges to work through in certain business operations in

2016, such as our U.S. dermatology unit, the majority of our businesses are performing according to expectations.

While we recognize that we did not meet the timeline for filing our first quarter results, with our filing expected this

week, we will be current in our financial reporting, continued Papa. We have made progress toward stabilizing the organization over the past few months, and we expect to file our financial results in a timely manner going forward.

Valeant has a portfolio of world class brands, a strong new product pipeline and dedicated leaders who are committed to doing what is right and what is necessary to turn this company around by re-engaging our workforce, rebuilding our

relationships with prescribers, patients and payors, and regaining the trust of our debtholders and shareholders.

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2150 St. Elz ar Blvd. West

Laval, Quebec H7L 4A8

Total revenues increased $202 million, or 9%, to $2.37 billion in the first quarter of 2016, primarily due to the effect of

acquisitions completed in 2015 and their subsequent growth under Valeant s ownership. This increase was primarily offset by a negative foreign currency impact of $52 million and a negative impact from divestitures and discontinuations of $22

million. On an organic basis, total revenues declined $289 million in the first quarter of 2016 from the remainder of the existing business.

In the Developed Markets segment, revenues increased $186 million primarily from the acquisitions of Salix

Pharmaceuticals, Ltd. (Salix) and certain assets of Dendreon Corporation and their subsequent growth under Valeant s ownership of $513 million, primarily offset by declining volumes in the neurology portfolio and lower volumes in

dermatology of $208 million.

In the Emerging Markets segment, revenues increased $15 million, primarily from

the acquisition of Amoun Pharmaceutical Company S.A.E. of $59 million, partially offset by a negative foreign currency exchange impact.

Cost of goods sold, excluding amortization, as a percentage of product sales, increased to 27% for the first

quarter of 2016 as compared to 24% for the first quarter of 2015 (restated) primarily due to an unfavorable foreign currency exchange impact in the first quarter of 2016, lower high-margin dermatology revenues due to changing market dynamics and the

addition of lower margin products acquired in 2015, partially offset by increased margins in the neurology and other portfolio, as well as the addition of the Salix portfolio acquired in 2015.

Selling, general and administrative expenses ( SG&A ) increased $239 million, or 42%, to $813 million in the

first quarter of 2016. As a percentage of revenue, SG&A was 34% in the first quarter of 2016, as compared to 26% in the first quarter of 2015 (restated). SG&A in the first quarter of 2016 was impacted primarily by higher expenses related to

acquisitions completed in 2015, as well as expenses related to share-based compensation costs and contractually required termination benefits for the Company s former Chief Executive Officer, higher expenses to support the U.S. operations, and

increased professional fees.

Investment in research and development increased $47 million, or 85%, to $103 million in the

first quarter of 2016, primarily due to the development programs related to the Company s dermatology product portfolio, including IDP-118, as well as brodalumab, an IL-17 receptor monoclonal antibody for patients with moderate-to-severe plaque

psoriasis and psoriatic arthritis, and programs acquired in the Salix acquisition.

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Net loss was $373.7 million, or a loss of $1.08 per diluted share for the first quarter of 2016 as compared to net income of

$97.7 million, or $0.28 per diluted share in the first quarter of 2015 (restated). Adjusted net income (non-GAAP) was $442.6 million, or $1.27 per diluted share for the first quarter of 2016 as compared to adjusted net income (non-GAAP) of $704.2

million, or $2.05 per diluted share in the first quarter of 2015 (restated).

GAAP cash flow from operations was $558 million in the first quarter of 2016 as compared to $491 million in the prior year, an

The Company is updating its full year 2016 guidance. Total revenue is expected to be in the range of $9.9 - $10.1 billion.

Adjusted EPS (non-GAAP) is expected to be in the range of $6.60 - $7.00. Adjusted EBITDA (non-GAAP) is expected to be in the range of $4.80 - $4.95 billion.

The Company will review quarterly results on a conference call and live webcast today, details are as follows:

Conference Call Details:

Valeant Pharmaceuticals International, Inc. (NYSE/TSX:VRX) is a multinational specialty pharmaceutical company that develops,

manufactures and markets a broad range of pharmaceutical products primarily in the areas of dermatology, gastrointestinal disorders, eye health, neurology and branded generics. More information about Valeant can be found at www.valeant.com.

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Forward-looking Statements

This press release may contain forward-looking statements, including, but not limited to, statements regarding Valeant s

future prospects and performance (including guidance with respect to total revenue, adjusted EBITDA (non-GAAP) and adjusted EPS (non-GAAP)) and the timing of Valeant s future financial reporting. 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 press release or to reflect actual outcomes, unless required by law.

Non-GAAP Information

To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the

Company uses certain non-GAAP financial measures including (i) Adjusted net income, (ii) Adjusted earnings per share ( EPS ), (iii) Revenue excluding currency impact, (iv) Cost of goods sold excluding fair value step-up

adjustment to inventory and other, (v) Organic growth, and (vi) Adjusted EBITDA. The reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are shown

in the tables below. However, other than with respect to total revenue, the Company only provides guidance on a non-GAAP basis and does not provide reconciliations of such forward-looking non-GAAP measures to GAAP due to the inherent difficulty in

forecasting and quantifying certain amounts that are necessary for such reconciliation, including adjustments that could be made for restructuring, integration and acquisition-related expenses, share-based compensation amounts, adjustments to

inventory and other charges reflected in our reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.

Management uses these non-GAAP measures as key metrics in the evaluation of Company performance and the consolidated financial

results and, in part, in the determination of cash bonuses for its executive officers. The Company believes these non-GAAP measures are useful to investors in their assessment of our operating performance and the valuation of our company. In

addition, these non-GAAP measures address questions the Company routinely receives from analysts and investors and, in order to assure that all investors have access to similar data, the Company has determined that it is appropriate to make this

data available to all investors. However, non-GAAP financial measures are not prepared in accordance with GAAP, as they exclude certain items as described below. Therefore, the

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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. GAAP net income and GAAP EPS are significantly less than Adjusted net income (non-GAAP) and Adjusted EPS (non-GAAP).

Adjusted net income and (ii) Adjusted EPS:

Management uses Adjusted net income attributable to Valeant Pharmaceuticals

International, Inc. and Adjusted EPS for strategic decision making, forecasting future results and evaluating current performance. In addition, cash bonuses for the Company s executive officers are based, in part, on the achievement of certain

Adjusted EPS targets. Such non-GAAP measures exclude the impact of certain items (as further described below) that may obscure trends in the Company s underlying performance. By disclosing these non-GAAP measures, management intends to provide

investors with a meaningful, consistent comparison of the Company s operating results and trends for the periods presented. Management believes these measures are also useful to investors as such measures allow investors to evaluate the

Company s performance using the same tools that management uses to evaluate past performance and prospects for future performance. However, GAAP net income attributable to Valeant Pharmaceuticals International, Inc. and GAAP EPS are

significantly less than Adjusted net income attributable to Valeant Pharmaceuticals International, Inc. (non-GAAP) and Adjusted EPS (non-GAAP).

net income and Adjusted EPS reflect adjustments based on the following items:

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Laval, Quebec H7L 4A8

International Headquarters

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Laval, Quebec H7L 4A8

(iii) Revenue excluding currency impact:

Management uses this non-GAAP measure to calculate organic growth and assess performance of its business units, and the Company in total,

without the impact of foreign currency exchange fluctuations. In the first quarter of 2016, the Company also excluded revenue related to Philidor for January 2016. Such measure is useful to investors as it allows for a more consistent

period-to-period comparison of our revenue.