International Headquarters 2150 St. Elz ar Blvd. West Laval, Quebec H7L 4A8 Phone: 514.744.6792 Fax: 514.744.6272 Investor Contact: Media Contact: Arthur Shannon Lainie Keller arthur.shannon@valeant.com lainie.keller@val

International Headquarters

2150 St. Elz ar Blvd. West

Laval, Quebec H7L 4A8

VALEANT ANNOUNCES LAUNCH OF PRIVATE OFFERING OF SENIOR NOTES

LAVAL, QUEBEC, March 12, 2018 Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) ( Valeant or the

Company ) announced today that Valeant Pharmaceuticals International (the Issuer ), the Company s wholly owned indirect subsidiary, has launched an offering of $1,250,000,000 aggregate principal amount of unsecured senior

notes due 2026 (the Notes ). The net proceeds from the offering of the Notes, along with cash on hand, will be used to repurchase $1,250,000,000 aggregate principal amount of outstanding notes pursuant to a tender offer announced earlier

today, including the Issuer s outstanding 6.375% Senior Notes due 2020, the Company s outstanding 5.375% Senior Notes due 2020 and up to $100,000,000 principal amount of the Issuer s 6.750% Senior Notes due 2021, and to pay related

The Notes will be guaranteed by the Company and each of its subsidiaries that are guarantors under the Company s credit

agreement. Consummation of the offering of the Notes is subject to market and other conditions, and there can be no assurance that the Issuer will be able to successfully complete this transaction on the terms described above, or at all.

The Notes will not be registered under the Securities Act of 1933, as amended (the Securities Act ), or any state securities law and may not be

offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and applicable state securities laws. The Notes will be offered in the United States only to qualified institutional

buyers pursuant to Rule 144A under the Securities Act and outside the United States to non-U.S. persons pursuant to Regulation S under the Securities Act. The Notes have not been and will not be qualified for

sale to the public by prospectus under applicable Canadian securities laws and, accordingly, any offer and sale of the securities in Canada will be made on a basis which is exempt from the prospectus requirements of such securities laws.

This news release is being issued pursuant to Rule 135c under the Securities Act and shall not constitute an offer to sell or the solicitation of an offer to

sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of

any such jurisdiction.

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.

Forward-looking Statements

This news release may contain

forward-looking statements, including, but not limited to, the Company s financing plans, including the offering of Notes and the details thereof, including the proposed use of proceeds therefrom, and other expected effects of the offering of

Notes. 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, the aggregate

amount of notes tendered (which could lead to repurchases of other notes) and risks and uncertainties discussed in our most recent annual report and detailed from time to time in our other filings with the Securities and Exchange Commission and the

Canadian Securities Administrators, which risks and uncertainties 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. We undertake no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, except as required by law.