EX-99.1

Valeant Pharmaceuticals International, Inc.

Lender Presentation

December 5, 2013

Exhibit

99.1

Forward-looking Statements

Certain statements made in this presentation may constitute forward-looking statements, including, but not limited to,

statements

regarding

the

repricing

and

extension

transactions

(and

the

terms

and

timing

thereof),

the

performance

the

business,

synergies,

pipeline

approvals,

patent

risk

and

product

exclusivity of Valeant Pharmaceuticals International, Inc.

(the “Company”). 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, except as required by law.

Non-GAAP Information

supplement

the

financial

measures

prepared

accordance

with

U.S.

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, 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 and write-down 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

not

necessarily

comparable

other

companies

and

should

considered

supplement

to,

not

substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Reconciliations of historical

non-GAAP financials can be found at www.valeant.com.

Executive Summary

Valeant

Pharmaceuticals

International,

Inc.

(“Valeant”

the

“Company”)

seeks

reprice

its

$3,176

million Term Loan B Series E and extend the maturity of its $1,695 million Term Loan A-1 and $765

million Term Loan A-2

Term Loan B Series E repricing will launch at L+275-300 (down from L+375), with no change to the

0.75% Floor

Extended Term Loan A-1 and Term Loan A-2 tranches will have a maturity of October 20, 2018 and

amortization re-set to 5% / 10% / 20% / 20% / 20%

The transaction extends the Company’s maturity profile and is leverage neutral

Valeant has demonstrated its commitment to delevering

Repricing to have delayed settlement until after 101 soft-call rolls off on February 5, 2014

Valeant to pay Term Loan B Series E lenders a ticking fee equal to 50% of the fully drawn spread

from January 6, 2014 through February 5, 2014

With current Term Loan A-1 & A-2 maturity of April 20, 2016, extension equivalent to 2.5 years

No margin increase on extended Term Loan A-1 & A-2

15 bps extension fee to Term Loan A lenders

Voluntary prepayments in August and September prepaid all mandatory amortization due on

September 2013, December 2013 and March 2014

Capitalization

($ in millions)

Note: Debt amounts are face values.

Leverage multiples calculated net of $350 million cash as permitted by the Credit Agreement.

Per the Credit Agreement Compliance Certificate, secured leverage ratio is 1.98x and total leverage ratio is 4.63x, which excludes one-time cash legal settlements of $152.4 million, to be consistent

with calculation of Pro Forma Adjusted EBITDA used in calculating financial ratios and covenants in the Credit Agreement.

On November 15, 2013, the Company announced its intention to refinance any and all of the outstanding $916 million principal amount of 6.5% senior notes due 2016 via the issuance of $900 million

5.625% senior notes due 2021 plus balance sheet cash, a potential draw on the existing revolver, or a combination thereof. On December 2, 2013, the Company completed its offering of the $900 million

5.625% senior notes due 2021. The $916 million 6.5% senior notes, for which irrevocable call notices have already been submitted, will be called or discharged no later than January 2, 2014.

$3,876 million Pro Forma Adjusted EBITDA includes Credit Agreement LTM 9/30/2013 Pro Forma Adjusted EBITDA of $3,723 million plus $152.4 million addback for one-time cash legal settlements,

including Anacor and related fees. Credit Agreement EBITDA adjusted for one-time items including acquired in-process R&D, restructuring costs, acquisition-related costs, impairment costs, and other

one-time items. Also includes $1,381 million to give pro forma effect for the historical results of acquisitions consummated by the Company as if they occurred on October 1, 2012, including

anticipated synergies

the

Company

expects

realize

within

months

the

date

the

applicable

acquisition

(or,

the

case

the

Bausch

Lomb

acquisition,

until

December

31,

2014).

9/30/2013

Current

Pro Forma

Amount

Net Leverage

1, 2

Coupon

Libor Floor

Coupon

Libor Floor

Maturity

Revolver ($1,000 million)

L + 225

4/20/2018

Term Loan A-1

1,695

L + 225

4/20/2016

10/20/2018

Term Loan A-2

765

L + 225

4/20/2016

10/20/2018

Term Loan B -

Series D

1,284

L + 300

0.75%

L + 300

0.75%

2/13/2019

Term Loan B -

Series C

988

L + 300

0.75%

L + 300

0.75%

12/11/2019

Term Loan B -

Series E

3,176

L + 375

0.75%

L + 275-300

0.75%

8/5/2020

Japanese Revolving Credit Facility

Total Secured Debt

$ 7,941

2.0 x

Senior Unsecured Notes

500

6.750%

10/1/2017

Senior Unsecured Notes

1,600

6.750%

8/15/2018

Senior Unsecured Notes

945

6.875%

12/1/2018

Senior Unsecured Notes

690

7.000%

10/1/2020

Senior Unsecured Notes

2,250

6.375%

10/15/2020

Senior Unsecured Notes

1,625

7.500%

7/15/2021

Senior Unsecured Notes

650

6.750%

8/15/2021

Senior Unsecured Notes

900

5.625%

12/1/2021

Senior Unsecured Notes

550

7.250%

7/15/2022

Other

Total Debt

$ 17,683

4.5 x

PF Adj. LTM 9/30/2013 EBITDA

$ 3,876

Current

Pro Forma

Summary Terms-

Term Loan B -

Series E

Terms

Term Loan B -

Series E

Borrower

Valeant Pharmaceuticals International, Inc. (the “Borrower”)

Guarantors

Material direct and indirect wholly-owned subsidiaries of the Borrower subject to customary exclusions (consistent with

existing Senior Secured Credit Facilities)

Ranking

Senior secured (consistent with existing Senior Secured Credit Facilities)

Security

priority security interest in substantially all assets of the Borrowers and the Guarantors as well as 100% of the capital

stock of each material foreign and domestic subsidiary of Borrower, limited to 65% of the capital stock of each first tier

foreign subsidiary of Valeant Pharmaceuticals International (“VPI”) or of any Guarantor that is a subsidiary of VPI, and all

intercompany debt subject to customary exceptions consistent with existing Senior Secured Credit Facilities

Maturity

Term Loan B –

Series E: August 5, 2020 (no change)

Amount

Term Loan B –

Series E: $3,176 million

Pricing

L + 275 -300 (down from L+375)

0.75%

LIBOR floor (no change)

Amortization

1% per annum with bullet at maturity (no change)

Call Protection

6 month 101 soft call from close

Financial Covenants

No change

Negative Covenants

No change

Summary Terms-

Term Loan A-1 & A-2

Terms

Term Loan A

Borrower

Valeant Pharmaceuticals International, Inc. (the “Borrower”)

Guarantors

Material direct and indirect wholly-owned subsidiaries of the Borrower subject to customary exclusions (consistent with

existing Senior Secured Credit Facilities)

Ranking

Senior secured (consistent with existing Senior Secured Credit Facilities)

Security

priority security interest in substantially all assets of the Borrowers and the Guarantors as well as 100% of the capital

stock of each material foreign and domestic subsidiary of Borrower, limited to 65% of the capital stock of each first tier

foreign subsidiary of VPI or of any Guarantor that is a subsidiary of VPI, and all intercompany debt subject to customary

exceptions consistent with existing Senior Secured Credit Facilities

Maturity

Term Loan A-1: October 20, 2018 (Extended 2.5 years)

Term Loan A-2: October 20, 2018 (Extended 2.5 years)

Amount

Term Loan A-1: $1,695 million

Term Loan A-2: $765 million

Pricing

L + 225 (no change)

LIBOR floor (no change)

Amortization

Reset to 5% / 10% / 20% / 20% / 20%, with the balance at maturity

Financial Covenants

No change

Negative Covenants

No change

Valeant Pro Forma Adjusted EBITDA Reconciliation

($ in millions)

LTM

9/30/2013

Consolidated Net Income (Loss)

($1,078)

+ Interest Expense, net

(a)

636

+ Provision (Benefit) for Income Taxes

(433)

+ Depreciation and Amortization

(b)

2,011

+ Restructuring, Integration and Other Costs

(c)

608

+ Acquisition Related Costs

+ In-Process Research and Development Impairments and Other Charges

169

+ Stock-based Compensation

+ Legal Settlements and Related Fees

(d)

+ Loss on Extinguishment of Debt

+ Non-Cash and Other Charges

257

Adjusted EBITDA

2,342

+ Anacor Settlement and Other One-time Cash Legal Settlement Expense

152

+ EBITDA and Synergies from Prior Acquisitions

(e)

1,381

Pro Forma Adjusted EBITDA

3,876

(a)

Net Interest expense excludes amortization and write-offs of debt discounts and debt issuance costs.

(b)

Depreciation and amortization includes impairments of finite-lived intangible assets and amortization and write-off of debt discounts and debt issuance costs.

(c)

Restructuring Costs as defined by the Third Amended and Restated Credit and Guaranty Agreement, shall not exceed $100 million during a twelve month period ended

on or before December 31, 2013, except for costs related to the Biovail-Valeant merger and the Medicis, Sanitas, Dermik, Ortho Dermatologics and Bausch & Lomb

acquisitions. In addition, restructuring/integration costs reflect costs recorded within cost of goods sold and acquisition related costs.

(d)

Legal settlements and related fees for LTM September 30, 2013 excluded one-time cash legal settlements of $152.4 million, to be consistent with the calculation of

Adjusted EBITDA used in calculating financial ratios and covenants in our Third Amended and Restated Credit and Guaranty Agreement.

(e)

Adjustment gives pro forma effect for the historical results of acquisitions consummated by us during such period as if they had occurred on October 1, 2012 and

includes any anticipated synergies we expect to be realized within 12 months of the date of the applicable acquisition (or, in the case of the Bausch + Lomb acquisition,

until December 31, 2014). The synergies primarily relate to the acquisition of Bausch & Lomb consummated on August 5, 2013.