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Key Facts and History

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On September 28, 2010, Valeant Pharmaceuticals International and Biovail Corporation completed their merger to become one company. The following information shows the summary unaudited pro forma financial information for the combined company.

Exchange/Ticker: NYSE/TSX: VRX
Worldwide Employees: approximately 5,000
Corporate Headquarters: Mississauga, Ontario, Canada

Pro forma Second Quarter 2011 Revenues : $609 Million
$530 million from product sales
$66 million from alliance and royalty revenue
$13 million from service and other revenue

Pro forma Third Quarter 2011 Revenues : $601 million
$570.4 million from product sales
$22.5 million from alliance and royalty revenue
$7.7 million from service and other revenue

Snapshot

• Multinational specialty pharmaceutical company
• Diverse product portfolio with focus on branded pharmaceuticals, branded generics and over-the-counter products
• Specialization in neurology and dermatology
• Product sales with focus on North America, Central Europe, Mexico, Brazil, and Australia
• Development capability
• Manufacturing sites in Canada, Brazil, Poland and Mexico
• Regulatory and medical expertise

Pipeline Highlights

• Retigabine/Ezogabine approved in the United States as Potiga(TM) and in Europe as Trobalt(TM)
• Retigabine/Ezogabine Pain and MR are in Phase 1 and 2.
• Ezogabine/retigabine - for the treatment of partial on-set seizures in adult patients and refractory epilepsy
• Dermatology compounds IDP 115 (Rosacea), IDP 107 (Acne), IDP108 and IDP113 (Topical Anti-Fungals

History

2012 Valeant acquires Probiotica in Brazil 2011 Valeant completes acquisition of iNova Valeant completes acquisition of Dermik Valeant Announces Successful Results From Phase III Onychomycosis Trials Valeant Announces the Completion of the Privatization of Afexa Life Sciences Inc. Valeant Pharmaceuticals Appoints Howard B. Schiller as Chief Financial Officer Valeant Pharmaceuticals Announces Approval Of Colesevelam Hydrochloride In Canada Valeant Announces All-Cash Offer to Acquire Afexa Life Sciences Inc. Valeant Completes Acquisition of Sanitas Group Valeant Announces Approval of Sublinox® in Canada Valeant Announces Distribution Agreement for Zuacta(TM) in Canada Valeant Pharmaceuticals Agrees to Acquire Ortho Dermatologics Valeant Pharmaceuticals Agrees to Acquire Dermik Meda to License Elidel to Valeant Promius Pharma and Valeant Form Collaboration to Market Cloderm(R) Cream in the United States GSK and Valeant Receive European Authorisation for Trobalt (retigabine) Valeant Completes Acquisition of PharmaSwiss S.A. Valeant Announces Acquisition of Cholestagel(R) in Canada Valeant Announces License Of ACZONE(R) (dapsone) Gel 5% In Canada Valeant to Acquire U.S. and Canadian Rights to Zovirax(R) Valeant to Acquire PharmaSwiss S.A.

2010 Valeant Acquires Aton Pharma, Inc. Valeant Announces Regulatory Approval of Onsolis™ in Canada Valeant to Acquire Vital Science Corp. in Canada Valeant Acquires Bunker Industria Farmacêutica Ltda in Brazil Valeant Acquires Instituto Terapêutico Delta Ltda in Brazil Valeant to Acquire Branded Generics/OTC Company in Brazil Valeant Enters Collaboration With Spear Pharmaceuticals	2010 Valeant and Biovail Agree to Merge Biovail Enters into License Agreement with Kyowa Hakko Kirin Biovail enters into license and collaboration agreement with Alexza for AZ-004
2009 FDA Accepts NDA Filing for Retigabine Valeant to Acquire Laboratoire Dr. Renaud in Canada Valeant to Acquire Polish Products Valeant to Acquire Major Australian Skincare Brands Valeant to Acquire Tecnofarma, A Mexican Generic Company Penwest and Endo Grant Valeant Pharmaceuticals Exclusive License to Market Opana(r) ER in Canada, Australia and New Zealand Valeant Grants Schering-Plough Exclusive Option in Japan for Taribavirin in Exchange for Release of Last Right of Refusal Acanya(TM) Gel, a New Treatment for Moderate to Severe Acne, Launched by Coria Laboratories Valeant Completes Acquisition of Dow Pharmaceutical Sciences, Inc.	2009 Biovail acquires worldwide rights to Tetrabenazine Biovail acquires U.S. rights to Wellbutrin XL® Biovail Announces Offering of Senior Convertible Notes Biovail Announces U.S. Availability of Aplenzin™ Tablets Biovail Announces Dismissal of Securities Litigation
2008 Valeant acquires Dow Pharmaceutical Sciences, Inc. Valeant acquires Dermatech Valeant acquires Coria laboratories, Ltd. Valeant and GlaxoSmithKline announce worldwide collaboration agreement for retigabine Valeant enters into joint venture with Meda AB Valeant sells certain business operations in Europe for $392 million Valeant successfully completes retigabine Phase III epilepsy program validating novel mechanism of action Valeant names J. Michael Pearson as Chairman and Chief Executive Officer	2008 Biovail Enters into Commercial Alliance for Aplenzin™ Biovail Announces Filing of ANDA for Quetiapine XR Tablets Biovail Announces U.S. Availability of Xenazine® Tablets Biovail Acquires Prestwick Pharmaceuticals Biovail Announces Filing of ANDA for Fenofibrate Tablets Biovail Receives Canadian Approval for Ralivia™ for the Treatment of Moderately Severe Pain Biovail Appoints Peggy Mulligan Chief Financial Officer Biovail Appoints Bill Wells Chief Executive Officer Biovail Announces New Strategic Focus Biovail Receives FDA Approval for Aplenzin (BVF-033) Biovail Receives Canadian Approval for Wellbutrin® XL for the Prevention of Seasonal Major Depressive Illness
2007 Valeant signs licensing agreement for Canadian rights to (C)Xyrem® from Jazz Pharmaceuticals Valeant initiates taribavirin Phase 2b clinical study Valeant initiates study of retigabine for pain associated with post-herpetic neuralgia Valeant launches Bedoyecta in the United States Valeant sells Hepatitis-C drug Infergen® to Three Rivers Pharmaceuticals®, LLC	2007 Biovail Receives Canadian Approval for Ralivia™ Biovail and Depomed Sign License Agreement For Acuform™ Drug-Delivery Technology Wellbutrin XR™ Receives First European Approval Biovail Chairman Eugene Melnyk Announces Retirement Biovail Announces Comprehensive Settlement Related to Wellbutrin XL(R)
2006 Valeant receives FDA approval of Zelapar® for patients with Parkinson's Disease Valeant obtains FDA marketing approval for Cesamet™ to treat nausea and vomiting associated with cancer chemotherapy Kinerase® skincare line is extended and distribution through Nordstrom is launched Valeant launches Zelapar® in the United States for Parkinson's disease Valeant launches Cesamet® in the United States Valeant's worldwide headquarters relocates to Aliso Viejo, California Valeant sells discovery and preclinical assets to Ardea Biosciences	2006 Biovail Enters into Exclusive Promotional Agreement for Zovirax® Biovail Eliminates its U.S. Specialty Sales Force Biovail Launches Wellbutrin XL to Canadian Physicians Once Daily ULTRAM® ER Extended-Release Tablets made Available in the United States Biovail Announces Changes to Organizational Structure; Company Realigned into Three Business Units Biovail Names Gilbert Godin Senior Vice-President Biovail Receives Approval for Wellbutrin® XL to Treat Depression in Canada
2005 Valeant initiates Phase 3 clinical trials for its epilepsy candidate retigabine Valeant signs agreement with actress Courteney Cox to represent Kinerase® and distributes line to high-end retailer Sephora Valeant acquires Xcel Pharmaceuticals, expanding Valeant's neurology franchise to include Migranal®, Diastat® and epilepsy treatment candidate retigabine Valeant unveils Diastat® AcuDial™ for rapid, at-home treatment of epileptic seizures Valeant completes public offering of 7.2 million shares Timothy T. Tyson appointed President and Chief Executive Officer	2005 Biovail Receives FDA Approval for Citalopram ODT Biovail Enters Into Commercial Alliance for Tramadol Products Biovail Launches Glumetza to Canadian Physicians Biovail's Tramadol ER Receives FDA Approval Biovail, Depomed Receive FDA Approval for Extended-Release Glumetza for Type II Diabetes Biovail Realigns U.S. Commercial Organization Biovail Announces $27.6-Million Expansion to Steinbach, Manitoba Manufacturing Facility Biovail Launches Tiazac XC To Canadian Physicians Biovail Receives Approvable Letter for Tramadol ODT
2004 Valeant acquires Amarin Pharmaceuticals, Inc., expanding its specialty neurology platform with Zelapar™ Valeant acquires global rights to Tasmar®, further building the company's specialty neurology platform	2004 Biovail Confirms Receipt of Notification of ANDA Submission for Wellbutrin XL Biovail's Ralivia ER Receives Approvable Letter From FDA Biovail Announces Regulatory Approval of Tiazac XC to Treat Hypertension in Canada Biovail Files NDA For Novel Dosage Form of Anti-Depressant FDA Approves Biovail's Cardizem LA for the Treatment of Angina; New Specialty Sales Force to Promote Additional Angina Indication Biovail NDA For Ralivia ER -- Tramadol Extended Release Tablets -- Accepted for Review Biovail Acquires Rights to Novel Formulations of Eprosartan and Carvedilol
2003 ICN and Ribapharm settle litigation with F. Hoffman La-Roche (Roche), which results in licensing the sale of ribavirin to Roche ICN completes the sale of Photonics and Circe units ICN completes the sale of its Russian manufacturing and retail pharmacy operations for $55 million ICN completes the reacquisition of the 20 percent minority interest in Ribapharm, and merges Ribapharm into ICN operations ICN sells Personal Radiation Dosimetry Division to Global Dosimetry Solutions, Inc. for $58 million ICN announces its first direct-to-consumer marketing campaign for Kinerase® ICN changes its name to Valeant Pharmaceuticals International (NYSE:VRX), signifying the core principles and values underpinning the company and its new strategic focus	2003 FDA Approves Wellbutrin XL -- New, Once-Daily Antidepressant with Low Risk of Sexual Side Effects and Weight Gain Biovail Submits Cardizem LA NDA for Angina Biovail Announces Receipt of an Approvable Letter for Wellbutrin XL Biovail Acquires Ativan and Isordil from Wyeth Biovail Announces FDA Approval of Teveten HCT for Hypertension FDA Approves Biovail's Cardizem LA for Hypertension Biovail Announces FDA Approval for Zovirax Cream
2002 ICN issues IPO for approximately 20 percent interest in subsidiary, Ribapharm Inc. Robert W. O'Leary named Chief Executive Officer and Chairman of the Board of Directors ICN divests operations in Russia, Hungary and Czech Republic, its Biomedicals subsidiary, Photonics business in North America and the Circe unit ICN institutes several new corporate governance initiatives that increase transparency, establish greater Board independence and change the way the company does business	2002 Biovail Acquires Canadian Rights to Wellbutrin SR & Zyban From GlaxoSmithKline Biovail Acquires Pharma PASS Companies for $190 Million Biovail Receives FDA Tentative Approval for Flash Dose Zolpidem Biovail's Generic Adalat CC 90mg Receives Final Approval Biovail Receives Approvable Letter for Cardizem XL Biovail Acquires Metformin GR Product Rights From DepoMed Biovail Acquires Vasotec® / Vaseretic® From Merck & Co., Inc. Biovail Acquires Teveten and Teveten HCT U.S. Marketing Rights From Solvay Pharmaceuticals Marketing and Licensing AG
1970-2001 Schering-Plough announces FDA approval to market ICN's drug, ribavirin, as REBETOL® capsules for use in combination with PEG-INTRON for chronic hepatitis C Shareholders vote to merge ICN Pharmaceuticals, ICN Biomedicals, SPI Pharmaceuticals and Viratek, Inc. into a single worldwide pharmaceutical company - ICN Pharmaceuticals, Inc. ICN Plaza in Costa Mesa, CA., becomes ICN's international headquarters Sales exceed $100 million as ICN received its first FDA approval for L-dopa Stock trades for the first time on the New York Stock Exchange Major product, ribavirin, is discovered in ICN labs	1970-2001 Biovail Receives Hart-Scott-Rodino Approval; Biovail Begins Co-Promotion of Wellbutrin SR Immediately; Initiates 500 Person Sales Force Expansion Program Biovail and GlaxoSmithKline Sign Licensing Agreements for Once Daily Formulation of Wellbutrin and Distribution Rights for Zovirax Ointment & Cream Biovail Completes Cardizem XL NDA Filing Biovail Included in Toronto Stock Exchange --TSE-- 35 Index; Listing to Commence May 11, 2001 Biovail Announces Generic Procardia XL 30mg Final Approval, Teva to Launch Product Immediately Biovail Acquires Cardizem Product Lines From Aventis; To Expand U.S. Sales Force to 800; Launch of New Diltiazem Formulation - Cardizem XL - Expected Early 2002 Biovail Acquires DJ Pharma - First Direct Foray into the U.S. Biovail Acquires Fuisz Technologies Biovail Enters Into Supply and Distribution Agreement with Teva Biovail Establishes Crystaal - Canadian sales & marketing division Biovail Enters into Supply and Distribution Agreement with Forest Laboratories Biovail launches Steinbach manufacturing operations Company Named Changed to Biovail Trimel Corporation enters field of controlled-release drug-delivery

1960: ICN Pharmaceuticals, Inc. is founded as International Chemical and Nuclear Corporation