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Valeant Pharmaceuticals International, Inc. 2012 Annual Report Valeant Inc

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Valeant Pharmaceuticals International, Inc. 2012 Annual Report Valeant Inc Valeant Pharmaceuticals International, Inc. 2012 Annual Report Valeant Pharmaceuticals International, Inc. 2012 Annual Report Valeant Gathering Momentum Company Overview Valeant Pharmaceuticals International, Inc. (NYSE/TSX:VRX) is a multinational specialty pharmaceutical company that develops and markets prescription and non-prescription pharmaceutical products that make a meaningful difference in patients’ lives. Valeant’s primary focus is principally in the areas of dermatology and neurology. The Company’s growth strategy is to acquire, develop and commercialize new products through strategic partnerships, and build on the company’s strength in dermatology and neurology. Valeant plans to strategically expand its pipeline by adding new compounds or products through product or company acquisitions and will maximize its pipeline through strategic partnering to optimize its research and development assets and strengthen ongoing internal development capabilities. Valeant’s strategic markets are primarily in the United States, Canada, Central and Eastern Europe, Latin America, Australia and South East Asia. Headquartered in Montreal, Quebec, Valeant has approximately 7,000 employees worldwide. FORWARD-LOOKING Statements In addition to current and historical information, this Annual Report contains forward-looking statements, including, without limitation, statements regarding our strategy, expected future revenue, the prospects for approval of product candidates and the timing of regulatory approvals, and the growth and future development of the company, its business units and its products. Words such as “expects,” “anticipates,” “intends,” “plans,” “should,” “could,” “would,” “may,” “will,” “believes,” “estimates,” “potential,” or “continue” or similar language identify forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties. Our actual results may differ materially from those contemplated by the forward-looking statements. Factors that might cause or contribute to these differences include, but are not limited to, risks and uncertainties discussed in our most recent annual or quarterly report filed with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated herein by reference. You should consider these in evaluating our prospects and future financial performance. The forward-looking statements in this report are made as of the date of this report. We undertake no obligation to update these forward-looking statements to reflect events or circumstances after this report 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 amor- tization of inventory step-up, stock-based compensation step-up, restructuring and acquisition-related costs, acquired in-process research and development (“IPR&D”), legal settlements, 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, and (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. A reconciliation of non-GAAP financial measures to their comparable GAAP financial measures are presented in our quarterly financial press tables and can be found under the Investor Relations section at www.valeant.com. Gathering Momentum As each year passes we gain momentum. Valeant continues to leverage its core strengths with creativity, speed, resourcefulness and entrepreneurship in order to deliver high value to our shareholders. 1 Valeant has gathered a diverse portfolio of over a thousand products. Valeant Pharmaceuticals International Gathering Momentum Over the Counter 13% Branded Generics 22% Prescription Brands 65% Revenue Diversity At Valeant, we strive to achieve a balanced and diversified portfolio of prescription brands, branded generics and over-the-counter (OTC) products in niche categories and making them available to patients across an array of geographies including the U.S., Canada, Central and Eastern Europe, Latin America, South East Asia and South Africa. We continue to seek high-growth opportunities where we believe we will have a competitive advantage, while avoiding markets where growth and profitability is limited. Our success is measured through the returns on investments we deliver to our shareholders. 3 Gathering Momentum South East Asia / South Africa 9% Latin America 31% Central and Eastern Europe 60% Emerging Markets Although our operating philosophy is purposefully international, it is not global. Our Emerging Markets segment includes our historical businesses in Central and Eastern Europe and Latin America, primarily in Mexico and Brazil, with new marketing opportunities recently acquired in South East Asia, South Africa and Russia. Traditionally, most of the larger pharmaceutical companies do not focus on these regions, but at Valeant we believe our investments in these territories will continue to yield high growth through the application of our successful business model. 4 Our progress takes us into select emerging markets throughout the world. Our momentum continues as we look to build out new growth platforms. Valeant Pharmaceuticals International Gathering Momentum Oral Health Podiatry Aesthetics Ophthalmology South East Asia South Africa Russia New Growth Platforms At Valeant, we are constantly seeking out new and unique opportunities in a variety of therapeutic classes and geographic locations in order to deliver much-needed therapies designed to help improve the lives of our patients while consistently delivering high rewards to our investors. In 2012 we established new geographic growth platforms in South East Asia, South Africa and Russia, and pursued new therapeutic platforms in oral health, podiatry, and aesthetics. We believe our approach will help us succeed quickly in these areas and will lead to greater growth for Valeant in the years to come. 7 Letter To Shareholders Dear Shareholder; Thank you for your investment in Valeant Pharmaceuticals We continue to build on these aspirations and expect to continue International, Inc. We continue to believe that Valeant is a unique our success in the months and years to come. pharmaceutical company and we are excited that you have taken the step to better understand our company. Valeant’s primary From a top line perspective, we added over $1 billion in revenue strategy is to leverage our speed, scale, financial strength and in 2012 as compared to 2011, an increase in total revenue of more disciplined approach to business development, coupled with our than 40 percent. This increase is on top of overcoming approxi- focus on organic growth to pursue substantial growth opportunities mately $200 million in revenue decline during the year due to the and generate long-term value for all of our shareholders. genericization and continued erosion of four products – Cesamet® in Canada and Cardizem® CD, Ultram® ER and Wellbutrin® XL Our strategy and philosophy are both simple and powerful. They in the U.S. On the bottom line, we delivered Cash EPS growth are anchored in diversified operating units led by empowered of 54 percent as compared to 2011, demonstrating once again the entrepreneurs – who will be rewarded for growing their businesses, sustainability of our business model. Our businesses continued to their cash flows, and building leadership positions in the market- deliver strong organic growth in 2012 and we reported same store place. Our dual engines of growth will be superior execution of sales organic growth of approximately 8 percent and pro forma well-thought-through business plans and continued new growth organic growth of approximately 10 percent for the year. opportunities via disciplined acquisitions. We do “more with less” than our competitors. We were also very busy on business development activities as we completed over 25 transactions in 2012 and, as in previous years, 2012 – A Year in Review we had a mix of small tuck-in acquisitions, mid-size transactions, as We began 2012 with ambitious objectives to significantly grow well as a more significant acquisition of Medicis Pharmaceutical our company’s top and bottom line as we march towards our overall Corporation that closed in December. objective of being the #1 specialty pharmaceutical company in the world. For 2012, we aimed to: Valeant’s Acquisition of Medicis Pharmaceutical Corporation In December 2012, Valeant announced the completion of its • Continue to grow our base business with tuck-in acquisitions in acquisition of Medicis Pharmaceutical Corporation. Soon after the Latin America as we target total sales of greater than $500 close of the transaction, Valeant’s combined commercial
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