Valeant Pharmaceuticals International 8-K Regulation FD Disclosure

EXHIBIT 99.2

November 30, 2005

Additional Disclosures to Support Presentations at Lazard Capital Markets Annual Life Sciences Conference

During a presentation at the Lazard Capital Markets Annual Life Sciences Conference on November 30, 2005, Valeant Pharmaceuticals International (the “Company”) presented certain non-GAAP financial information for the purpose of explaining in greater detail the historical operations of the Company. Pursuant to Regulation G, below are the reconciliations of such non-GAAP information to GAAP information.

We use certain non-GAAP financial measures, including adjusted net income (loss) from continuing operations and adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”), which excludes acquired in-process research and development charges (“IPR&D”) and restructuring costs and other charges. We exclude these items in assessing financial performance, primarily due to their non-operational nature or because they are outside of our normal operations. The non-GAAP financial measures should not be considered as an alternative to, or more meaningful than the GAAP financial measures.

Table 1

Valeant Pharmaceuticals International
Reconciliation of Adjusted Operating Income and Financial Metrics Excluding Non-GAAP Adjustments to
    Operating Income and Financial Metrics, as measured under GAAP
For the Year Ended December 31, 2004
(In millions)

				Non-GAAP
	GAAP			Adjustments			Adjusted
Product sales	$	606		$	—		$	606
Royalties		77			—			77
Total revenues		683			—			683
Cost of goods sold		200			—			200
Selling expenses		197			(4	) (a)		193
General and administrative expenses		98			(1	) (a)(b)		97
Research and development costs		93			—			93
Acquired in-process research and development		12			(12	) (c)		—
Restructuring charges		19			(19	) (d)		—
Amortization expense		60			(5	) (e)		55
Total expenses		679			(41	)		638
Income from operations	$	4		$	41		$	45
Financial metrics as a percentage of product sales
Cost of goods sold		33	%					33	%
Selling expenses		33	%					32	%
General and administrative expenses		16	%					16	%
Research and development expenses		15	%					15	%
Calculation of effective tax rate
Income (loss) from continuing operations before provision for income taxes and minority interest	$	(52	)	$	61		$	9
Provision (benefit) for income taxes		84			(82	) (f)		2
Effective tax rate		-159	%					26	%

(a)	Sales force reduction costs.
(b)	Legal expenses related to the settlement of the bondholder class action lawsuit, net of an insurance refund.
(c)	IPR&D charge related to the acquisition of Amarin.
(d)	Restructuring charges were primarily related to our manufacturing rationalization plan and include impairment charges on manufacturing sites and severance charges.
(e)	Product impairment charges, which were primarily related to products sold in Italy for which the patent life was reduced by a decree by the Italian government.
(f)	Increase in tax valuation allowance of $96 million due to the uncertainty of realizing the benefits of U.S. net operating losses, partially offset by the tax effect on non-GAAP adjustments and other tax benefits.

Table 2

Valeant Pharmaceuticals International
Reconciliation of Adjusted Operating Income and Financial Metrics Excluding Non-GAAP Adjustments to
    Operating Income and Financial Metrics, as measured under GAAP
For the Year Ended December 31, 2003
(In millions)

				Non-GAAP
	GAAP			Adjustments			Adjusted
Product sales	$	518		$	—		$	518
Royalties		168			—			168
Total revenues		686			—			686
Cost of goods sold		185			—			185
Selling expenses		167			—			167
General and administrative expenses		111			—			111
Research and development costs		45			—			45
Acquired in-process research and development		118			(118	) (a)		—
Amortization expense		39			—			39
Total expenses		665			(118	)		547
Income from operations	$	21		$	118		$	139
Financial metrics as a percentage of product sales
Cost of goods sold		36	%					36	%
Selling expenses		32	%					32	%
General and administrative expenses		22	%					22	%
Research and development expenses		9	%					9	%
Calculation of effective tax rate
Income (loss) from continuing operations before provision for income taxes and minority interest	$	(14	)	$	131		$	117
Provision for income taxes		39			5	(b)		44
Effective tax rate		-287	%					38	%

(a)	IPR&D charge related to the Ribapharm tender offer.
(b)	Tax effect for loss on extinguishment of debt.

Table 3

Valeant Pharmaceuticals International
Reconciliation of Adjusted Operating Income and Financial Metrics Excluding Non-GAAP Adjustments to
    Operating Income and Financial Metrics, as measured under GAAP
For the Year Ended December 31, 2002
(In millions)

				Non-GAAP
	GAAP			Adjustments			Adjusted
Product sales	$	467		$	—		$	467
Royalties		270			—			270
Total revenues		737			—			737
Cost of goods sold		157			—			157
Selling expenses		164			—			164
General and administrative expenses		367			(240	) (a)		127
Research and development costs		49			—			49
Amortization expense		31			—			31
Total expenses		768			(240	)		528
Income (loss) from operations	$	(31	)	$	240		$	209
Financial metrics as a percentage of product sales
Cost of goods sold		34	%					34	%
Selling expenses		35	%					35	%
General and administrative expenses		79	%					27	%
Research and development expenses		11	%					11	%
Calculation of effective tax rate
Income from continuing operations before provision for income taxes and minority interest	$	177		$	4		$	181
Provision for income taxes		75			1	(b)		76
Effective tax rate		42	%					42	%

(a)

Non-recurring and other unusual charges primarily include: stock compensation costs related to the change of control under a stock option plan, severance costs, incentive compensation costs related to the accelerated vesting of restricted stock upon the change of control under a long-term incentive plan, executive and director bonuses paid in connection with Ribapharm’s public offering, professional fees related to Ribapharm, the write-off of capitalized offering costs, the write-down of certain assets, costs incurred in the 2002 proxy contest and environmental related expenses.

(b)

Net tax effect on non-GAAP adjustments.

Table 4

Valeant Pharmaceuticals International
Reconciliation of Specialty Pharmaceuticals Adjusted Operating Income Excluding Non-GAAP
    Adjustments to Operating Income, as measured under GAAP
For the Year Ended December 31, 2004
(In millions)

				Non-GAAP
	GAAP			Adjustments			Adjusted
Specialty Pharmaceuticals
Product sales	$	606		$	—		$	606
Cost of goods sold		200			—			200
Selling expenses		197			(4	) (a)		193
General and administrative expenses		92			(1	) (a)(b)		91
Restructuring charges		19			(19	) (c)		—
Research and development expenses		6			—			6
Amortization expense		42			(5	) (d)		37
Total specialty pharmaceuticals		50			29			79
Research and development division		(111	)		—			(111	)
Acquired in-process research and development		(12	)		12	(e)		—
Ribavirin royalties		77			—			77
Income from operations	$	4		$	41		$	45

(a)	Sales force reduction costs.
(b)	Legal expenses related to the settlement of the bondholder class action lawsuit, net of an insurance refund.
(c)	Restructuring charges were primarily related to our manufacturing rationalization plan and include impairment charges on manufacturing sites and severances charges.
(d)	Product impairment charges were primarily related to products sold in Italy for which the patent life was reduced by a decree by the Italian government.
(e)	IPR&D charge related to the acquisition of Amarin.

Table 5

Valeant Pharmaceuticals International
Reconciliation of Specialty Pharmaceuticals Adjusted Operating Income Excluding Non-GAAP
    Adjustments to Operating Income, as measured under GAAP
For the Year Ended December 31, 2003
(In millions)

				Non-GAAP
	GAAP			Adjustments			Adjusted
Specialty Pharmaceuticals
Product sales	$	518		$	—		$	518
Cost of goods sold		185			—			185
Selling expenses		167			—			167
General and administrative expenses		90			—			90
Research and development expenses		2			—			2
Amortization expense		31			—			31
Total specialty pharmaceuticals		43			—			43
Research and development division		(72	)		—			(72	)
Acquired in-process research and development		(118	)		118	(a)		—
Ribavirin royalties		168			—			168
Income from operations	$	21		$	118		$	139

(a) IPR&D charge related to the Ribapharm tender offer.

Table 6

Valeant Pharmaceuticals International
Reconciliation of Specialty Pharmaceuticals Adjusted Operating Income Excluding Non-GAAP
    Adjustments to Operating Income, as measured under GAAP
For the Year Ended December 31, 2002
(In millions)

				Non-GAAP
	GAAP			Adjustments			Adjusted
Specialty Pharmaceuticals
Product sales	$	467		$	—		$	467
Cost of goods sold		157			—			157
Selling expenses		164			—			164
General and administrative expenses		348			(240	) (a)		108
Research and development expenses		5			—			5
Amortization expense		31			—			31
Total specialty pharmaceuticals		(238	)		240			2
Research and development division		(63	)		—			(63	)
Ribavirin royalties		270			—			270
Income (loss) from operations	$	(31	)	$	240		$	209

(a) Non-recurring and other unusual charges primarily include: stock compensation costs related to the change of control under a stock option plan, severance costs, incentive compensation costs related to the accelerated vesting of restricted stock upon the change of control under a long-term incentive plan, executive and director bonuses paid in connection with Ribapharm’s public offering, professional fees related to Ribapharm, the write-off of capitalized offering costs, the write-down of certain assets, costs incurred in the 2002 proxy contest and environmental related expenses.

Table 7

Valeant Pharmaceuticals International
Reconciliation of EBITDA Excluding Non-GAAP Adjustments to EBITDA, as measured under GAAP
For the Year Ended December 31, 2004
(In millions)

			Non-GAAP
	GAAP		Adjustments			Adjusted
Specialty pharmaceuticals
Adjusted operating income (from Table 4)	$	50	$	29	(a)	$	79
Depreciation and amortization		61		—			61
Adjusted EBITDA	$	111	$	29		$	140
Consolidated
Adjusted operating income (from Table 4)	$	4	$	41	(a)	$	45
Depreciation and amortization		87		(5	)		82
Adjusted EBITDA	$	91	$	36		$	127

(a) See explanation of non-GAAP adjustments on Table 4.

Table 8

Valeant Pharmaceuticals International
Reconciliation of EBITDA Excluding Non-GAAP Adjustments to EBITDA, as measured under GAAP
For the Year Ended December 31, 2003
(In millions)

			Non-GAAP
	GAAP		Adjustments			Adjusted
Specialty pharmaceuticals
Adjusted operating income (from Table 5)	$	43	$	—		$	43
Depreciation and amortization		54		—			54
Adjusted EBITDA	$	97	$	—		$	97
Consolidated
Adjusted operating income (from Table 5)	$	21	$	118	(a)	$	139
Depreciation and amortization		65		—			65
Adjusted EBITDA	$	86	$	118		$	204

(a) See explanation of non-GAAP adjustments on Table 5.

Table 9

Valeant Pharmaceuticals International
Reconciliation of EBITDA Excluding Non-GAAP Adjustments to EBITDA, as measured under GAAP
For the Year Ended December 31, 2002
(In millions)

				Non-GAAP
	GAAP			Adjustments			Adjusted
Specialty pharmaceuticals
Adjusted operating income (loss) (from Table 6)	$	(238	)	$	240	(a)	$	2
Depreciation and amortization		51			—			51
Adjusted EBITDA	$	(187	)	$	240		$	53
Consolidated
Adjusted operating income (loss) (from Table 6)	$	(31	)	$	240	(a)	$	209
Depreciation and amortization		54			—			54
Adjusted EBITDA	$	23		$	240		$	263

(a) See explanation of non-GAAP adjustments on Table 6.