Valeant Pharmaceuticals International 8-K Regulation FD Disclosure

Exhibit 99.2

April 5, 2006

Additional Disclosures to Support Presentations at CIBC World Markets Annual Biotechnology and Specialty Pharmaceuticals Conference

During a presentation at the CIBC World Markets Annual Biotechnology and Specialty Pharmaceuticals Conference held April 5, 2006, Valeant Pharmaceuticals International (the “Company”) presented certain non-GAAP financial information 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 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.

The Company also presented certain adjusted earnings estimates that have not been prepared in accordance with GAAP. Earnings estimates for all periods do not reflect the implementation of Statement of Financial Accounting Standards No. 123(R). Adjusted earnings estimates in 2006 reflect non-GAAP adjustments primarily consisting of the restructuring charges for the actions announced today, the gain on settlement of litigation with the Serbian government and the recognition of tax benefits from U.S. net operating losses. Expected earnings for 2007 and 2008 do not reflect any benefit or expenses associated with further development of Viramidine pending an economic assessment and determination of the potential regulatory and commercialization path. The earnings estimates for all periods also assume stable ribavirin royalties. When reporting its historical financial results, the Company provides certain non-GAAP financial measures, including adjusted earnings measures, to supplement the consolidated financial results prepared in accordance with GAAP. These non-GAAP financial measure are not in accordance with, nor are they a substitute for, GAAP measures, and they may not be consistent with the presentation used by other companies. The Company uses the non-GAAP financial measures to evaluate and manage its operations. The Company is providing this information to investors to allow for the performance of additional financial analysis and because it is consistent with the financial models and estimates published by analysts who follow the Company. The Company has not provided a reconciliation of the forward-looking non-GAAP financial measures included in the press release due to the difficulty in forecasting and quantifying the exact amount of the restructuring charge and the related tax benefits that will be included in the comparable GAAP 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, 2005
(In millions)

				Non-GAAP
	GAAP			Adjustments			Adjusted
Product sales	$	731		$	—		$	731
Royalties		92			—			92
Total revenues		823			—			823
Cost of goods sold		223			—			223
Selling expenses		232			(3	)(a)		229
General and administrative expenses		108						108
Research and development costs		114			—			114
Acquired in-process research and development		174			(174	)(b)		—
Restructuring charges		1			(1	)(c)		—
Amortization expense		69			(8	)(d)		61
Total expenses		921			(186	)		735
Income from operations	$	(98	)	$	186		$	88
Financial metrics as a percentage of product sales
Cost of goods sold		31	%					31	%
Selling expenses		32	%					31	%
General and administrative expenses		15	%					15	%
Research and development expenses		16	%					16	%
Calculation of effective tax rate
Income (loss) from continuing operations before provision for income taxes and minority interest	$	(131	)	$	186		$	55
Provision (benefit) for income taxes		54			(35	)(e)		19
Effective tax rate		-141	%					35	%

(a)	Costs associated with the restructuring of sales force Iberia.
(b)	Expense associated with the write-off of acquired IPR&D related to the Xcel and Infergen acquisitions.
(c)	Restructuring charges relate to our manufacturing rationalization plan.
(d)	Impairmant chages on products sold primarily in Germany, U.S., U.K., Brazil and Spain.
(e)	Tax Effect of Non-GAAP adjustments, including reversal of valuation allowances on U.S. net operating loss 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, 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 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, 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 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, 2005
(In millions)

				Non-GAAP
	GAAP			Adjustments			Adjusted
Specialty Pharmaceuticals
Product sales	$	731		$	—		$	731
Cost of goods sold		223			—			223
Selling expenses		225			(3	)(a)		222
General and administrative expenses		103						103
Research and development expenses		8						8
Restructuring charges		1			(1	)(b)		—
Amortization expense		56			(8	)(c)		48
Total specialty pharmaceuticals		115			12			127
Research and development division		(131	)		—			(131	)
Acquired in-process research and development		(174	)		174	(d)		—
Ribavirin royalties		92			—			92
Income from operations	$	(98	)	$	186		$	88

(a)	Costs associated with the restructuring of sales force Iberia.
(b)	Restructuring charges relate to our manufacturing rationalization plan.
(c)	Impairmant chages on products sold primarily in Germany, U.S., U.K., Brazil and Spain.
(d)	Expense associated with the write-off of acquired IPR&D related to the Xcel and Infergen acquisitions.

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, 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 severance 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 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, 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 7

Valeant Pharmaceuticals International
Reconciliation of EBITDA Excluding Non-GAAP Adjustments to EBITDA, as measured under GAAP
For the Year Ended December 31, 2005
(In millions)

				Non-GAAP
	GAAP			Adjustments			Adjusted
Specialty pharmaceuticals
Adjusted operating income (from Table 4)	$	115		$	12	(a)	$	127
Depreciation and amortization		81			(8	)(a)		73
Adjusted EBITDA	$	196		$	4		$	200
Consolidated
Adjusted operating income (from Table 4)	$	(98	)	$	186	(a)	$	88
Depreciation and amortization		97			(8	)		89
Adjusted EBITDA	$	(1	)	$	178		$	177

(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, 2004
(In millions)

			Non-GAAP
	GAAP		Adjustments			Adjusted
Specialty pharmaceuticals
Adjusted operating income (from Table 5)	$	50	$	29	(a)	$	79
Depreciation and amortization		61		—			61
Adjusted EBITDA	$	111	$	29		$	140
Consolidated
Adjusted operating income (from Table 5)	$	4	$	41	(a)	$	45
Depreciation and amortization		82		—			82
Adjusted EBITDA	$	86	$	41		$	127

(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, 2003
(In millions)

			Non-GAAP
	GAAP		Adjustments			Adjusted
Specialty pharmaceuticals
Adjusted operating income (from Table 6)	$	43	$	—		$	43
Depreciation and amortization		54		—			54
Adjusted EBITDA	$	97	$	—		$	97
Consolidated
Adjusted operating income (from Table 6)	$	21	$	118	(a)	$	139
Depreciation and amortization		65		—			65
Adjusted EBITDA	$	86	$	118		$	204

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