Valeant Pharmaceuticals International 8-K Regulation FD Disclosure

Exhibit 99.2

September 12, 2006

Additional Disclosures to Support Presentations at the Bear Stearns
19th Annual Healthcare Conference

During a presentation at the Bear Stearns 19th Annual Healthcare Conference on September 12, 2006 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.

In the presentation, we refer to certain adjusted operating income measures and other financial metrics that have not been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). When reporting our historical financial results, we provide certain non-GAAP financial measures to supplement the consolidated financial results prepared in accordance with GAAP. These non-GAAP financial measures 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. We use the non-GAAP financial measures to evaluate and manage our operations. We are 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 our company. We have not provided a reconciliation of the forward-looking non-GAAP financial measures included in the presentation 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
Gross margin		69	%					69	%
Cost of goods sold		31	%					31	%
Selling expenses		32	%					31	%
General and administrative expenses		15	%					15	%

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

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
Gross margin		67	%					67	%
Cost of goods sold		33	%					33	%
Selling expenses		33	%					32	%
General and administrative expenses		16	%					16	%

(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.

Table 3
Valeant Pharmaceuticals International
Reconciliation of 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
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

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

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)	Impairment charges 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 Adjusted Operating Income Excluding Non-GAAP Adjustments to
     Operating Income, as measured under GAAP
For the Six-Month Period Ended June 30, 2006
(In millions)

				Non-GAAP
	GAAP			Adjustments			Adjusted
Product sales	$	389					$	389
Royalties		40						40
Total revenues		429						429
Cost of goods sold		124			(1)	(a)		124
Selling expenses		131			(2)	(a)		129
General and administrative expenses		60			(7)	(a)		53
Research and development costs		56			(2)	(a)		55
Acquired in-process research and development		—						—
Gain on litigation settlement		(34	)		34	(b)		—
Restructuring charges		80			(80)	(c)		—
Amortization expense		35						35
Total expenses		452			(56	)		396
Income from operations	$	(23	)				$	33

(a)	Stock compensation expense following implementation of Financial Accounting Standard No. 123 (R)
(b)	Gain on settlement of litigation concerning termination of a joint venture in Serbia
(c)	Asset writedowns and severance charges relating to restructuring program

Table 8
Valeant Pharmaceuticals International
Reconciliation of Adjusted Operating Income Excluding Non-GAAP Adjustments to
     Operating Income, as measured under GAAP
For the Six-Month Period Ended June 30, 2005
(In millions)

				Non-GAAP
	GAAP			Adjustments			Adjusted
Product sales	$	343					$	343
Royalties		43						43
Total revenues		386						386
Cost of goods sold		102						102
Selling expenses		114						114
General and administrative expenses		51						51
Research and development costs		53						53
Acquired in-process research and development		126			(126)	(a)		—
Restructuring charges		0			(0)	(b)		—
Amortization expense		31			(2)	(c)		30
Total expenses		478			(128	)		349
Income from operations	$	(92	)	$	128		$	37

(a)	Expense associated with the write-off of acquired IPR&D related to the Xcel and Infergen acquisitions.
(b)	Restructuring charges relate to our manufacturing rationalization plan.
(c)	Impairment charges on products sold in Spain and North America

Table 9
Valeant Pharmaceuticals International
Reconciliation of Adjusted Operating Income Excluding Non-GAAP Adjustments to
     Operating Income, as measured under GAAP
For the Six-Month Period Ended June 30, 2004
(In millions)

				Non-GAAP
	GAAP			Adjustments			Adjusted
Product sales	$	280					$	280
Royalties		48						48
Total revenues		328						328
Cost of goods sold		93						93
Selling expenses		101			(3)	(a)		98
General and administrative expenses		49			(1)	(a)		48
Research and development costs		39						39
Acquired in-process research and development		12			(12)	(b)		—
Restructuring charges		20			(20)	(c)		—
Amortization expense		27						27
Total expenses		341			(36	)		305
Income from operations	$	(13	)	$	36		$	23

(a)	Sales force reduction costs
(b)	Expense associated with the write-off of acquired IPR&D related to the Amarin acquisitions.
(c)	Restructuring charges were primarily related to our manufacturing rationalization plan and include impairment charges on manufacturing sites and severance charges.

Table 10
Valeant Pharmaceuticals International
Reconciliation of Financial Metrics Excluding Non-GAAP Adjustments to
     Financial Metrics, as measured under GAAP
For the Three-Month Period Ended June 30, 2006
(In millions)

				Non-GAAP
	GAAP			Adjustments			Adjusted
Product sales	$	209					$	209
Royalties		22						22
Total revenues		230						230
Cost of goods sold		66			(1)	(a)		65
Selling expenses		66			(1)	(a)		65
General and administrative expenses		32			(3)	(a)		29
Research and development costs		27			(1)	(a)		26
Acquired in-process research and development		—						—
Gain on litigation settlement		—						—
Restructuring charges		53			(53)	(b)		—
Amortization expense		18						18
Total expenses		261			(58	)		203
Income from operations	$	(31	)	$	58		$	27
Financial metrics as a percentage of product sales
Gross margin		68	%					69	%
Cost of goods sold		32	%					31	%
Selling expenses		32	%					31	%
General and administrative expenses		15	%					14	%

(a)	Stock compensation expense following implementation of Financial Accounting Standard No. 123 (R)
(b)	Asset writedowns and severance charges relating to restructuring program