Valeant Pharmaceuticals International 8-K Financial statements and exhibits

Exhibit 99.2

1. Reconciliation of earnings per share calculation excluding IPR&D and other items for the year ended December 31, 2003.

	Year Ended
In thousands, except per share data	December 31, 2003
Income (loss) from continuing operations	$	(64,986	)
Excludes:
IPR&D		117,609
Loss on early extinguishment of debt		12,803
Tax effect on loss		(4,865	)
Net income from continuing operations before IPR&D and other items	$	60,561
Diluted EPS from continuing operations before IPR&D and other items	$	0.71
Shares used in per share calculation (1)		84,763

(1) The shares used in the diluted EPS from continuing operations before acquired in-process research and development (“IPR&D”) and other items includes the dilutive effect of stock options.

Note: The financial results above are adjusted to exclude the effects of IPR&D and other items. The Company’s chief decision makers exclude these items in assessing financial performance, primarily due to their non-operational nature.

2. Reconciliation of operating income by region excluding IPR&D for the three months ended March 31, 2003 and 2004.

	First Quarter Ended
In millions	2003			2004
Operating income (loss):
North America	$	(3	)	$	7
Latin America		7			6
Europe		7			9
AAA		2			—
Total pharmaceuticals excluding IPR&D		13			22
Research and development		33			(1	)
Corporate expenses		(14	)		(13	)
Operating income (loss) excluding IPR&D		32			8
IPR&D		—			(11	)
Operating income (loss)	$	32		$	(3	)