Exhibit 99.2

International Headquarters
One Enterprise  Aliso Viejo, CA 92656
949.461.6000  FAX 949.461.6636

Contact:
Laurie W. Little
Valeant Pharmaceuticals
949-461-6002
laurie.little@valeant.com

VALEANT PHARMACEUTICALS REPORTS
2010 FIRST QUARTER FINANCIAL RESULTS

	•		Revenue up 30% to $232.0 million; Actual Product Sales Growth 34%; Organic Product Sales Growth 12%
	•		GAAP EPS $0.43; Adjusted Non-GAAP (Cash) EPS $0.64
	•		GAAP Cash Flow from Operations $68 million; Adjusted Non-GAAP Cash Flow from Operations $69 million
	•		2010 Guidance increased to $2.65 — $2.90 Adjusted Non-GAAP (Cash) EPS
	•		Valeant to acquire Aton Pharma, Inc. for approximately $318 million
	•		Valeant repurchases 2.6 million shares from ValueAct Capital under the Company’s Securities Repurchase program for $107 million

     ALISO VIEJO, Calif., May 3, 2010 – Valeant Pharmaceuticals International (NYSE: VRX) today announced first quarter financial results for 2010.

     “We are pleased to report that the positive trend of 2009 has continued into the first quarter of 2010, which has historically been our softest quarter of the year,” stated J. Michael Pearson, chairman and chief executive officer. “Our strong performance this quarter, coupled with the additional transactions we have announced so far in 2010, puts us in a position to increase our adjusted non-GAAP (Cash) EPS guidance for the year to $2.65 – $2.90, and expected total product sales growth to greater than 30%.”

Revenues:

     Total revenue was $232.0 million in the first quarter of 2010 as compared to $177.9 million in the first quarter of 2009, an increase of 30%.

     Product sales in the Specialty Pharmaceuticals segment were $120.7 million in the first quarter of 2010, as compared to $86.3 million in the first quarter of 2009, an increase of 40%. At constant exchange rates, Specialty Pharmaceuticals product sales increased 32%. Within the

     Specialty Pharmaceuticals segment, alliance and service revenue was $22.5 million in the first quarter of 2010 as compared to $11.9 million in the year-ago quarter.

     Product sales in Branded Generics — Latin America were $42.1 million in the first quarter of 2010 as compared to $31.2 million in the same period in 2009, an increase of 35%. At constant exchange rates, product sales in Latin America increased 17%.

     Product sales in Branded Generics — Europe were $41.7 million in the first quarter of 2010 as compared to $35.3 million in the same period in 2009, an increase of 18%. At constant exchange rates, product sales in Europe decreased 2%. This decrease was primarily attributable to underlying market conditions in the first quarter of 2010 and we expect to see growth in subsequent quarters in 2010 over comparable quarters in 2009.

     Ribavirin royalties were $5.0 million in the first quarter of 2010 as compared to $13.2 million in the first quarter of 2009, a decrease of 62%. This expected decrease is primarily attributable to the expiration of royalty terms in most European countries.

Income and Cash Flow:

     Income from continuing operations was $35.6 million for the first quarter of 2010, or $0.43 per diluted share, as compared to $30.8 million, or $0.37 per diluted share, for the first quarter of 2009. On an adjusted non-GAAP (Cash) EPS basis, adjusted income from continuing operations was $52.8 million, or $0.64 per diluted share, in the first quarter of 2010 as compared to adjusted income from continuing operations of $38.1 million, or $0.46 per diluted share, in the first quarter of 2009.

     GAAP cash flow from operations, which includes acquisition transaction fees, for the first quarter of 2010 was $68 million as compared to $38 million for the first quarter of 2009. Adjusted non-GAAP cash flow from operations for the first quarter of 2010 was $69 million as compared to $51 million for the first quarter of 2009.

2010 Guidance:

     The company is updating its previous adjusted non-GAAP (Cash) EPS target and is now targeting adjusted non-GAAP (cash) EPS between $2.65 – $2.90 in 2010, up from prior guidance of $2.45 to $2.70.

Aton Pharma, Inc. Acquisition:

     Valeant is also announcing that it has signed an agreement to acquire Aton Pharma, Inc., a specialty pharmaceutical company focused on ophthalmology and certain orphan drug indications, located in Lawrenceville, New Jersey. The transaction significantly enhances Valeant’s neurology and other products franchise in the United States through the acquisition of a specialty pharmaceutical company with both in-line business and a development pipeline consisting primarily of orphan

drug compounds. Valeant will pay certain milestones based predominately on the achievement of development and commercial targets for certain pipeline products still in development. Future development of a portion of the pipeline portfolio will be co-funded by the Sellers under a profit sharing agreement with Valeant. In addition, Valeant will retain global rights to the majority of the Aton products.

     Under the terms of the agreement, Valeant will pay approximately $318 million. Aton is expected to have $80–$100 million in annual revenue in 2010. The transaction is subject to certain closing adjustments and is expected to be accretive in 2010. Aton is owned by affiliates of Cerberus Capital Management, L.P.

     “The acquisition of Aton fits into our long-term strategy to pursue diversified opportunities within the pharmaceutical market and offers us another platform for future growth,” stated J. Michael Pearson, chairman and chief executive officer. “With a business that has historically grown over 30% on an annual basis, and operating margins around 35%, along with a solid pipeline of niche products under development, we now have our Neuro and Other business which we expect to drive significant value for shareholders.”

Share Repurchase Transaction:

     Valeant has repurchased 2.6 million shares of the Company’s common stock held by ValueAct Capital for $107 million, negotiated at a discount calculated in a similar manner to the Company’s privately negotiated, share repurchase completed in November 2009. To date, the Company has repurchased approximately $520 million, in total, of its convertible debt and its common stock out of the $1.0 billion currently authorized under the securities repurchase program.

     “We are very committed to the company and intend to keep Valeant as a top position in our portfolio,” said G. Mason Morfit, partner, ValueAct Capital and Valeant board member. “We pursued this transaction for portfolio management reasons given Valeant’s significant outperformance and we remain confident in the company’s strategy for future growth.”

Conference Call and Webcast Information:

     Valeant will host a conference call and a live Internet webcast along with a slide presentation today at 11:00 a.m. EDT (8:00 a.m. PDT) to discuss its first quarter financial results for 2010. The dial-in number to participate on this call is (877) 295-5743, confirmation code 68923004. International callers should dial (973) 200-3961, confirmation code 68923004. A replay will be available approximately two hours following the conclusion of the conference call through May 10, 2010 and can be accessed by dialing (800) 642-1687, or (706) 645-9291, confirmation code 68923004. The live webcast of the conference call may be accessed through the investor relations section of Valeant’s corporate Web site at www.valeant.com.

About Valeant:

     Valeant Pharmaceuticals International (NYSE:VRX) is a multinational specialty pharmaceutical company that develops and markets a broad range of pharmaceutical products primarily in the areas of neurology and dermatology. More information about Valeant can be found at www.valeant.com.

Forward-looking Statements

     This press release may contain forward-looking statements, including, but not limited to, statements regarding our performance and growth in 2010 and guidance with respect to expected revenues and adjusted non-GAAP (cash) earnings per share, the impact of the Aton acquisition on our business, our ability to enhance our product franchise and drive value for shareholders and the expected timing and consummation of the Aton acquisition. Forward-looking statements may be identified by the use of the words “anticipates,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “may,” “will,” “believes,” “estimates,” “potential,” or “continue” and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in the company’s most recent annual or quarterly report filed with the Securities and Exchange Commission, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. Valeant undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release 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. 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 more 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 GAAP to non-GAAP measures can be found in the tables below. The company has provided guidance with respect to adjusted non-GAAP (cash) earnings per share, which is a non-GAAP financial measure that represents earnings per share, excluding special charges and credits, restructuring and acquisition-related costs, amortization expense,

ASC 470-20 (FSP APB 14-1) interest, gain on early extinguishment of debt and the non-GAAP tax effect of such charges. The company has not provided a reconciliation of this forward-looking non-GAAP financial measure due to the difficulty in forecasting and quantifying the exact amount of the items excluded from the non-GAAP financial measure that will be included in the comparable GAAP financial measure.

Note on Guidance.

The guidance contained in this press release is only effective as of the date given, May 3, 2010, and will not be updated or confirmed until the Company publicly announces updated or affirmed guidance.

Financial Tables, including a reconciliation of GAAP to non-GAAP financial measures, follow.

###

Valeant Pharmaceuticals International		Table 1
Statement of Income
For the Three Months Ended March 31, 2010 and 2009

		Three Months Ended
		March 31,
(In thousands, except per share data)		2010				2009				% Change
Product sales		$	204,507			$	152,833				34	%
Service revenue			4,960				6,738				-26	%
Alliance revenue			22,524				18,352				23	%
Total revenues			231,991				177,923				30	%
Cost of goods sold			54,203				39,697				37	%
Cost of services			3,166				4,326				-27	%
Selling, general and administrative (“SG&A”)			70,541				64,216				10	%
Research and development costs, net			10,402				8,734				19	%
Special charges and credits			538				—
Restructuring and acquisition-related costs			1,024				1,211
Amortization expense			19,330				17,004				14	%
			159,204				135,188				18	%
Income from operations			72,787				42,735
Interest expense, net			(12,631	)			(6,179	)
Gain on early extinguishment of debt			—				4,599
Other income (expense), net including translation and exchange			(525	)			1,211
Income from continuing operations before income taxes			59,631				42,366
Provision for income taxes			24,030				11,569
Income from continuing operations			35,601				30,797
Income from discontinued operations, net			415				398
Net income		$	36,016			$	31,195
Earnings per share:
Basic:
Income from continuing operations		$	0.45			$	0.37
Discontinued operations			0.01				0.01
Basic earnings per share		$	0.46			$	0.38
Shares used in per share computation			78,465				82,548
Diluted:
Income from continuing operations		$	0.43			$	0.37
Discontinued operations			0.01				—
Diluted earnings per share		$	0.44			$	0.37
Shares used in per share computation			82,332				83,402

Valeant Pharmaceuticals International		Table 2
Reconciliation of GAAP EPS to Cash EPS
For the Three Months Ended March 31, 2010 and 2009

		Three Months Ended
		March 31,
(In thousands, except per share data)		2010				2009
Income from continuing operations		$	35,601			$	30,797
Non-GAAP adjustments (a)(b):
Special charges and credits			538				—
Restructuring and acquisition-related costs			1,024				1,211
Amortization expense			19,330				17,004
			20,892				18,215
ASC 470-20 (FSP APB 14-1) interest			1,997				3,479
Gain on early extinguishment of debt			—				(4,599	)
Tax			(5,677	)			(9,837	)
Total adjustments			17,212				7,258
Adjusted income from continuing operations		$	52,813			$	38,055
GAAP earnings per share — diluted		$	0.43			$	0.37
Adjusted Non-GAAP (Cash) earnings per share — diluted		$	0.64			$	0.46
Shares used in diluted per share calculation — GAAP earnings per share			82,332				83,402
Shares used in diluted per share calculation — Adjusted Non-GAAP (Cash) earnings per share			82,332				83,402

Valeant Pharmaceuticals International		Table 3
Statement of Revenue — by Segment
For the Three Months Ended March 31, 2010 and 2009
(In thousands)

3.1 Revenue

		Three Months Ended
		March 31,
										%
		2010				2009				Change
Specialty pharmaceuticals
U.S.
Dermatology		$	34,525			$	30,968				11	%
Neurology & Other			51,753				36,011				44	%
Total U.S.			86,278				66,979				29	%
Canada			21,823				14,488				51	%
Australia			12,641				4,846				161	%
Specialty pharmaceuticals product sales			120,742				86,313				40	%
Services and alliance revenue			22,523				11,905				89	%
Total specialty pharmaceuticals revenue			143,265				98,218				46	%
Branded generics — Latin America product sales			42,057				31,182				35	%
Branded generics — Europe product sales			41,708				35,338				18	%
Alliances (ribavirin royalties only)			4,961				13,185				-62	%
Total revenue		$	231,991			$	177,923				30	%
Total product sales included above		$	204,507			$	152,833				34	%

3.2

Currency impact and revenue excluding currency impact (a)(b)

		Three Months Ended
		March 31,
						2010
		2010				excluding
		currency				currency								%
		impact				impact				2009				Change
Specialty pharmaceuticals
U.S.		$	(20	)		$	86,258			$	66,979				29	%
Canada			(3,545	)			18,278				14,488				26	%
Australia			(3,346	)			9,295				4,846				92	%
Specialty pharmaceuticals product sales			(6,911	)			113,831				86,313				32	%
Services and alliance revenue			(126	)			22,397				11,905				88	%
Total specialty pharmaceuticals revenue			(7,037	)			136,228				98,218				39	%
Branded generics — Latin America product sales			(5,573	)			36,484				31,182				17	%
Branded generics — Europe product sales			(6,930	)			34,778				35,338				-2	%
Alliances (ribavirin royalties only)			—				4,961				13,185				-62	%
Total revenue		$	(19,540	)		$	212,451			$	177,923				19	%
Total product sales included above		$	(19,414	)		$	185,093			$	152,833				21	%

3.3 Alliance Revenue

		Three Months Ended
		March 31,
		2010				2009
Ribavirin royalty		$	4,961			$	13,185
1% clindamycin and 5% benzoyl peroxide (IDP 111) profit share			9,298				—
Other royalties			3,425				1,849
License payments			701				—
GSK collaboration			4,139				3,318
Total alliance revenue		$	22,524			$	18,352

Valeant Pharmaceuticals International		Table 4
Statement of Cost of Goods Sold and Non-GAAP Operating Income — by Segment
For the Three Months Ended March 31, 2010 and 2009
(In thousands)

4.1

Cost of goods sold

		Three Months Ended
		March 31,
						% of								% of
						product								product
		2010				sales				2009				sales
Specialty pharmaceuticals		$	23,003				19	%		$	15,363				18	%
Branded generics — Latin America			12,965				31	%			7,898				25	%
Branded generics — Europe			18,132				43	%			16,417				46	%
Corporate			103								19
		$	54,203				27	%		$	39,697				26	%

4.2		Non-GAAP operating income excluding currency impact (a)(b)

		Three Months Ended
		March 31,
														2010
										2010				excluding
						% of				currency				currency				% of
		2010				revenue				impact				impact				revenue				2009
Specialty pharmaceuticals		$	78,672				55	%		$	(2,058	)		$	76,614				56	%		$	44,241
Branded generics — Latin America			14,526				35	%			(2,065	)			12,461				34	%			12,988
Branded generics — Europe			11,700				28	%			(2,139	)			9,561				27	%			9,098
			104,898				46	%			(6,262	)			98,636				48	%			66,327
Alliances & Corporate			(11,219	)							—				(11,219	)							(5,377	)
		$	93,679				40	%		$	(6,262	)		$	87,417				41	%		$	60,950

Valeant Pharmaceuticals International		Table 5
Consolidated Balance Sheet and Other Data
(In thousands)

5.1

Cash

		As of				As of
		March 31,				December 31,
		2010				2009
Cash and cash equivalents		$	147,303			$	68,080
Marketable securities			7,979				13,785
Total cash and marketable securities		$	155,282			$	81,865

5.2

Summary of Cashflow Statement

		Three Months Ended
		March 31,
		2010				2009
Cash flow provided by (used in):
Operating activities, continuing operations (GAAP)		$	68,190			$	37,822
Effect of ASC 470-20 (FSP APB 14-1) (a)(b)			—				13,277
Acquisition transaction fees (a)(b)			960				—
Operating activities, continuing operations (Non-GAAP) (a)(b)			69,150				51,099
Operating activities, discontinued operations			(41	)			(2,149	)
Investing activities (GAAP) (c)			(12,228	)			(36,566	)
Acquisition transaction fees (a)(b)			(960	)			—
Investing activities (Non-GAAP) (a)(b)(c)			(13,188	)			(36,566	)
Financing activities (GAAP)			22,047				(43,737	)
Effect of ASC 470-20 (FSP APB 14-1) (a)(b)			—				(13,277	)
Financing activities (Non-GAAP) (a)(b)			22,047				(57,014	)
Effect of exchange rate changes on cash and cash equivalents			1,255				(15,043	)
Net increase (decrease) in cash and cash equivalents (c)			79,223				(59,673	)
Net decrease in marketable securities			(5,806	)			(13,263	)
Net increase (decrease) in cash and marketable securities (c)		$	73,417			$	(72,936	)

5.3

GSK Collaboration — Retagibine

		Three Months Ended
		March 31, 2010
Valeant SG&A		$	28
Valeant R&D			3,691
			3,719
GSK incurred cost			7,556
		$	11,275
Equalization (difference between individual partner costs and 50% of total)		$	(1,919	)

		Three Months Ended March 31, 2010
						Alliance
		Balance sheet				revenue				SG&A				R&D
Accounting impact
Upfront payment from GSK		$	125,000			$	—			$	—			$	—
Release from upfront payment in prior quarters			(58,058	)			—				—				—
Incurred cost in current quarter			—				—				28				3,691
Release from upfront payment in current quarter			(9,777	)			(4,139	)			(479	)			(5,159	)
Remaining upfront payment from GSK		$	57,165				—				—				—
Equalization payable to GSK		$	(1,919	)			—				451				1,468
						$	(4,139	)		$	—			$	—

Valeant Pharmaceuticals International
Reconciliation of Product Sales Excluding Acquisitions and Currency Impact
For the Three Months Ended March 31, 2010 and 2009
(In thousands)

		Three Months Ended																Three Months Ended
		March 31, 2010																March 31, 2009
						2010								2010
						acquisition								excluding
						impact at				2010				currency &								Q1 2010 growth at
		2010				2010 rates				currency				acquisition								constant currency,
		as reported				(a)				impact				impact				2009 as reported				net of acquisitions
Specialty pharmaceuticals
Dermatology		$	34,525			$	(984	)		$	—				33,541			$	30,968				8	%
Neurology & Other			51,753				—				—				51,753				36,011				44	%
U.S.			86,278				(984	)			—				85,294				66,979				27	%
Canada			21,823				(2,427	)			(3,147	)			16,249				14,488				12	%
Australia			12,641				(6,078	)			(1,743	)			4,820				4,846				-1	%
Specialty pharmaceuticals product sales			120,742				(9,489	)			(4,890	)			106,363				86,313				23	%
Branded generics — Latin America product sales			42,057				(4,674	)			(5,038	)			32,345				31,182				4	%
Branded generics — Europe product sales			41,708				(2,738	)			(6,462	)			32,508				35,338				-8	%
Total product sales		$	204,507			$	(16,901	)		$	(16,390	)		$	171,216			$	152,833				12	%