Exhibit 99.1

International Headquarters

4787 Levy Street

Montreal, Quebec, H4R 2P9

Phone: 514.744.6792

Fax: 514.744.6272

Contact Information:

Laurie W. Little

949-461-6002

laurie.little@valeant.com

VALEANT PHARMACEUTICALS REPORTS

2012 THIRD QUARTER FINANCIAL RESULTS

Montreal, Quebec — November 2, 2012 — Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) announces third quarter financial results for 2012.

“The third quarter results again demonstrate our ability to deliver strong growth and profitability,” said J. Michael Pearson, chairman and chief executive officer. “We are very pleased with the third quarter’s double-digit organic growth and record Cash EPS. Our U.S. Dermatology business had an outstanding quarter, the trends in our U.S. Neurology and Other business are clearly improving, and our businesses outside the U.S. continue to perform strongly. This continued strength in our base business, coupled with the potential approval of efinaconazole (IDP-108) and the pending acquisition of Medicis, should provide us with a solid foundation to deliver strong continued growth in 2013 and beyond.”

Business Performance

Valeant’s business continued to perform well in the third quarter of 2012 with all businesses achieving results within or above expectations. Same store organic growth was approximately 14% and pro forma organic growth was approximately 12% for the third quarter of 2012 (See Table 6). Total revenue was $884.1 million in the third quarter of 2012, as compared to $600.6 million in the third quarter of 2011, an increase of 47%. Product sales were $856.9 million in the third quarter of 2012, as compared to $570.4 million in the year-ago quarter, an increase of 50%.

Valeant’s base business also continued to deliver strong organic growth. Particularly positive was Valeant’s U.S. Dermatology business, which continued its exceptional growth performance in the third quarter. Key contributors to organic growth included Zovirax^®, Elidel^®, Retin-A Micro^®, Acanya^® and CeraVe^®.

Our U.S. Neurology and Other portfolio declined slightly in the quarter, but the rate of decline improved significantly, reflecting the diminishing impact of the year over year negative impact from generic competitors of Wellbutrin XL^®, Ultram^® ER and Cardizem^® CD. Excluding these products, the remaining U.S. Neurology and Other segment increased 9% (same store sales), as compared to the third quarter of 2011. We expect that this segment will return to positive organic growth in 2013.

The Canadian and Australian segment delivered negative organic growth this quarter, as expected, due to the rapid genericization of Cesamet^® in Canada that began in March 2012. Excluding Cesamet, the Canadian and Australian segment delivered 12% organic growth (same store sales).

Finally, our Emerging Markets segment provided pro forma organic growth of 9%, primarily driven by our operations in Latin America and South East Asia/South Africa. While overall market rates in Central and Eastern Europe slowed, our European operations significantly outperformed and delivered organic growth levels well above the market.

Financial Performance

The Company reported net income of $7.6 million for the third quarter of 2012, or $0.02 per diluted share. On a Cash EPS basis, adjusted income was $357.5 million, or $1.15 per diluted share.

GAAP cash flow from operations was $166.8 million in the third quarter of 2012, and adjusted cash flow from operations was $241.2 million. Cash flow was negatively impacted by an increase in accounts receivable principally due to sequential revenue growth as compared to the second quarter, and the strong seasonal sales in the month of September, primarily in U.S. Dermatology and Europe; the Wellbutrin XL litigation settlement costs of $37.7 million; and restructuring charges from our acquisitions.

The Company’s cost of goods sold (COGS) was $219.7 million in the third quarter of 2012. After backing out the fair value adjustment to inventory, amortization expense and other items related to acquisitions of $20.0 million, COGS represented 23% of product sales. COGS for the third quarter of 2012 were positively impacted by the strong growth in our U.S. Dermatology segment which has a lower COGS profile than other segments.

Selling, General and Administrative expenses were $188.7 million in the third quarter of 2012, which includes a $9.1 million step-up in stock based compensation expenses related to the acquisition of Legacy Valeant. Excluding the step-up in stock based compensation, SG&A was approximately 20% of revenue. Research and Development expenses were $19.2 million in the third quarter of 2012, or approximately 2% of revenue.

2012 Guidance

The Company is updating previous 2012 Guidance from $4.55 to $4.75 Cash EPS, or $1.25 to $1.45 Cash EPS for the fourth quarter 2012, to $4.60 — $4.65 Cash EPS, or $1.30 to $1.35 Cash EPS for the fourth quarter of 2012, which excludes the interest expense of $0.12 Cash EPS from the $2.75 billion Medicis related financing. Valeant is lowering 2012 adjusted cash flow from operations expectations from greater than $1.4 billion to $1.2 to $1.3 billion due to increased investment in working capital associated with the growth in emerging markets, asset deals which require an investment in working capital post-closing, and plant consolidations including the closing of the Bourdon facility in Canada and the exiting of a legacy Valeant contract manufacturer in Puerto Rico. Valeant is maintaining prior guidance of total revenue in the range of $3.4 to $3.6 billion.

Conference Call and Webcast Information

The Company will host a conference call and a live Internet webcast along with a slide presentation today at 8:00 a.m. ET (5:00 a.m. PT), November 2, 2012 to discuss its third quarter financial results for 2012. The dial-in number to participate on this call is (877) 281-0402, confirmation code 39252322. International callers should dial (631) 813-4869, confirmation code 39252322. A replay will be available approximately two hours following the conclusion of the conference call through November 9, 2012 and can be accessed by dialing (855) 859-2056, or (404) 537-3406, confirmation code 39252322. The live webcast of the conference call may be accessed through the investor relations section of the Company’s corporate website at www.valeant.com.

About Valeant

Valeant Pharmaceuticals International, Inc. (NYSE/TSX:VRX) is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of dermatology, neurology and branded generics. 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 the closing of the Medicis acquisitions, the approval of efinaconazole (IDP-108), future results and performance and financial guidance, including expected revenue and adjusted cash flow from operations and anticipated Cash EPS for 2012 and the fourth quarter of 2012. Forward-looking statements may generally be identified by the use of the words “anticipates,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “may,” “will,” “believes,” “estimates,” “potential,” “target”, 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 and detailed from time to time in Valeant’s other filings with the Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. 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.

Note on Guidance

The guidance contained in this press release is only effective as of the date given, November 2, 2012, and will not be updated or confirmed until the Company publicly announces updated or affirmed guidance.

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, such as amortization of inventory step-up, amortization of alliance product assets & pp&e step up, stock-based compensation step-up, contingent consideration fair value adjustments, restructuring, acquisition-related and other costs, acquired in-process research and development (“IPR&D”), legal settlements outside the ordinary course of business, the impact of currency fluctuations, amortization and other non-cash charges, amortization of deferred financing costs, debt discounts and ASC 470-20 (FSP APB 14-1) interest, loss on extinguishment of debt, (gain) loss on assets held for sale/impairment, net, (gain) loss on investments, net, and adjusts tax expense to cash taxes. 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 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.

Financial Tables follow.

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Valeant Pharmaceuticals International, Inc.

Condensed Consolidated Statement of Income

For the Three and Nine Months Ended September 30, 2012 and 2011

Valeant Pharmaceuticals International, Inc.

Reconciliation of GAAP EPS to Cash EPS

For the Three and Nine Months Ended September 30, 2012 and 2011

Valeant Pharmaceuticals International, Inc.

Reconciliation of GAAP EPS to Cash EPS

For the Three Months Ended September 30, 2012 and 2011

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 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.

Valeant Pharmaceuticals International, Inc.

Reconciliation of GAAP EPS to Cash EPS

For the Nine Months Ended September 30, 2012 and 2011

Valeant Pharmaceuticals International, Inc.

Statement of Revenue—by Segment

For the Three and Nine Months Ended September 30, 2012 and 2011

(In thousands)

Valeant Pharmaceuticals International, Inc.

Reconciliation of GAAP Cost of Goods Sold to Non-GAAP Cost of Goods Sold—by Segment

For the Three and Nine Months Ended September 30, 2012 and 2011

(In thousands)

Valeant Pharmaceuticals International, Inc.

Consolidated Balance Sheet and Other Data

(In thousands)

Valeant Pharmaceuticals International, Inc.

Organic Growth—by Segment

For the Three Months Ended September 30th, 2012

(In thousands)