Exhibit 99.1

International Headquarters
7150 Mississauga Road
Mississauga, Ontario L5N 8M5
Phone: 905.286.3000
Fax: 905.286.3050

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

VALEANT PHARMACEUTICALS REPORTS
2011 FIRST QUARTER FINANCIAL RESULTS

	•		2011 First Quarter Total Revenue $565 million, including $36 million related to out-license of Cloderm
	•		Pro forma organic growth for the combined company, excluding the impact of foreign exchange and acquisitions, was approximately 7%

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Excluding impact from Diastat and Efudex, pro forma organic growth for the combined company was approximately 11%

•

2011 First Quarter GAAP EPS $0.02; Cash EPS $0.62

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Excluding impact from Cloderm out-licensing, Cash EPS was $0.56

	•		2011 First Quarter GAAP Cash Flow from Operations was $86 million; Adjusted Cash Flow from Operations was $204 million
	•		2011 Guidance increased to $2.65 — $2.90 Cash EPS

     Mississauga, Ontario — May 9, 2011 — Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) announces first quarter financial results for 2011.

     “Our performance in the first quarter is a strong start to what I believe will be another successful year for Valeant,” said J. Michael Pearson, chairman and chief executive officer. “Our specialty businesses performed well and our branded generic operations, in particular Central Europe, exceeded our expectations this quarter. This strong performance is a testament to our diversified business model that gives us the ability to pursue acquisition opportunities, while continuing to deliver strong operating results.”

Revenue

     Total revenue was $565.0 million in the first quarter of 2011 as compared to $219.6 million in the first quarter of 2010. Included in total revenue was $36.0 million of alliance and royalty revenue related to the out-license of product rights for Cloderm, a mid-potency steroid with an annual revenue run rate of approximately $7 million, that was completed on March 31, 2011. Product sales were $500.4 million in the first quarter of 2011, as compared to $212.0

million in the year-ago quarter. These increases are primarily due to the acquisition of Valeant Pharmaceuticals International (Legacy Valeant) by Biovail Corporation (Legacy Biovail), which was completed in September 2010. In connection with the acquisition, Biovail was renamed Valeant Pharmaceuticals International, Inc. Results for the first quarter of 2010 only reflect Legacy Biovail revenues and do not include any revenues from Legacy Valeant.

     Pro forma revenue growth for the combined company (combined Legacy Biovail and Legacy Valeant product sales and royalties) was approximately 21% for the first quarter of 2011. Pro forma organic revenue growth, excluding the impact of foreign exchange and acquisitions, for the combined company was approximately 7% for the first quarter of 2011. Excluding the genericization impact from Diastat and Efudex, pro forma organic growth for the combined company was approximately 11%. Wellbutrin and Zovirax, Valeant’s largest products, delivered 2% and 38% growth in the first quarter of 2011, respectively.

Operating Expenses

     The Company’s cost of goods sold was $169.3 million in the first quarter of 2011 and represented 34% of product sales. This number in the first quarter of 2011 included a $29.9 million fair value adjustment to inventory and a $2.0 million amortization expense adjustment related to the acquisition of Legacy Valeant by Legacy Biovail. Excluding the adjustments, cost of goods for the first quarter of 2011 were 27% of product sales.

     Selling, General and Administrative expenses were $139.5 million in the first quarter of 2011, which includes a $22.9 million step-up in stock based compensation expenses related to the acquisition of Legacy Valeant. Excluding the step-up in stock based compensation, S,G&A was approximately 21% of revenue. Research and Development expenses were $13.7 million in the first quarter of 2011, or approximately 3% of revenue.

Net Income and Cash Flow from Operating Activities

     The Company reported net income of $6.5 million for the first quarter of 2011, or $0.02 per diluted share. On an adjusted Cash EPS basis, adjusted income was $205.1 million, or $0.62 per diluted share. Excluding the purchase price adjustment on Cloderm as a result of the merger between Legacy Biovail and Legacy Valeant, adjusted income was $186.3 million, or $0.56 per diluted share.

     GAAP cash flow from operating activities was $86.3 million in the first quarter of 2011, and adjusted cash flow from operations was $203.6 million in the first quarter of 2011.

Securities Repurchase Program

     Since December 31st, 2010, under Valeant’s securities repurchase program, the company repurchased an additional $63.8 million principal amount of the 5.375% senior convertible notes due 2014, for an aggregate purchase price of $181.3 million, bringing the aggregate repurchases to $190 million of the $350 million face value of the 5.375% convertible notes.

     As previously announced, Valeant repurchased 7.4 million common shares of the Company’s common stock held by ValueAct Capital in March 2011 for approximately $275 million. In addition on May 6, 2011, the Company entered into an agreement to purchase approximately 4.5 million of the Company’s common shares from ValueAct for $224.9 million. This purchase is expected to close in mid-May, in advance of the redemption of the 4.0% Convertible Notes, which we expect to settle fully in common shares upon conversion of the notes.

2011 Guidance

     The Company is updating its previous Cash EPS guidance and is now targeting Cash EPS of $2.65 to $2.90 in 2011, up from prior guidance of $2.45 to $2.70.

Conference Call and Webcast Information

     The Company will host a conference call and a live Internet webcast along with a slide presentation today at 10:00 a.m. ET (7:00 a.m. PT), May 9, 2011 to discuss its first quarter financial results for 2011. The dial-in number to participate on this call is (877) 295-5743, confirmation code 63195016. International callers should dial (973) 200-3961, confirmation code 63195016. A replay will be available approximately two hours following the conclusion of the conference call through May 16, 2011 and can be accessed by dialing (800) 642-1687, or (706) 645-9291, confirmation code 63195016. 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 and markets a broad range of pharmaceutical products primarily in the areas of neurology, dermatology 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 our performance, acquisitions, the closing of the repurchase from ValueAct, the redemption and settlement of our 4% convertible notes, and anticipated Cash EPS for 2011. 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 (“SEC”) and risks and uncertainties relating to the

proposed merger, as detailed from time to time in Valeant’s filings with the SEC and the Canadian Securities Administrators (“CSA”), 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.

Note on Guidance

     The guidance contained in this press release is only effective as of the date given, May 9, 2011, 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, amoritzation of alliance product assets and PP&E step up, stock-based compensation step-up, restructuring and acquisition-related costs, acquired in-process research and development (“IPR&D”), legal settlements, the impact of currency fluctuations, acquisitions, 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, and (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 (Loss)
For the Three Months Ended March 31, 2011 and 2010

		Three Months Ended
		March 31,
(In thousands, except per share data)		2011				2010				%Change
Product sales		$	500,421			$	212,033			NM
Alliance and royalty			58,414				4,349			NM
Service and other			6,191				3,253			NM
Total revenues			565,026				219,635			NM
Cost of goods sold			169,287				58,955			NM
Cost of services			3,210				3,307			NM
Cost of alliances			30,735				—			NM
Selling, general and administrative (“SG&A”)			139,506				43,513			NM
Research and development			13,670				12,577			NM
Acquired in-process research and development			2,000				51,003			NM
Legal settlements			400				—			NM
Restructuring and acquisition-related costs			19,046				613			NM
Amortization of intangible assets			112,043				33,300			NM
			489,897				203,268
Operating income			75,129				16,367
Interest expense, net			(68,334	)			(9,639	)
Loss on extinguishment of debt			(8,262	)			—
Gain (loss) on investments, net			1,769				(155	)
Other income (expense), net including translation and exchange			2,807				(623	)
Income before (recovery of) provision for income taxes			3,109				5,950
(Recovery of) provision for income taxes			(3,373	)			9,100
Net income (loss)		$	6,482			$	(3,150	)
Earnings per share:
Basic:
Net income (loss)		$	0.02			$	(0.02	)
Shares used in per share computation			303,749				158,387
Diluted:
Net income (loss)		$	0.02			$	(0.02	)
Shares used in per share computation			332,900				158,387

Valeant Pharmaceuticals International, Inc.
Reconciliation of GAAP EPS to Adjusted Non-GAAP (Cash) EPS
For the Three Months Ended March 31, 2011 and 2010

		Three Months Ended
		March 31,
(In thousands, except per share data)		2011				2010 (a)
Net income (loss)		$	6,482			$	(3,150	)
Non-GAAP adjustments (b)(c):
Inventory step-up (d)			29,909				—
Alliance product assets & pp&e step-up (e)			19,065				—
Stock-based compensation step-up (f)			23,337				—
Restructuring and acquisition-related costs (g)			19,046				613
Acquired in-process research and development			2,000				51,003
Legal settlements			400				—
Amortization and other non-cash charges			114,527				36,128
			208,284				87,744
Amortization of deferred financing costs, debt discounts and ASC 470-20 (FSP APB 14-1) interest			3,596				4,113
Loss on extinguishment of debt			8,262				—
(Gain) loss on investments, net			(1,769	)			155
Tax			(19,773	)			4,300
Total adjustments			198,600				96,312
Adjusted income		$	205,082			$	93,162
GAAP earnings per share — diluted		$	0.02			$	(0.02	)
Adjusted Non-GAAP (Cash) earnings per share — diluted		$	0.62			$	0.59
Non-GAAP benefit from the out-license of Cloderm (e)		$	0.06
Adjusted Non-GAAP (Cash) earnings per share — diluted (excluding the Non-GAAP benefit from the out-license of Cloderm) (e)		$	0.56
Shares used in diluted per share calculation — GAAP earnings per share			332,900				158,387
Shares used in diluted per share calculation — Adjusted Non-GAAP (Cash) earnings per share			332,900				159,205

Valeant Pharmaceuticals International, Inc.
Statement of Revenue — by Segment
For the Three Months Ended March 31, 2011 and 2010
(In thousands)

		Three Months Ended
		March 31,
																		2011
										%				2011				excluding
										Change				currency				currency				%
Revenue(a)(b)		2011				2010				(c)				impact				impact				Change (c)
U.S. Neurology & Other		$	209,599			$	148,304				41	%		$	—			$	209,599				41	%
U.S. Dermatology			152,706				38,974				292	%			(15	)			152,691				292	%
Total U.S.			362,305				187,278				93	%			(15	)			362,290				93	%
Canada/Australia			70,245				24,512				187	%			(3,856	)			66,389				171	%
Specialty Pharmaceuticals			432,550				211,790				104	%			(3,871	)			428,679				102	%
Branded generics — Europe			76,093				7,845				870	%			162				76,255				872	%
Branded generics — Latin America			56,383				—				NM				(3,260	)			53,123				NM
Branded Generics			132,476				7,845				NM				(3,098	)			129,378				NM
Total revenue		$	565,026			$	219,635				157	%		$	(6,969	)		$	558,057				154	%

Valeant Pharmaceuticals International, Inc.
Reconciliation of GAAP Statement of Cost of Goods Sold to Non-GAAP Statement Cost of Goods Sold — by Segment
For the Three Months Ended March 31, 2011
(In thousands)

4.1 Cost of goods sold (a)

		Three Months Ended
		March 31,
														2011
														excluding
										2011				fair value
										fair value				step-up
										step-up				adjustment
										adjustment to				to inventory
		2011				%				inventory and				and				%
		as reported				of product				amortization				amortization				of product
		GAAP				sales				(b)				non-GAAP				sales
U.S. Neurology & Other		$	46,384				23	%		$	11,402			$	34,982				17	%
U.S. Dermatology			34,703				36	%			7,696				27,007				28	%
Canada/Australia			21,233				30	%			2,767				18,466				26	%
Branded Generics — Europe			40,004				53	%			5,304				34,700				46	%
Branded Generics — Latin America			26,528				47	%			4,694				21,834				39	%
Corporate			435								—				435
		$	169,287				34	%		$	31,863			$	137,424				27	%

Valeant Pharmaceuticals International, Inc.
Consolidated Balance Sheet and Other Data
(In thousands)

5.1 Cash

		As of				As of
		March 31,				December 31,
		2011				2010
Cash and cash equivalents		$	401,752			$	394,269
Marketable securities			84,252				8,166
Total cash and marketable securities		$	486,004			$	402,435
Debt
Convertible notes		$	373,135			$	417,555
Senior notes			4,326,012				2,185,822
Term loan A facility			—				975,000
Other			17,224				16,900
			4,716,371				3,595,277
Less: Current portion			(17,224	)			(116,900	)
		$	4,699,147			$	3,478,377

5.2 Summary of Cash Flow Statement

		Three Months Ended
		March 31,
		2011				2010
Cash flow provided by (used in):
Net cash provided by operating activities (GAAP)		$	86,330			$	44,753
Tax benefits from stock options exercised (a)			24,050				—
Restructuring and acquisition-related costs			19,046				613
Payment of accrued legal settlements			16,000				5,950
Effect of ASC 470-20 (FSP APB 14-1)			2,289				—
Working capital change related to Zovirax transaction (b)			30,771				—
Changes in working capital related to restructuring and acquisition-related costs			25,145				—
Adjusted cash flow from operations (Non-GAAP) (c)		$	203,631			$	51,316

Valeant Pharmaceuticals International
Organic Growth — by Segment
For the Three Months Ended March 31, 2011
(In thousands)

		Three Months Ended
		March 31,
																																		Mar YTD
																														Mar YTD				growth at
														Mar YTD				Mar YTD								Mar YTD				excluding				constant
														2011				excluding								acquisition				currency &				currency,
		Mar YTD				Mar YTD				%				currency				currency				%				impact at				acquisition				net of
		2011				2010				Change				impact				impact				Change				2010 rates				impact				acquisitions
Product Sales (a)(b)
U.S. Dermatology		$	95,919			$	73,418				31	%		$	(25	)		$	95,894				31	%		$	(6,531	)		$	89,363				22	%
U.S. Neurology & Other			203,544				189,713				7	%			—				203,544				7	%			(20,625	)			182,919				-4	%
Total U.S.			299,463				263,131				14	%			(25	)			299,438				14	%			(27,156	)			272,282				3	%
Canada/Australia			69,050				58,778				17	%			(4,415	)			64,635				10	%			(3,843	)			60,792				3	%
Specialty pharmaceuticals			368,513				321,909				14	%			(4,440	)			364,073				13	%			(30,999	)			333,074				3	%
Branded generics — Latin America			56,383				42,058				34	%			(3,260	)			53,123				26	%			(6,471	)			46,652				11	%
Branded generics — Europe			75,525				49,551				52	%			(98	)			75,427				52	%			(17,042	)			58,385				18	%
Branded Generics			131,908				91,609				44	%			(3,358	)			128,550				40	%			(23,513	)			105,037				15	%
Total product sales			500,421				413,518				21	%			(7,798	)			492,623				19	%			(54,512	)			438,111				6	%
Royalties			20,740				17,041				22	%			—				20,740				22	%			—				20,740				22	%
Total organic revenue		$	521,161			$	430,559				21	%		$	(7,798	)		$	513,363				19	%		$	(54,512	)		$	458,851				7	%
Organic Growth — excluding Diastat & Efudex
Diastat adjustment		$	(7,914	)		$	(15,864	)			-50	%		$	—			$	(7,914	)			-50	%		$	—			$	(7,914	)			-50	%
U.S. Neurology & Other			195,630				173,849				13	%			—				195,630				13	%			(20,625	)			175,005				1	%
Efudex adjustment			(1,630	)			(10,307	)			-84	%			—				(1,630	)			-84	%			—				(1,630	)			-84	%
U.S. Dermatology			94,289				63,111				49	%			(25	)			94,264				49	%			(6,531	)			87,733				39	%
Total product sales		$	490,877			$	387,347				27	%		$	(7,798	)		$	483,079				25	%		$	(54,512	)		$	428,567				11	%
Total organic revenue		$	511,617			$	404,388				27	%		$	(7,798	)		$	503,819				25	%		$	(54,512	)		$	449,307				11	%