Exhibit 99.2

VALEANT PHARMACEUTICALS INTERNATIONAL, INC. AND

ORTHO DERMATOLOGICS DIVISION OF JANSSEN PHARMACEUTICALS, INC

UNAUDITED PRO FORMA CONDENSED COMBINED

FINANCIAL STATEMENTS

The unaudited pro forma condensed combined statements of income for the fiscal year ended December 31, 2010 and for the nine months ended September 30, 2011 combine the historical consolidated statements of income of Valeant Pharmaceuticals International, Inc. (“Valeant”) and the special-purpose financial statements of Ortho Dermatologics division of Janssen Pharmaceuticals, Inc (“Ortho”), as if the acquisition had occurred on January 1, 2010. The unaudited pro forma condensed combined statements of income for the fiscal year ended December 31, 2010 also combine the historical consolidated statements of income of Biovail Corporation (“Biovail”, subsequently renamed Valeant Pharmaceuticals International, Inc.) and Valeant Pharmaceuticals International (“Old Valeant”), giving effect to the acquisition of Old Valeant by Biovail (the “Merger”), as more fully described in Valeant’s Annual Report on Form 10-K for the year ended December 31, 2010, which took place on September 28, 2010, as if it had occurred on January 1, 2010.

The unaudited pro forma condensed combined balance sheet as of September 30, 2011 combines the historical consolidated balance sheet of Valeant and the unaudited special-purpose statement of assets to be sold of Ortho, giving effect to the acquisition as if it had occurred on September 30, 2011.

The historical consolidated financial information has been adjusted to give effect to pro forma events that are (1) directly attributable to the acquisition, (2) factually supportable, and (3) with respect to the statements of income, expected to have a continuing impact on the combined results. The unaudited pro forma condensed combined financial information should be read in conjunction with the accompanying notes to the unaudited pro forma condensed combined financial statements. In addition, the unaudited pro forma condensed combined financial information was based on the:

The unaudited pro forma condensed combined financial information has been presented for informational purposes only. The pro forma information is not necessarily indicative of what the combined company’s financial position or results of operations actually would have been had the acquisitions been completed as of the dates indicated. In addition, the unaudited pro forma condensed combined financial information does not purport to project the future financial position or operating results of the combined

1

company. There were no material transactions between Valeant and Ortho, between Old Valeant and Ortho or between Biovail and Old Valeant during the periods presented in the unaudited pro forma condensed combined financial statements that would need to be eliminated.

The unaudited pro forma condensed combined financial information has been prepared using the acquisition method of accounting under U.S. GAAP. The accounting for the acquisition of Ortho is dependent upon certain valuations that are provisional and is subject to change. Valeant will finalize these amounts as it obtains the information necessary to complete the measurement process. Accordingly, the pro forma adjustments are preliminary and have been made solely for the purpose of providing unaudited pro forma condensed combined financial information. Differences between these preliminary estimates and the final acquisition accounting may occur and these differences could have a material impact on the accompanying unaudited pro forma condensed combined financial statements and Valeant’s future results of operations and financial position.

The unaudited pro forma condensed combined financial information does not reflect any cost savings, operating synergies or revenue enhancements that the combined company may achieve as a result of the acquisition, the costs to integrate the operations of Valeant and Ortho or the costs necessary to achieve these cost savings, operating synergies and revenue enhancements.

2

UNAUDITED PRO FORMA CONDENSED COMBINED

STATEMENT OF INCOME

For the year ended December 31, 2010

See the accompanying notes to the unaudited pro forma condensed combined financial statements, which are an integral part of these statements. The pro forma adjustments are explained in Notes 6. Pro Forma Adjustments in connection with the Biovail-Valeant Merger and 7. Pro Forma Adjustments in connection with the Acquisition of Ortho.

3

UNAUDITED PRO FORMA CONDENSED COMBINED

STATEMENT OF INCOME

For the nine months ended September 30, 2011

See the accompanying notes to the unaudited pro forma condensed combined financial statements, which are an integral part of these statements. The pro forma adjustments are explained in Notes 6. Pro Forma Adjustments in connection with the Biovail-Valeant Merger and 7. Pro Forma Adjustments in connection with the Acquisition of Ortho.

4

UNAUDITED PRO FORMA CONDENSED COMBINED

BALANCE SHEET

As of September 30, 2011

See the accompanying notes to the unaudited pro forma condensed combined financial statements, which are an integral part of these statements. The pro forma adjustments are explained in Note 7. Pro Forma Adjustments in connection with the Acquisition of Ortho.

5

NOTES TO THE UNAUDITED PRO FORMA CONDENSED

COMBINED FINANCIAL STATEMENTS

On July 15, 2011, Valeant entered into an agreement to acquire the assets of the Ortho Dermatologics division of Janssen Pharmaceuticals, Inc. for a total consideration of $346.1 million for the assets, which includes prescription brands RETIN-A MICRO^®, ERTACZO^®, and RENOVA^®. The transaction closed on December 12, 2011.

The unaudited pro forma condensed combined financial information was prepared using the acquisition method of accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805, Business Combinations, and uses the fair value concepts defined in ASC Topic 820, Fair Value Measurements, and was based on the historical financial statements of Valeant and the historical special-purpose financial statements of Ortho. Those special-purpose financial statements only present the assets being sold as part of the acquisition of Ortho by Valeant and the revenues and expenses of Ortho, including certain allocated expenses of Janssen Pharmaceuticals Inc.

Certain reclassifications have been made to the historical financial statements of Old Valeant and historical special-purpose financial statements of Ortho to conform to the financial statement presentation adopted by Valeant. The adjustments made to the historical financial statements of Old Valeant primarily relate to the presentation of alliance and royalty revenue, service and other revenue, in-process research and development charges, restructuring charges, acquisition-related costs, and accrued liabilities for uncertain taxes. The adjustments made to the historical special-purpose financial statements of Ortho relate to the presentation of amortization expense.

Under the acquisition method of accounting, the assets acquired of Ortho and the related deferred taxes have been recorded as of the completion of the acquisition, primarily at their respective fair values and added to those of Valeant. Financial statements and reported results of operations of Valeant issued after completion of the acquisition will reflect these values, but will not be retroactively restated to reflect the historical financial position or results of operations of Ortho.

Under ASC 805, acquisition-related transaction costs (i.e., advisory, legal, valuation, other professional fees) and certain acquisition-related restructuring charges are not included as a component of consideration transferred but are accounted for as expenses in the periods in which the costs are incurred. Total acquisition-related transaction costs incurred in connection with the Biovail-Valeant Merger was $109.6 million. Total acquisition-related transaction costs expected to be incurred by Valeant in connection with the acquisition of Ortho are estimated to be approximately $5.3 million, of which $1.5 million had been incurred in the nine months ended September 30, 2011. The remaining estimated transaction costs are reflected in these unaudited pro forma condensed combined balance sheet as of September 30, 2011 as a reduction to cash and cash equivalents and an increase to accumulated deficit.

Valeant completed a review of Ortho’s accounting policies and did not identify any differences that would have a material impact on the combined financial statements. The unaudited pro forma condensed combined financial statements do not assume any differences in accounting policies.

6

Pursuant to the terms of the Asset Purchase Agreement, Valeant acquired the assets of the Ortho for cash consideration of $346.1 million. The purchase price is subject to a closing inventory adjustment, which will be finalized within ninety days after the closing date. Purchase price adjustments recorded subsequent to this date will affect the recorded amount of goodwill.

The following table summarizes the consideration paid for the acquisition of Ortho, including an estimate of the inventory adjustment. The purchase price set out below is preliminary and subject to change as final information becomes available:

The following table summarizes the estimated fair values of the assets acquired by Valeant and the related deferred taxes in the connection with the acquisition of Ortho as of the acquisition date. These amounts are provisional and subject to change.

A key variable in determining the fair value of IPR&D includes the application of probability

7

factors related to the likelihood of success of the respective products reaching each remaining stage of clinical and regulatory development, including market commercialization. Given the preliminary stage of development of the product candidates at the acquisition date, future cash flows were not estimated and the fair value of IPR&D has been determined on the basis of a cost approach. Using the cost approach, the fair value was based on the development activities and related expenditures incurred since inception of the IPR&D program.

8

This note summarizes the pro forma adjustments in connection with the Biovail-Valeant Merger to give effect to the Merger as if it had occurred on January 1, 2010:

Amortization expense related to intangible assets that arose from business combinations completed by Old Valeant in the second quarter of 2010 has been included in the unaudited pro forma condensed consolidated statement of income as if Biovail had acquired those intangible assets as of the date on which each respective business combination was consummated.

Depreciation expense relating to property, plant and equipment fair value increments has been allocated to cost of goods sold, research and development, and selling, general and administrative in the following percentages: 50%, 4%, 46%, respectively, which is consistent with Old Valeant’s historical allocation.

9

Concurrent with the closing of the Merger, Old Valeant issued $500.0 million aggregate principal amount of 6.75% senior notes due October 1, 2017 (the “6.75% Senior Notes”) and $700.0 million aggregate principal amount of 7.00% senior notes due October 1, 2020 (the “7.00% Senior Notes”). A portion of the 6.75% Senior Notes and the 7.00% Senior Notes was used to pay down $1.0 billion of the Term B Loan Facility. The effective interest rates for the 6.75% Senior Notes and the 7.00% Senior Notes are 6.84% and 7.09%, respectively.

Effective November 29, 2010, Valeant terminated and prepaid the remaining balance of the Term Loan B Facility with the net proceeds from the issuance of the 2018 Senior Notes. The 2018 Senior Notes has aggregate principal amount of $1.0 billion and bears interest at a rate of 6.875%. The effective interest rate for the 2018 Senior Notes is 7.00%.

In addition, effective March 8, 2011, Valeant terminated and prepaid the Term Loan A Facility in full with the net proceeds from the issuance of the 2016 Senior Notes and the 2022 Senior Notes. The 2016 Senior Notes has aggregate principal amount of $950 million and bears interest at a rate of 6.5% whereas the 2022 Senior Notes has aggregate principal amount of $550 million and bears interest at a rate of 7.25%. The effective interest rates for the 2016 Senior and the 2022 Senior Notes are 6.50% and 7.50%, respectively.

The pro forma adjustment above reflects the effect of the refinancing transactions described above.

10

(i)). A combined U.S. Federal and state estimated tax rate of 38% has been used in accordance with Valeant’s intention to repatriate to the U.S. the earnings of non-U.S. subsidiaries which are owed by the U.S. corporation. The effective tax rate of Valeant could be significantly different than the tax rates assumed for purposes of preparing the unaudited pro forma condensed combined financial statements for a variety of factors, including post-acquisition activities. Valeant has assumed that the remaining net deferred tax assets will be utilized based on reversing temporary differences, expected future income and, if necessary, available tax-planning strategies relating to the timing of the repatriation of foreign earnings which are not permanently reinvested.

The share-based compensation adjustment has been allocated to the cost of goods sold, research and development, and selling, general and administrative in the following percentages: 2%, 2%, 96%, respectively, which is consistent with Old Valeant’s historical allocation.

This note should be read in conjunction with Note 1. Description of Transaction; Note 2. Basis of Presentation; Note 4. Fair Value of Consideration Transferred; and Note 5. Assets Acquired and the Related Deferred Taxes. The following summarizes the pro forma adjustments in connection with the acquisition of Ortho to give effect to the acquisition as if it had occurred on January 1, 2010 for purposes of the pro forma condensed combined statements of income and on September 30, 2011 for purposes of the pro forma condensed combined balance sheet:

11

The senior secured credit facilities consist of a $275 million revolving credit facility, including a sublimit for the issuance of standby and commercial letters of credit and a sublimit for swing line loans (the “Revolving Credit Facility”), and a $1.725 billion senior secured term loan A facility (the “Term Loan A Facility”), which includes a $500 million delayed draw term loan facility (the “Delayed Draw Facility” and, together with the Revolving Credit Facility and the Term Loan A Facility, the “Senior Secured Credit Facilities”). The Revolving Credit Facility matures on April 20, 2016 and does not amortize. The Term Loan A Facility matures on April 20, 2016 and amortizes quarterly commencing March 31, 2012 at an initial annual rate of 5.0%. The amortization schedule under the Term Loan A Facility will increase to 10.0% annually commencing March 31, 2013 and 20% annually commencing March 31, 2014, payable in quarterly installments.

Borrowings under the Senior Secured Credit Facilities bear interest at a rate per annum equal to, at Valeant’s option, either (a) a base rate determined by reference to the higher of (1) the rate of interest quoted in the print edition of The Wall Street Journal, Money Rates Section, as the Prime Rate (currently defined as the base rate on corporate loans posted by at least 75% of the nation’s thirty largest banks) and (2) the federal funds effective rate plus 1/2 of 1% or (b) a LIBO rate determined by reference to the costs of funds for U.S. dollar deposits for the interest period relevant to such borrowing adjusted for certain additional costs, in each case plus an applicable margin. The initial applicable margin for borrowings under the senior secured credit facilities is 1.75% with respect to base rate borrowings and 2.75% with respect to LIBO rate borrowings. Interest rates are subject to increase or decrease quarterly based on leverage ratios.

The effective interest rate for the Senior Secured Credit Facilities is 3.3%. A 100 basis-point change in interest rate could increase or decrease interest expense for the year ended December 31, 2010 and for the nine months ended September 30, 2011 by $3.2 million and $2.4 million, respectively.

12

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

These unaudited pro forma condensed combined financial statements may be deemed to be forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by the words “believe,” “expect,” “anticipate,” “intend,” “estimate” and similar expressions. Such statements may include, but are not limited to, statements about the benefits of the acquisition between Valeant and

13

Ortho, including future financial and operating results, the combined company’s plans, objectives, expectations and intentions and other statements that are not historical facts. These forward-looking statements are based largely on management’s expectations and are subject to a number of risks and uncertainties. Actual results could differ materially from these forward-looking statements. Neither Valeant nor Ortho undertake any obligation to update publicly or revise any forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the possibility that the expected synergies from the acquisition of Valeant and Ortho will not be realized within the expected time period, due to, among other things, the impact of pharmaceutical industry regulation and pending legislation that could affect the pharmaceutical industry; the risk that the businesses will not be integrated successfully; disruption from the acquisition making it more difficult to maintain business and operational relationships; the possibility that the acquisition does not close, including, but not limited to, due to the failure to satisfy the closing conditions; Valeant’s and Ortho’s ability to accurately predict future market conditions; dependence on the effectiveness of Valeant’s and Ortho’s patents and other protections for innovative products; the risk of new and changing regulation and health policies in the U.S. and internationally and the exposure to litigation and/or regulatory actions. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in Valeant’s 2010 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 28, 2011, (http://www.sec.gov).

14