Pershing Square Activist Presentation Deck

Valeant's Use of Specialty Pharmacies Valeant's specialty pharmacy strategy originated from a program acquired with the acquisition of Medicis, a dermatology company ► Today Valeant makes certain products available through the specialty pharmacy channel - Philidor Rx has been Valeant's largest specialty pharmacy Important facts about Valeant's specialty pharmacy strategy: ■ Valeant's drugs are available at both retail pharmacies and through Philidor ■ Philidor offers low "cash-pay" prices on drugs to patients without insurance coverage ■ Government-insured patients are not eligible for co-pay assistance ■ Philidor represented only ~1% of Valeant sales last year, but grew to ~7% of total revenue in the most recent quarter 10

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