Six years ago, Valeant embarked on a journey to establish a new business model in the specialty
pharmaceutical space. A model:
• That focused on high-growth therapeutic segments where customer relationships continued to be
valued and reimbursement was more certain;
• Where lower risk innovation played an important role and significant unmet patient needs existed;
• Where we adopted a geographic lens that focused on emerging markets where population growth,
improving incomes and low healthcare spend promised growth for decades to come;
• With a decentralized model that attracts entrepreneurial local management teams who embrace
decision making and accountability;
• And one where we adopted rigorous financial hurdle rates for deploying capital to ensure we
could deliver outsized returns for our shareholders.