Exhibit 12.1

VALEANT PHARMACEUTICALS INTERNATIONAL, INC.

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	For the Years Ended December 31,
	2017			2016			2015			2014			2013
(in thousands, except for ratios)
Earnings:
Pre-tax income (loss) from continuing operations before adjustment for income or loss from equity investees		(1,740,374	)		(2,435,746	)		(155,300	)		1,053,527			(1,314,141	)
Amortization of capitalized interest		2,225			944			603			226			—
Fixed charges		1,875,781			1,874,945			1,598,703			1,001,260			864,159
Capitalized interest		(10,452	)		(10,813	)		(7,204	)		(5,225	)		(2,534	)
Non-controlling interest in pre-tax income (loss) of subsidiaries that have not incurred fixed charges		(342	)		(886	)		(3,883	)		1,340			(2,473	)
Total Earnings		126,838			(571,556	)		1,432,919			2,051,128			(454,989	)
Fixed Charges:
Interest expense		1,839,518			1,836,065			1,563,223			971,023			844,316
Interest component of rental expense**		25,811			28,067			28,276			25,012			17,309
Capitalized interest		10,452			10,813			7,204			5,225			2,534
Total Fixed Charges		1,875,781			1,874,945			1,598,703			1,001,260			864,159
Ratio of Earnings to Fixed Charges		*			*			*			2.05			*

* For the years ended December 31, 2017, 2016, 2015 and 2013, our earnings were insufficient to cover fixed charges and the deficiency of earnings were $1,749 million, $2,447 million, $166 million and $1,319 million, respectively.

** The interest component of rental expense is estimated to be one-third of our total rental expense.