Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Pearson J. Michael
   2. Issuer Name and Ticker or Trading Symbol
VALEANT PHARMACEUTICALS INTERNATIONAL [VRX] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
CEO and Chairman of the Board
(Last)
(First)
(Middle)
ONE ENTERPRISE		 3. Date of Earliest Transaction (Month/Day/Year)
02/01/2008
(Street)

ALISO VIEJO, CA 92656		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 02/01/2008   A   163,000 (1) A $ 0 163,000 D  
Common Stock 02/01/2008   A   81,500 (2) A $ 0 244,500 D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Incentive Stock Option (right to buy) $ 12.19 02/01/2008   A   32,812   02/02/2009(3) 02/01/2018 Common Stock 32,812 $ 0 32,812 D  
Non-Qualified Stock Option (right to buy) $ 12.19 02/01/2008   A   991,779   02/02/2009(3) 02/01/2018 Common Stock 991,779 $ 0 991,779 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Pearson J. Michael
ONE ENTERPRISE
ALISO VIEJO, CA 92656		   X     CEO and Chairman of the Board  

Signatures

 By: Michelle May For: J. Michael Pearson   02/05/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) In connection with entering into an employment agreement with Valeant Pharmaceuticals International, Mr. Pearson received a sign-on grant of 163,000 restricted stock units. The restricted stock units vest on February 1, 2009 provided that Mr. Pearson is employed by Valeant on that date and are deliverable in shares of Valeant common stock on February 1, 2013.
(2) Pursuant to his employment agreement, Mr. Pearson received 81,500 restricted stock units as payment for his minimum 2008 annual bonus award. The restricted stock units vest on the date that 2008 bonuses are paid to other executive officers of Valeant (or March 15, 2019, if earlier) provided that Mr. Pearson is employed by Valeant on that date and are deliverable in shares of Valeant common stock on February 1, 2013.
(3) Twenty-five percent of the options vest on each of the first four anniversaries of the date of grant provided that Mr. Pearson is employed by Valeant on the applicable vesting date.

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