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 *
ValueAct Holdings, L.P.
   2. Issuer Name and Ticker or Trading Symbol
Valeant Pharmaceuticals International, Inc. [VRX] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) __X__ Other (specify below)
See remarks
(Last)
(First)
(Middle)
435 PACIFIC AVENUE, 4TH FLOOR, 		 3. Date of Earliest Transaction (Month/Day/Year)
12/22/2010
(Street)

SAN FRANCISCO, CA 94133		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ 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, no par value               26,959,901 I See footnotes (1) (2)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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
Restricted Share Units (3) 12/22/2010   A(4)   614   05/12/2010 05/12/2019 Common Stock, no par value 614 $ 0 18,928 I See footnotes (2) (5)
Restricted Share Units (3) 12/22/2010   A(4)   723   05/22/2008 05/22/2017 Common Stock, no par value 723 $ 0 22,285 I See footnotes (2) (5)
Restricted Share Units (3) 12/22/2010   A(4)   728   05/20/2009 05/20/2018 Common Stock, no par value 728 $ 0 22,430 I See footnotes (2) (5)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
ValueAct Holdings, L.P.
435 PACIFIC AVENUE, 4TH FLOOR
SAN FRANCISCO, CA 94133		   X     See remarks
ValueAct Capital Master Fund, L.P.
435 PACIFIC AVENUE
4TH FLOOR
SAN FRANCISCO, CA 94133		   X     See remarks
VA Partners I, LLC
435 PACIFIC AVENUE, 4TH FLOOR
SAN FRANCISCO, CA 94133		   X     See remarks
ValueAct Capital Management, L.P.
435 PACIFIC AVENUE, 4TH FLOOR
SAN FRANCISCO, CA 94133		   X     See remarks
ValueAct Capital Management, LLC
435 PACIFIC AVENUE, 4TH FLOOR
SAN FRANCISCO, CA 94133		   X     See remarks
ValueAct Holdings GP, LLC
435 PACIFIC AVENUE, 4TH FLOOR
SAN FRANCISCO, CA 94133		   X     See remarks

Signatures

 VALUEACT HOLDINGS, L.P., By: VALUEACT HOLDINGS GP, LLC, its General Partner, By:/s/ George F. Hamel. Jr., Chief Operating Officer   12/27/2010
**Signature of Reporting Person Date
 VALUEACT CAPITAL MASTER FUND, L.P., By: VA PARTNERS I, LLC, its General Partner, By:/s/ George F. Hamel. Jr., Chief Operating Officer   12/27/2010
**Signature of Reporting Person Date
 VA PARTNERS I, LLC, By:/s/ George F. Hamel. Jr., Chief Operating Officer   12/27/2010
**Signature of Reporting Person Date
 VALUEACT CAPITAL MANAGEMENT, L.P., By: VALUEACT CAPITAL MANAGEMENT, LLC, its General Partner, Chief Operating Officer   12/27/2010
**Signature of Reporting Person Date
 VALUEACT CAPITAL MANAGEMENT, LLC, By:/s/ George F. Hamel. Jr., Chief Operating Officer   12/27/2010
**Signature of Reporting Person Date
 VALUEACT HOLDINGS GP, LLC, By:/s/ George F. Hamel. Jr., Chief Operating Officer   12/27/2010
**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) The securities reported herein are directly beneficially owned by ValueAct Capital Master Fund, L.P. and may be deemed to be indirectly beneficially owned by (i) VA Partners I, LLC as General Partner of ValueAct Capital Master Fund, L.P., (ii) ValueAct Capital Management, L.P. as the manager of ValueAct Capital Master Fund, L.P., (iii) ValueAct Capital Management, LLC as General Partner of ValueAct Capital Management, L.P., (iv) ValueAct Holdings, L.P. as the sole owner of the limited partnership interests of ValueAct Capital Management, L.P. and the membership interests of ValueAct Capital Management, LLC and as the majority owner of the membership interests of VA Partners I, LLC and (v) ValueAct Holdings GP, LLC as General Partner of ValueAct Holdings, L.P.
(2) Each reporting person listed herein disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, and this report shall not be deemed an admission that such person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
(3) Each restricted share unit (RSU) represents a contingent right to receive one share of Common Stock, no par value, of Valeant Pharmaceuticals International, Inc. (the "Common Stock"). The RSUs were awarded to G. Mason Morfit as a Director of the Issuer.
(4) Represents dividend equivalents accrued on RSUs as a result of a dividend paid on the Common Stock on December 22, 2010.
(5) Under an agreement with ValueAct Capital, G. Mason Morfit is deemed to hold the restricted share units for the benefit of ValueAct Capital Master Fund, L.P. and indirectly for (i) VA Partners I, LLC as General Partner of ValueAct Capital Master Fund, L.P., (ii) ValueAct Capital Management, L.P. as the manager of ValueAct Capital Master Fund, L.P., (iii) ValueAct Capital Management, LLC as General Partner of ValueAct Capital Management, L.P., (iv) ValueAct Holdings, L.P. as the sole owner of the limited partnership interests of ValueAct Capital Management, L.P. and the membership interests of ValueAct Capital Management, LLC and as the majority owner of the membership interests of VA Partners I, LLC and (v) ValueAct Holdings GP, LLC as General Partner of ValueAct Holdings, L.P.
 
Remarks:
-The reporting persons herein may be deemed to be members of a "group" for purposes of the Securities Exchange Act of 1934, as amended. Each reporting person disclaims beneficial ownership of any securities deemed to be owned by the group that are not directly owned by such reporting person. This report shall not be deemed an admission that such reporting person is a member of a group or the beneficial owner of any securities not directly owned by such reporting person.

-G. Mason Morfit, a member of the management board of ValueAct Holdings GP, LLC, serves on the board of directors of the Issuer. As a result, the reporting persons herein may be deemed directors by deputization.

Joint Filer Information:

Name: ValueAct Capital Master Fund, L.P.
Address:435 Pacific Ave, 4th Floor, San Francisco, CA 94133
Designated Filer: ValueAct Holdings, L.P.
Issuer & Ticker: Valeant Pharmaceuticals International, Inc. (VRX)
Date of Event Requiring Statement: 12/22/10

Name: VA Partners I, LLC
Address:435 Pacific Ave, 4th Floor, San Francisco, CA 94133
Designated Filer: ValueAct Holdings, L.P.
Issuer & Ticker: Valeant Pharmaceuticals International, Inc. (VRX)
Date of Event Requiring Statement: 12/22/10

Name: ValueAct Capital Management, L.P.
Address:435 Pacific Ave, 4th Floor, San Francisco, CA 94133
Designated Filer: ValueAct Holdings, L.P.
Issuer & Ticker: Valeant Pharmaceuticals International, Inc. (VRX)
Date of Event Requiring Statement: 12/22/10

Name: ValueAct Capital Management, LLC
Address:435 Pacific Ave, 4th Floor, San Francisco, CA 94133
Designated Filer: ValueAct Holdings, L.P.
Issuer & Ticker: Valeant Pharmaceuticals International, Inc. (VRX)
Date of Event Requiring Statement: 12/22/10

Name: ValueAct Holdings GP, LLC
Address: 435 Pacific Ave, 4th Floor, San Francisco, CA 94133
Designated Filer: ValueAct Holdings, L.P.
Issuer & Ticker: Valeant Pharmaceuticals International, Inc. (VRX)
Date of Event Requiring Statement: 12/22/10

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