Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF 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 *
  Masterson Richard Kevin
 2. Date of Event Requiring Statement (Month/Day/Year)
01/24/2011		 3. Issuer Name and Ticker or Trading Symbol
Valeant Pharmaceuticals International, Inc. [VRX]
(Last)
(First)
(Middle)
C/O 7150 MISSISSAUGA ROAD		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President,Biovial Labs Int SRL
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

MISSISSAUGA, A6 L5N 8M5		 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 Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Incentive Stock Options (right to purchase) 03/08/2008 03/08/2014 Common Stock, no par value 42,469 $ 9.42 D  
Non-Qualified Stock Options (right to purchase) 03/08/2008 03/08/2014 Common Stock, no par value 97,418 $ 9.42 D  
Non-Qualified Stock Options (right to purchase) 11/01/2009 11/01/2015 Common Stock, no par value 55,955 $ 6.33 D  
Non-Qualified Stock Options (right to purchase) 10/31/2010 10/31/2016 Common Stock, no par value 55,955 $ 6.68 D  
Non-Qualified Stock Options (right to purchase)   (1) 10/30/2017 Common Stock, no par value 15,386 $ 5.29 D  
Non-Qualified Stock Options (right to purchase) 11/26/2008 12/31/2017 Common Stock, no par value 25,180 $ 8.55 D  
Non-Qualified Stock Options (right to purchase)   (2) 05/11/2020 Common Stock, no par value 49,589 $ 17.36 D  
Non-Qualified Stock Options (right to purchase)   (3) 11/11/2015 Common Stock, no par value 60,000 $ 26.41 D  
Long-Term Performance Units   (4) 05/01/2015 Common Stock, no par value 5,595 $ 0 D  
Performance Based Restricted Share Units   (5) 12/28/2014 Common Stock, no par value 30,000 $ 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Masterson Richard Kevin
C/O 7150 MISSISSAUGA ROAD
MISSISSAUGA, A6 L5N 8M5		       President,Biovial Labs Int SRL  

Signatures

By: Angie Palmer, for Richard K. Masterson 01/27/2011
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(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 stock options are exercisable in four annual installments. The first installment of 3,848 options became exercisable on October 30, 2008, 3,846 became exercisable on each of October 30, 2009 and October 30, 2010. The reaming 3,846 become exercisable on October 30, 2011.
(2) The stock options vest in four equal annual installments beginning on May 11, 2011.
(3) The stock options vest in four equal annual installments beginning on October 8, 2011.
(4) Received upon conversion of the reporting person's Long-Term Performance Units that were held prior to the merger or Biovail Corporation and Valeant Pharmaceuticals International. The Long-Term Performance Units will vest based on total shareholder return (TSR) between a price of $14.96 starting on February 2, 2011 and the average stock price for the prior 20 trading days as of three measurement dates: 25% would vest on November 1, 2013, 50% on February 1, 2014 and 25% on May 1, 2014. Unit vesting is contingent on TSR performance between 15% and 45% into between one and three shares of common stock, respectively, with early vesting possible at higher TSR levels.
(5) Performance based Restricted Share Units (Share Units) that will vest based on total shareholder return (TSR) between a price of $26.51 starting on September 28, 2010 and the average stock price for the prior 20 trading days as of three measurement dates: 25% would vest on June 28, 2013, 50% on September 28, 2013 and 25% on December 28, 2013. Unit vesting is contingent on TSR performance between 15% and 45% into between one and three shares of common stock, no par value, of Valeant Pharmaceuticals International, Inc. (Common Stock), respectively, with early vesting possible at higher TSR levels.

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