SEC FORM 3

SEC Form 3

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
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Loberg Philip Walden Jr

(Last)

(First)

(Middle)

C/O 7150 MISSISSAUGA ROAD

(Street)

MISSISSAUGA

L5N 8M5

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
12/20/2010

3. Issuer Name and Ticker or Trading Symbol
Valeant Pharmaceuticals International, Inc. [ VRX ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	EVP, Interim CFO

5. If Amendment, Date of 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

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)
Common Stock, no par value	109,371	D

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: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Restricted Share Units	⁽¹⁾	⁽¹⁾	Common Stock, no par value	20,000⁽²⁾	$0	D
Stock Options (right to purchase)	12/20/2010	10/31/2016	Common Stock, no par value	13,989	$6.68	D
Stock Options (right to purchase)	⁽³⁾	10/30/2017	Common Stock, no par value	17,486	$5.29	D
Stock Options (right to purchase)	⁽⁴⁾	03/03/2017	Common Stock, no par value	62,636	$13.75	D
Stock Options (right to purchase)	⁽⁵⁾	11/11/2015	Common Stock, no par value	30,000	$26.41	D

Explanation of Responses:

1. Performance based Restricted Share Units (RSUs) 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. (the "Common Stock"), respectively, with early vesting possible at higher TSR levels.

2. Each RSU represents a contingent right to receive between zero and three shares of Common Stock, subject to performance based vesting criteria described in Footnote 1.

3. 8,744 Stock Options are currently exercisable. The remaining 8,742 Stock Options will vest and become exercisable on October 30, 2011.

4. The Stock Options vest in four equal annual installments commencing March 3, 2011.

5. The Stock Options vest in four equal annual installments commencing on October 8, 2011.

	By: Angie Palmer for Philip Loberg	12/27/2010
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
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