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

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Masterson Richard Kevin

(Last)

(First)

(Middle)

C/O 7150 MISSISSAUGA ROAD

(Street)

MISSISSAUGA

L5N 8M5

(City)

(State)

(Zip)

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 ]

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 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)

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)
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

Explanation of Responses:

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.

	By: Angie Palmer, for Richard K. Masterson	01/27/2011
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.