8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of the earliest event reported): June 17, 2008

Valeant Pharmaceuticals International

(Exact name of registrant as specified in its charter)

Delaware	1-11397	33-0628076
(State or other jurisdiction of	(Commission File Number)	(I.R.S Employer
incorporation or organization)		Identification No.)

One Enterprise
Aliso Viejo, California 92656
(Address of principal executive offices) (Zip Code)
(949) 461-6000
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

EXHIBIT 99.1

Item 8.01 Other Events

     On June 17, 2008, Valeant Pharmaceuticals International issued a press release announcing that its board of directors has authorized the repurchase of an additional $100 million of its outstanding common stock under the 2007 stock repurchase program. This repurchase authorization raises the aggregate repurchase authorization to $300 million from the $200 million over a period of 24 months previously approved by the board of directors. A copy of the press release is attached as Exhibit 99.1 to this report and is incorporated herein by this reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1      Press release dated June 17, 2008.

SIGNATURES

          Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	VALEANT PHARMACEUTICALS INTERNATIONAL
Date: June 17, 2008	By:	/s/ Peter J. Blott
		Peter J. Blott
		Executive Vice President and Chief Financial Officer

INDEX TO EXHIBITS

99.1      Press release dated June 17, 2008.

EX-99.1

Exhibit 99.1

International Headquarters
One Enterprise Aliso Viejo, CA 92656
949.461.6000 FAX 949.461.6636

Contact:
Laurie W. Little
949-461-6002

VALEANT PHARMACEUTICALS ANNOUNCES INCREASE IN SHARE REPURCHASE AUTHORIZATON

     ALISO VIEJO, Calif., June 17, 2008 – Valeant Pharmaceuticals International (NYSE: VRX) today announced that its board of directors has authorized the repurchase of an additional $100 million of its outstanding common stock under its 2007 stock repurchase program. This repurchase authorization raises the aggregate repurchase authorization to $300 million from the $200 million over a period of 24 months previously approved by the board on June 7, 2007. The repurchase program is designed to increase shareholder value and reflects the company’s confidence in the long-term value of its common stock.

     “The board’s authorization of the additional $100 million to the share repurchase program underscores its continued confidence in our strategy and our commitment to enhancing shareholder value,” said J. Michael Pearson, chairman and chief executive officer. “In addition, as we continue to receive cash from our planned divestitures, we have greater flexibility to engage in this repurchase program while continuing to strategically invest in our business to drive long-term growth.”

     Under the stock repurchase program, the company may selectively repurchase its stock from time to time on the open market, in privately negotiated transactions or otherwise, at times and in amounts as the company deems appropriate. The number of shares to be purchased and the timing of purchases may be subject to various factors, which may include the price of the common stock, general market conditions, corporate and regulatory requirements, including restrictions in the company’s debt covenants, and alternate investment opportunities. The share repurchase program may be modified or discontinued at any time.

About Valeant

     Valeant Pharmaceuticals International (NYSE:VRX) is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology and dermatology. More information about Valeant can be found at www.valeant.com.

FORWARD-LOOKING STATEMENTS:

     This press release contains forward-looking statements, including, but not limited to, statements regarding the company’s share repurchase program and its effect on shareholder value, and the ability of the company to repurchase its shares and the factors that may influence the company’s determination as to whether and when to repurchase its shares. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and

uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties related to the execution and success of the company’s share repurchase program and its ability to increase shareholder value, the ability of the company to fund the repurchase program and other strategic initiatives, market conditions and other factors that may influence the company’s determination as to whether and when to repurchase its shares, the ability of the company to complete the program in compliance with applicable requirements, including debt covenants, and other risks and uncertainties discussed in the company’s filings with the SEC. Valeant wishes to caution the reader that these factors are among the factors that could cause actual results to differ materially from the expectations described in the forward-looking statements. Valeant also cautions the reader that undue reliance should not be placed on any of the forward-looking statements, which speak only as of the date of this release. The company undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this release or to reflect actual outcomes.

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