8-K

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                     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:   MARCH 22, 2001
DATE OF EARLIEST EVENT REPORTED:   MARCH 22, 2001

                         ICN PHARMACEUTICALS, INC.
           (Exact name of registrant as specified in its charter)


        DELAWARE                    1-11397                   33-0628076
    (State or other          (Commission File Number)      (I.R.S. Employer
    jurisdiction of                                         Identification
   incorporation or                                            Number)
     organization)

                             3300 HYLAND AVENUE
                        COSTA MESA, CALIFORNIA 92626
                  (Address of principal executive offices)




REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:        (714) 545-0100

Item 5.  Other Events.
         ------------

         On March 22, 2001, the registrant issued the press release filed as
Exhibit 99.1 hereto.

Item 7.  Financial Statements and Exhibits.
         ---------------------------------

         Exhibit               Description
         -------               -----------

         99.1                  Press Release issued March 22, 2001.


                                 SIGNATURES

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

         Dated: March 22, 2001

                                      ICN PHARMACEUTICALS, INC.


                                      By: /s/ David C. Watt
                                          --------------------------------
                                          David C. Watt
                                          Executive Vice President,
                                          General Counsel and
                                          Corporate Secretary

                               EXHIBIT INDEX

Exhibit                    Description
- -------                    -----------

99.1                       Press Release issued March 22, 2001

EX-99.1

                                                            Exhibit 99.1

NEWS RELEASE
- ------------

Media:                                                   Investors:
- ------                                                   ----------
Peter Murphy                                             Joseph Schepers
714-545-0100 ext. 3213                                   212-754-4422



                             ICN International
          Files Initial Offering Circulars in London and Budapest



COSTA MESA, Calif., March 22, 2001 - - ICN Pharmaceuticals, Inc. (NYSE:
ICN) announced today that draft offering circulars relating to the proposed
international offering of shares and global depositary receipts ("GDRs") in
ICN International have been submitted on a confidential basis to the
Budapest and London Stock Exchanges.

On completion of the previously announced reorganization, ICN International
will comprise ICN's operations in Western Europe, Central and Eastern
Europe and Asia, Africa and Australia.

Subject to market conditions and regulatory approvals, it is proposed that
up to 40% of ICN International will be sold in an international offering in
the second quarter of 2001. It is intended that ICN International's shares
will be listed on the Budapest Stock Exchange and that GDRs representing
shares in ICN International will be listed on the London Stock Exchange.

ICN Chairman and Chief Executive Officer Milan Panic commented on the
proposed offering, saying, "The filing of the draft offering circulars with
the Budapest and London Stock Exchanges is an important milestone
demonstrating our ongoing commitment to split ICN into three publicly
traded entities".

Any securities of ICN International offered will not be and have not been
registered under the U.S. Securities Act of 1933, as amended, and may not
be offered or sold in the United States, absent registration or an
applicable exemption from registration requirements.

'SAFE HARBOR' STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995. This press release contains forward-looking statements that
involve risks and uncertainties, including but not limited to ICN's ability
to complete its restructuring plan according to stated timeframes, stock
exchange and other regulatory approval processes, legal, accounting and
other risks including those detailed from time to time in ICN's Securities
and Exchange Commission filings.

ICN is an innovative, research-based global pharmaceutical company that
manufactures, markets and distributes a broad range of prescription and
non-prescription pharmaceuticals under the ICN brand name. Its therapeutic
focus is on anti-infectives, including anti-virals, dermatology and
oncology. Additional information is also available on ICN's website at
http://www.icnpharm.com.

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