8-K

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                     SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C. 20549
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                                  FORM 8-K

                               CURRENT REPORT

                   PURSUANT TO SECTION 13 OR 15(d) OF THE
                      SECURITIES EXCHANGE ACT OF 1934

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DATE OF REPORT:   July 25, 2002
DATE OF EARLIEST EVENT REPORTED:    July 24, 2002


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


      DELAWARE                        1-11397                   33-0628076
(State or other jurisdiction   (Commission File Number)     (I.R.S. Employer
   of incorporation or                                    Identification Number)
      organization)
                             3300 HYLAND AVENUE
                        COSTA MESA, CALIFORNIA 92626

                  (Address of principal executive offices)




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

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Item 5.   Other Events.
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          On July 24, 2002, the registrant issued the press release filed
          as Exhibit 99.1 hereto.

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

              99.1              Press release issued July 24, 2002.



                                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:  July 25, 2002

                                   ICN PHARMACEUTICALS, INC.


                                   By:   /s/ Gregory Keever
                                       -----------------------------------------
                                       Name: Gregory Keever
                                       Title: Executive Vice President, General
                                       Counsel and Corporate Secretary


                               EXHIBIT INDEX

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

              99.1              Press release issued July 24, 2002.

EX-99.1

                                                               Exhibit 99.1

 ICN PHARMACEUTICALS RECEIVES IRS LETTER RULING FOR TAX-FREE RIBAPHARM SPIN-OFF

      - COMPANY SAYS POTENTIAL SPIN-OFF SUBJECT TO STRATEGIC REVIEW -

COSTA MESA, Calif., July 24 /PRNewswire-FirstCall/ -- ICN Pharmaceuticals
(NYSE: ICN ) announced that the U.S. Internal Revenue Service issued a
private letter ruling to the company to treat a potential spin-off of
Ribapharm Inc. (NYSE: RNA) as a tax-free distribution. ICN had requested
the ruling earlier this year in connection with its past restructuring
plans. The ruling is one of several conditions necessary to complete a
potential spin-off.

ICN recently announced that its past restructuring plans, including a
potential spin-off of Ribapharm, are subject to re-evaluation under its
strategic review process initiated after the May 2002 annual stockholders
meeting at which significant changes in the board composition and
leadership of the company occurred. Decisions resulting from the strategic
review will be announced in due course.

ICN is an innovative, research-based pharmaceutical company that
manufactures, markets, and distributes a broad range of prescription and
non-prescription pharmaceuticals and devices under the ICN brand name. Its
research and new product development focuses on innovative treatments for
dermatology, oncology, and hepatology.

Additional information is also available on the company's Web site at
http://icnpharm.com.
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THE 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, projections
of future sales, operating income, returns on invested assets, regulatory
approval processes, and other risks detailed from time to time in the
company's Securities and Exchange Commission filings.

For further information please contact: Investors, Mariann Ohanesian,
+1-714-545-0100 ext. 3230, or Media, David Calef, +1-714-545-0100 ext.
3213, both of ICN Pharmaceuticals