SECURITIES AND EXCHANGE COMMISSION

                        Washington, D.C. 20549

                               FORM 8-K

                             CURRENT REPORT


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


Date of Report (Date of earliest event reported):  March 18, 1999



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



  Delaware                        1-11397                           33-0628076
(State or other            (Commission File Number)               (IRS Employer
 jurisdiction of                                         Identification Number)
 Incorporation)


3300 Hyland Avenue, Costa Mesa, California                              92626
 (Address of principal executive offices)                            (Zip code)


Registrant's telephone number, including area code:  (714) 545-0100


                          Not Applicable
      (Former name or address, if changed since last report)


 

 ITEM 5: OTHER EVENTS


         On  February  6,  1999,  the  government  of the  Federal  Republic  of
Yugoslavia  ("Yugoslavia")  acting through the Federal Ministry of health and/or
the  Ministry of Health of Serbia,  seized  control of the  Company's  75% owned
subsidiary, ICN Yugoslavia. This action, based on a decision by the Ministry for
Economic  and  Property  Transformation  that was reached on November  26, 1998,
effectively reduced the Company's equity ownership of ICN Yugoslavia from 75% to
35%. The Ministry of Economic and Property  Transformation decision was based on
the  unilaterally  imposed  recalculation  of  the  Company's  original  capital
contribution to ICN Yugoslavia.  Subsequent to the seizure, the Commercial Court
of Belgrade issued an order stating that a change in control had occurred. These
actions were taken,  contrary to Yugoslav law,  without any  notification  to or
representation by the Company.  Since the change of control,  representatives of
the  Company and ICN  Yugoslavia's  management  have been  denied  access to the
premises.

         The Company  believes  that this action was  unlawful  and violates the
provisions of the Foundation  Agreement entered into in 1991 when ICN Yugoslavia
was  formed.  The  Company has filed suit in the United  States  District  Court
seeking  damages as well as the return of the  assets  unlawfully  seized by the
government of Yugoslavia.

         As a result of the  above-described  actions,  the  Company  recorded a
charge of $230 million in the fourth quarter of 1998,  reflecting a write-off of
the Company's investment in ICN Yugoslavia and related investment.

         For the  year  ended  December  31,  1997  and the  nine  months  ended
September  30,  1998,  sales of ICN  Yugoslavia  were $226 million (30% of total
sales) and $126 million (20% of total sales), respectively.
  



                              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.



                               ICN PHARMACEUTICALS, INC.



Date:  March 18, 1999         By:   /s/ David C. Watt
                                    ----------------------------------------
                                    David C. Watt
                                    Executive Vice President
                                    General Counsel and Corporate Secretary