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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 11-K/A
 x ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
 For the fiscal year ended: December 31, 2007
 TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
 For the transition period from _______ to _______
 Commission file Number 001-14471
 MEDICIS PHARMACEUTICAL CORPORATION 401(k) PLAN
  MEDICIS PHARMACEUTICAL CORPORATION
  
  MEDICIS PHARMACEUTICAL CORPORATION 401(k) PLAN




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EXPLANATORY NOTE
  Financial Statements and Supplemental Schedule




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##### 



Contents
 Report of Independent Auditors
    
    
    1Financial StatementsStatements of Net Assets Available for Benefits
    
    
    2Statement of Changes in Net Assets Available for Benefits
    
    
    3Notes to Financial Statements
    
    
    4Supplemental ScheduleSchedule of Assets (Held at End of Year)
    
    
    10EX-23.1




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1




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December 312007
    
    
    2006AssetsInvestments, at fair value
    
    $
    26,268,671
    
    
    $
    21,322,274Employer contributions receivable
    
    
    1,167,643
    
    
    
    900,781Participant contributions receivable
    
    
    64,134
    
    
    
    56,874Interest and dividend receivable
    
    
    2,337
    
    
    
    1,424Net assets available for benefits, at fair value
    
    
    27,502,785
    
    
    
    22,281,353Adjustment from fair value to contract value
for fully benefit-responsive investment
contracts
    
    
    (3,499
    )
    
    
    Net assets available for benefits
    
    $
    27,499,286
    
    
    $
    22,281,353
 See accompanying notes.
 2




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AdditionsInterest and dividend income
    
    $
    1,467,772Employee contributions
    
    
    3,773,705Rollover contributions
    
    
    357,548Employer contributions
    
    
    2,357,998Net realized and unrealized depreciation in fair value of investments
    
    
    (470,256
    )Net additions
    
    
    7,486,767DeductionsBenefits paid directly to participants
    
    
    2,265,909Administrative expenses
    
    
    2,925Total deductions
    
    
    2,268,834Net increase
    
    
    5,217,933Net assets available for benefits:Beginning of year
    
    
    22,281,353End of year
    
    $
    27,499,286
 See accompanying notes.
 3




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1. Description of the Plan
 General
  Contributions
   Participant Accounts
  4




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1. Description of the Plan (continued)
 Vesting
  Participant Loans
  Forfeitures
  Benefit Payments
  Plan Termination
  Administrative Expenses
  5




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2. Significant Accounting Policies
 Basis of Accounting
  Investments Valuation
  Reporting of Fully Benefit-Responsive Investment Contracts Held by Certain Investment
Companies Subject to the AICPA Investment Company Guide and Defined-Contribution Health and Welfare
and Pension Plans
    6




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2. Significant Accounting Policies (continued)
 Use of Estimates
  New Accounting Pronouncements
 Fair Value Measurements
 The Fair Value Option for Financial Assets and
Financial Liabilities
 7




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3. Investments
  2007
    
    
    2006American Fund Investment Co Amer R4
    
    $
    4,116,181
    
    
    $
    3,624,585Schwab Managed Retirement 2030
    
    
    3,052,706
    
    
    
    2,771,506William Blair International Growth Fund
    
    
    2,496,717
    
    
    
    1,876,678Goldman Sachs Mid Cap Value A
    
    
    2,064,042
    
    
    
    1,913,755Thornburg Intl Value I
    
    
    1,849,461
    
    
    
    *Medicis Pharmaceutical Corporation Class A Common Stock
    
    
    1,729,316
    
    
    
    1,774,062Brandywine Blue Fund
    
    
    1,674,269
    
    
    
    *Schwab Managed Retirement 2020
    
    
    1,635,143
    
    
    
    1,250,587UBS U.S. Small Cap Growth C1 Y
    
    
    1,514,338
    
    
    
    1,227,793Cohen & Steers Realty Shares
    
    
    *
    
    
    
    1,427,061
 
 *Investment balance represents less than 5% of net assets for indicated year.  Mutual funds
    
    $
    (208,478
    )Common collective trust funds
    
    
    274,241Common stock
    
    
    (536,019
    )Total
    
    $
    (470,256
    )
 4. Income Tax Status
  8




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5. Parties-In-Interest
  6. Reconciliation of Financial Statements to Form 5500
  Net assets available for benefits per the financial statements
    
    $
    27,499,286Investment contract valuation  adjustment from contract value to fair value
    
    
    3,499Net assets available for benefits per Form 5500
    
    $
    27,502,785
 7.  Other Matters
  9




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Description of InvestmentIncluding Maturity Date, Rateof Interest, Collateral, Par,
    
    
    
    CurrentIdentity of Issue, Borrower, Lessor, or Similar Party
    
    Shares or Maturity Value
    
    Cost
    
    ValueMutual funds:American Fund Investment Co Amer R4
    
    Registered Investment Company
    
    **
    
    $
    4,116,181Cohen & Steers Institutional Global Realty
    
    Registered Investment Company
    
    **
    
    
    841,505Goldman Sachs Mid Cap Value A
    
    Registered Investment Company
    
    **
    
    
    2,064,042MFS Value Fund Class A
    
    Registered Investment Company
    
    **
    
    
    1,113,381PIMCO Total Return Fund Cl A
    
    Registered Investment Company
    
    **
    
    
    452,460Thornburg International Value I
    
    Registered Investment Company
    
    **
    
    
    1,849,461UBS U.S. Small Cap Growth Cl Y
    
    Registered Investment Company
    
    **
    
    
    1,514,338William Blair International Growth Fund
    
    Registered Investment Company
    
    **
    
    
    2,496,717Alliancebernstein Value Adv Cl
    
    Registered Investment Company
    
    **
    
    
    301,930Brandywine Blue Fund
    
    Registered Investment Company
    
    **
    
    
    1,674,269Allianz NACM Pacific Rim Fund Cl D
    
    Registered Investment Company
    
    **
    
    
    12,221Amcent: Benham International Bond
    
    Registered Investment Company
    
    **
    
    
    35,095Brandywine Advisors Fund
    
    Registered Investment Company
    
    **
    
    
    22,574CGM Focus Fund
    
    Registered Investment Company
    
    **
    
    
    4,358Cohen & Steers Intl Realty Cl A
    
    Registered Investment Company
    
    **
    
    
    7,453DFA Five-year Globalfixed Inc. Port
    
    Registered Investment Company
    
    **
    
    
    10,353DFA Real-estate Securities Portfolio
    
    Registered Investment Company
    
    **
    
    
    27,429DFA Two-year Global Fixed-Income
    
    Registered Investment Company
    
    **
    
    
    30,193DFA US Large Cap Value Portfolio
    
    Registered Investment Company
    
    **
    
    
    5,013DFA US Large Company Portfolio
    
    Registered Investment Company
    
    **
    
    
    31,757DFA US Micro Cap Port
    
    Registered Investment Company
    
    **
    
    
    10,055DFA US Small Cap Value Portfolio
    
    Registered Investment Company
    
    **
    
    
    13,992Dodge & Cox Income FD
    
    Registered Investment Company
    
    **
    
    
    20,588Dodge & Cox Intl Stock Fund
    
    Registered Investment Company
    
    **
    
    
    10,482Franklin Aggressive
    
    Registered Investment Company
    
    **
    
    
    14,607Harbor Capital Appr FD Investor CL
    
    Registered Investment Company
    
    **
    
    
    7,970Hartford Growth Opportunities FD
    
    Registered Investment Company
    
    **
    
    
    20,339Income Fund of America Cl F American
    
    Registered Investment Company
    
    **
    
    
    9,924Janus Twenty Fund
    
    Registered Investment Company
    
    **
    
    
    15,232Janus Worldwide Fund
    
    Registered Investment Company
    
    **
    
    
    18,126Loomis Sayles Bond Fund CL R
    
    Registered Investment Company
    
    **
    
    
    14,987Marsico Focus Fund
    
    Registered Investment Company
    
    **
    
    
    29,316NB Focus Fund
    
    Registered Investment Company
    
    **
    
    
    11,891Oakmark Fund
    
    Registered Investment Company
    
    **
    
    
    76,266Old Mutual Large Cap Growth Fund
    
    Registered Investment Company
    
    **
    
    
    12,069PIMCO Total Return Fund Instl Class
    
    Registered Investment Company
    
    **
    
    
    50,232
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Description of InvestmentIncluding Maturity Date, RateIdentity of Issue, Borrower, Lessor, or
    
    of Interest, Collateral, Par,
    
    
    
    CurrentSimilar Party
    
    Shares or Maturity Value
    
    Cost
    
    ValueMutual funds (continued):Pioneer High Yield FD CL A
    
    Registered Investment Company
    
    **
    
    $
    9,987Rowe T Price Emerging
    
    Registered Investment Company
    
    **
    
    
    5,303* Schwab S&P 500 Index Fund Inv Sh
    
    Registered Investment Company
    
    **
    
    
    20,872T Rowe Price New Asia Fund
    
    Registered Investment Company
    
    **
    
    
    10,696T Rowe Price New Era Fund
    
    Registered Investment Company
    
    **
    
    
    14,461Templeton Growth Fund Class A
    
    Registered Investment Company
    
    **
    
    
    19,757Vanguard F-I SECS I-T US Treasury
    
    Registered Investment Company
    
    **
    
    
    22,549Vanguard Growth & Income
    
    Registered Investment Company
    
    **
    
    
    12,045Vanguard Inflation Protected SEC FD
    
    Registered Investment Company
    
    **
    
    
    34,927Common collective trust funds:* Schwab Managed Retirement 2010
    
    Common Collective Trust Fund
    
    **
    
    
    371,252* Schwab Managed Retirement 2020
    
    Common Collective Trust Fund
    
    **
    
    
    1,635,143* Schwab Managed Retirement 2030
    
    Common Collective Trust Fund
    
    **
    
    
    3,052,706* Schwab Managed Retirement 2040
    
    Common Collective Trust Fund
    
    **
    
    
    540,631* Schwab Managed Retirement 2050
    
    Common Collective Trust Fund
    
    **
    
    
    79,145* Schwab Managed Retirement INC
    
    Common Collective Trust Fund
    
    **
    
    
    12,945* Schwab Stable Value Fund
    
    Common Collective Trust Fund
    
    **
    
    
    1,299,530Common stock:* Medicis Pharmaceutical Corporation Class A
Common Stock
    
    Employer Securities
    
    **
    
    
    1,729,316* Participant loans
    
    Interest rates ranging from
7.0%to 9.5%; various maturities
    
    **
    
    
    238,267Money marketStock Liquidity
    
    Money Market
    
    
    
    
    143Short-term investments:
    
    
    
    *** Schwab Advisor Cash Reserves
    
    Short-term investments
    
    
    
    
    4,188* Schwab Money Market Fund
    
    Short-term investments
    
    
    
    
    207,999* Cash
    
    Short-term investments
    
    **
    
    
    3$
    26,268,671
 
 *Party in interest as defined by ERISA**Investments are participant-directed, therefore cost information is not required. 11




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The Plan
 MEDICIS
PHARMACEUTICAL CORPORATION 401(k) PLAN
  Date: July 12, 2011
    By:
    /s/ RICHARD D. PETERSONRichard D. PetersonExecutive Vice President, Chief Financial
Officer and Treasurer of Medicis
Pharmaceutical Corporation, issuer of the
securities held pursuant to the Plan (Plan
Administrator)