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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 (Date of the earliest event reported): March 4, 2009
 Valeant Pharmaceuticals International
  Delaware
    
    1-11397
    
    33-0628076(State or other jurisdiction of
    
    (Commission File Number)
    
    (I.R.S Employerincorporation or organization)
    
    
    
    Identification No.)
 One Enterprise
Aliso Viejo, California 92656
 (949) 461-6000
  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))




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TABLE OF CONTENTS  Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersSIGNATURES    Table of Contents  
 Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment
of Certain Officers; Compensatory Arrangements of Certain Officers.
  Plan Overview
   How Awards are Determined
  
    
    Threshold Financial Goals. Each division of the Company must meet specific minimum
financial goals tied to revenues and earnings which, if not met,
could result in the reduction or elimination of bonus awards for
the applicable Eligible Participants. Each corporate function must also meet certain cost
targets, which if not met, could result in the reduction or elimination of the bonus for
the applicable Eligible Participants.
    
    Initiatives. Bonus awards for Eligible Participants who are part of the research and
development division will be based in part on specific initiatives for that division.
Bonus awards for the business and corporate divisions will be based in part on the
achievement of the following strategic initiatives:
 o
    
    Maximize GSK alliance / File retigabine NDAo
    
    Deliver on Coria, DermaTech and Dow acquisition financial modelso
    
    Augment/replace Diastat or Cesameto
    
    Show significant progress towards $500 million growth strategies for Latin
America and Europe divisionso
    
    Partner, as appropriate, taribavirin, Dermatology pipelineo
    
    Continue to strengthen the Companys balance sheet
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Payout of Awards
   Changes in an Eligible Participants Employment Status
  
    
    Death, Disability, or Retirement If an Eligible Participants employment with the
Company is terminated because of death, disability or retirement, the Eligible
Participants award will be pro-rated based on the number of full months the Eligible
Participant has been employed during the year. The pro-rated award will be paid at the time
payments under the 2009 AIP are made to all participants.
    
    Other Reasons If the Eligible Participant resigns, or the Eligible Participants
employment is terminated other than due to death, disability or retirement, before the
awards under the 2009 AIP are paid, the Eligible Participant forfeits his or her award.
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SIGNATURES
  Date: March 10, 2009
    
    VALEANT PHARMACEUTICALS INTERNATIONAL/s/ Steve T. Min

Steve T. MinExecutive Vice President and General Counsel
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