Valeant Pharmaceuticals International 10-Q/A 2003 Q3 Quarterly report (amended)

EXHIBIT 15.1

REVIEW REPORT OF INDEPENDENT ACCOUNTANTS

The Board of Directors and Stockholders of
Valeant Pharmaceuticals International (formerly ICN Pharmaceuticals, Inc.)

We have reviewed the accompanying consolidated condensed balance sheet of Valeant Pharmaceuticals International (formerly ICN Pharmaceuticals, Inc.) and its subsidiaries as of September 30, 2003 and the related consolidated condensed statements of income and comprehensive income for each of the three-month and nine-month periods ended September 30, 2003 and 2002 and the consolidated condensed statements of cash flow for the nine-month periods ended September 30, 2003 and 2002. These consolidated condensed interim financial statements are the responsibility of the Company’s management.

We conducted our review in accordance with standards established by the American Institute of Certified Public Accountants. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should be made to the accompanying consolidated condensed interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

We previously audited in accordance with auditing standards generally accepted in the United States of America, the consolidated balance sheet as of December 31, 2002, and the related consolidated statements of income, stockholders’ equity, and cash flows for the year then ended (not presented herein), and in our report dated March 6, 2003, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the consolidated condensed balance sheet as of December 31, 2002, is fairly stated in all material respects in relation to the consolidated balance sheet from which it has been derived.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP
Los Angeles, California
November 10 , 2003