Exhibit 99.1

          ICN PHARMACEUTICALS PROVIDES SECOND QUARTER 2002 UPDATE


     COSTA MESA, CA, July 11, 2002 -- ICN Pharmaceuticals (NYSE: ICN)
announced today that it expects 2002 second quarter revenues to be
approximately $236 million. The company also expects that net income per
diluted share in the second quarter, excluding non-recurring and
extraordinary items, will be between $0.15 and $0.20 per share, rather than
the analyst consensus estimate of $0.44 per share reported on First Call.

     The company said the lower than anticipated second quarter operating
results primarily are due to the following factors:

     o    Lower product sales in ICN's North America division resulting
          from decisions to reduce inventories at the wholesale level;

     o    Lower than expected revenues for ICN's Photonics division;

     o    Additional research and development expenses from a recent North
          America acquisition; and,

     o    Lower than expected sales from operations in Russia.

     Robert W. O'Leary, newly appointed ICN chairman and chief executive
officer, said, "While we are disappointed with the lower revenue and
earnings figures in the second quarter, the fundamentals of ICN's business
remain strong. This is a profitable business with a strong product line
that produces excellent cash flow. I intend to focus on these strengths as
we look for opportunities to enhance our operations over the next few
months."

     The company also announced that it expects to record non-recurring
operating items in the second quarter of approximately $150 million, which
primarily include stock compensation costs related to ICN's employee
compensation plan; executive and director bonuses paid in connection with
the Ribapharm IPO; incentive compensation costs; costs incurred in ICN's
recent proxy contest; the write off of in-process research and development
expenditures related to a recent acquisition; and severance costs.

     The company also expects to record a one-time gain in the second
quarter from the Ribapharm IPO of approximately $250 million, as well as an
extraordinary loss (after taxes) of approximately $30 million from the
repurchase of debt.

     ICN indicated that due to the non-recurring items, it expects to
report an operating loss for the second quarter. However, because of the
gain from the Ribapharm IPO, the company expects to report a net profit for
the quarter.

     O'Leary continued, "As we announced two weeks ago, it will be prudent
for us to examine all aspects of ICN's business, including its overhead
structure, its operations in all regions, and its strategic business plan.
We expect to have more to say on this process shortly. Because of the
ongoing strategic review and the time needed to finalize the data from our
overseas operations, we expect to report final earnings on August 7, 2002."

     Ribapharm, Inc. (NYSE: RNA), a biopharmaceutical company that is 80
percent owned by ICN, announced today that it expects to report second
quarter royalty revenue in excess of $61 million for its drug ribavirin
marketed by Schering-Plough for treatment of chronic hepatitis C. Ribapharm
also expects to meet or exceed the current market consensus earnings
estimate of $0.17 per share.

Conference Call and Webcast
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     ICN will host a conference call and webcast at 7:30 A.M. PDT (10:30
A.M. EDT) today to discuss its preliminary second quarter results.
Analysts, investors and other interested parties are invited to participate
in the call by dialing (416) 640-1907. The confirmation code is 586015.
Those who wish to access the webcast may do so through the company's Web
site at www.icnpharm.com.
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     ICN is an innovative, research-based global 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 website at
http://www.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.