EXHIBIT 15.1


                    REVIEW REPORT OF INDEPENDENT ACCOUNTANTS





The Board of Directors of
ICN Pharmaceuticals, Inc.

We have reviewed the accompanying  consolidated  condensed  balance sheet of ICN
Pharmaceuticals,  Inc.  and  subsidiaries  as of March 31,  1997 and the related
consolidated  condensed  statements of income and cash flows for the three month
period ended March 31, 1997 and 1996.  These  consolidated  condensed  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 to financial
data 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 be in conformity with generally accepted accounting principles.

We have  previously  audited,  in accordance  with generally  accepted  auditing
standards,  the  consolidated  balance  sheet as of December 31,  1996,  and the
related consolidated statements of income,  shareholders' equity, and cash flows
for the year then ended (not  presented  herein);  and in our report dated March
14,  1997,  which  included  an  emphasis  of matter  paragraph  relating to the
Company's  net  monetary  assets at ICN  Yugoslavia  which  would be  subject to
foreign  exchange loss if a devaluation of the Yugoslavian  dinar were to occur,
as more fully described in Note 13 to the consolidated statements,  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, 1996, is fairly stated, in all material respects, in relation
to the consolidated balance sheet from which it has been derived.



COOPERS & LYBRAND L.L.P.
Newport Beach, California
May 8, 1997