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 June 30,  1997 and the  related
consolidated  condensed  statements of income for the three and six month period
ended June 30, 1997 and 1996 and the consolidated  condensed  statements of cash
flows  for the six  month  periods  then  ended.  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 4,
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
July 31, 1997