e424b3
 

Filed Pursuant to Rule 424(b)(3)
Registration No. 333-112904
PROSPECTUS SUPPLEMENT NO. 4
(To Prospectus dated August 6, 2004)
(VALEANT LOGO)

Valeant Pharmaceuticals International

$240,000,000 3.0% Convertible Subordinated Notes due 2010

$240,000,000 4.0% Convertible Subordinated Notes due 2013
and the Common Stock Issuable upon Conversion of the Notes

        This prospectus supplement relates to the resale by various selling securityholders of $240,000,000 aggregate principal amount of our 3.0% convertible subordinated notes due 2010, $240,000,000 aggregate principal amount of our 4.0% convertible subordinated notes due 2013 and shares of our common stock into which the notes are convertible. This prospectus supplement may only be delivered or used in connection with our prospectus dated August 6, 2004. Our common stock is quoted on the New York Stock Exchange under the symbol “VRX.”

      Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Prospectus Supplement No. 4 dated September 27, 2004.

      The information appearing in the following table supplements or supersedes (where the name of the selling securityholder appears in our prospectus or any supplement thereto) in part the information in the table under the heading “Selling Securityholders” in our prospectus (as amended by any previous prospectus supplement) and was provided by or on behalf of the selling securityholders.

                                   
Principal Amount of Percentage of
Notes Beneficially Principal Amount of Number of Shares of Common
Owned Prior to Notes Offered by Common Stock That Stock
Name of Selling Securityholder(1) This Offering This Prospectus May Be Sold(2) Outstanding
3.0% convertible subordinated notes due 2010 (CUSIP No. 91911XAA2)                
Banc of America Securities LLC
  $ 1,800,000     $ 1,800,000       56,940       *  
Pioneer High Yield Fund
    10,500,000       10,500,000       332,152       *  
Pioneer High Yield VCT Portfolio
    2,500,000       2,500,000       79,084       *  
Pioneer U.S. High Yield Corp. Bond Sub Fund
    500,000       500,000       15,816       *  
Radcliffe SPC, Ltd (for and on behalf of the Class A Convertible Crossover Segregated Portfolio)
    0       0       0       0  
 
All other holders of 3.0% convertible subordinated notes due 2010 or shares of common stock issued on conversion of such notes and future transferees, pledgees, donees, and successors thereof(3)
  $ 5,814,000     $ 5,814,000       183,917       *  
     
     
     
     
 
4.0% convertible subordinated notes due 2013 (CUSIP No. 91911XAC8)                
Banc of America Securities LLC
  $ 6,995,000     $ 6,995,000       221,277       *  
Pioneer High Yield Fund
    4,650,000       4,650,000       147,096       *  
Pioneer U.S. High Yield Corp. Bond Sub Fund
    350,000       350,000       11,071       *  
 
All other holders of 4.0% convertible subordinated notes due 2013 or shares of common stock issued on conversion of such notes and future transferees, pledgees, donees, and successors thereof(3)
  $ 28,368,000     $ 28,368,000       897,381       1.06 %
     
     
     
     
 

  * Less than 1%.

(1)  Information concerning the selling securityholders may change from time to time. Any such changed information will be set forth in amendments or supplements to our prospectus dated August 6, 2004, if and when required.
 
(2)  Unless otherwise indicated, includes all shares of common stock issuable upon conversion of the notes and assumes a conversion rate of 31.6336 shares for each $1,000 principal amount of notes and a cash payment in lieu of any fractional share. However, this conversion rate will be subject to adjustment as described under “Description of the Notes — Conversion Rate Adjustments.” As a result, the number of shares of common stock offered hereby may increase or decrease in the future. Also assumes that the notes are convertible immediately. As described above under “Description of the Notes — Conversion of Notes,” the notes are convertible only in specified circumstances.
 
(3)  Information concerning other selling securityholders will be set forth in amendments or supplements to our prospectus dated August 6, 2004, if required.