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Warner Chilcott Reports Operating Results for the Quarter and Year ended December 31, 2007
Date:2/29/2008

the agreement, we obtained the exclusive U.S. rights to NexMed's topically applied alprostadil cream for the treatment of erectile dysfunction. We paid a license fee of $0.5 million which was recognized in R&D expense in the fourth quarter of 2007. The increase in our R&D activities, excluding the $0.5 million payment to NexMed, was $3.8 million, or 52.7%, which was mainly due to costs incurred in connection with clinical studies for two new oral contraceptives. We completed the enrollment of the first clinical study for a low-dose oral contraceptive in July 2007 and we completed enrollment of another clinical study for an oral contraceptive in December 2007.

Net Interest Expense

Interest expense, less interest income ("Net Interest Expense") for the quarter ended December 31, 2007 was $27.3 million, a decrease of $32.9 million, or 54.7%, from $60.2 million in the prior year quarter. The quarter ended December 31, 2007 included a $1.6 million write-off of deferred loan costs associated with an optional prepayment of $90.0 million under our senior secured credit facility. In the quarter ended December 31, 2006, the Company paid a premium in the amount of $18.4 million in connection with the optional redemption of $210.0 million of our 8.75% Senior Subordinated Notes ("Notes"). As a result of the optional redemption, the quarter ended December 31, 2006 included an $8.0 million write-off of deferred loan costs associated with the Notes. The quarter ended December 31, 2006 also included a $1.1 million write- off of deferred loan costs associated with an optional prepayment of $50.0 million under our senior secured credit facility. Excluding the premium payment and the write-offs of deferred loan costs, Net Interest Expense decreased $7.0 million, or 21.7%, in the current quarter. The decrease was primarily the result of reductions in outstanding debt which reduced the weighted average debt outstanding in the quarter ended December 31, 2007, as compared to
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SOURCE Warner Chilcott Limited
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