Warner Chilcott Reports Operating Results for the Quarter ended March 31, 2008 and Updates 2008 Full Yea...(or 42.2% over the prior year quarter. Th...)

Date:5/9/2008

or 42.2%, over the prior year quarter. The decrease in G&A is primarily due to a reduction in legal expenses of $9.8 million in the quarter ended March 31, 2008 as compared to the prior year quarter. The quarter ended March 31, 2007 included a $7.5 million expense related to the settlement of a class action lawsuit in connection with the Company's OVCON 35 litigation.

Research and Development ("R&D")

Our investment in R&D for the quarter ended March 31, 2008 was $12.2 million, an increase of $4.8 million, or 63.9%, compared with the prior year quarter. The increase in R&D activities was mainly due to costs incurred for clinical studies relating to two oral contraceptives as well as new projects which were initiated towards the end of 2007. We completed the enrollment of the clinical study for a new low-dose oral contraceptive in July 2007 and completed the enrollment for another clinical study for a second new oral contraceptive in December 2007. Our product development activities are mainly focused on improvements to our existing products, new and enhanced dosage forms and new products delivering compounds which have been previously shown to be safe and effective.

Net Interest Expense

Net interest expense for the quarter ended March 31, 2008 was $24.0 million, a decrease of $6.9 million, or 22.4%, from $30.9 million in the prior year quarter. Included in net interest expense in the quarter ended March 31, 2007 was $1.3 million relating to the write-off of deferred loan costs associated with the optional prepayment of $60.0 million of our senior secured credit facility. We did not make any optional prepayments of debt during the quarter ended March 31, 2008. The decrease in net interest expense in the 2008 period was primarily the result of cumulative reductions in outstanding debt during 2007 which reduced the average debt balance outstanding from $1,550.8 million in the quarter ended March 31, 2007 to $1,200.2 million in the quarter end
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SOURCE Warner Chilcott Limited Copyright©2008 PR Newswire. All rights reserved

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