Endo Pharmaceuticals Reports Fourth Quarter and Full-Year Financi...(Selling general and administrative...),Health

Date:2/27/2009

Selling, general and administrative 119,450 (2,703) (1) 116,747 Research and development 54,592 (27,075) (2) 27,517 Impairment of other intangible assets 889 (889) (3) - Operating income 67,606 30,667 98,273 Interest expense 27 - 27 Interest and other income, net (11,036) - (11,036) Income before income taxes 78,615 30,667 109,282 Income taxes 28,017 11,640 (4) 39,657 Net income $50,598 $19,027 $69,625 Diluted earnings per share $0.38 $0.52 Diluted weighted average shares 134,632 134,558 Notes to reconciliation of our GAAP statements of operations to our adjusted statements of operations: (1) To exclude stock-based compensation. (2) To exclude stock-based compensation ($285) and upfront and milestone payments to partners ($26,790). (3) To exclude impairment of other intangible assets. (4) To reflect the tax effect of the pre-tax adjustments above at the applicable tax rates.

The following tables provide a reconciliation of our GAAP statements of operations to our adjusted statements of operations for each of the twelve months ended December 31, 2008 and December 31, 2007 (Certain prior period amounts have been reclassified to conform to the current period presentation) (in thousands, except per share data):

    Year Ended December 31, 2008
      (unaudited)                       Actual
                                         (GAAP)     Adjustments     Adjusted

    Net sales                       $1,260,536           $-      $1,260,536
    Costs and ex
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SOURCE  Endo Pharmaceuticals
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