Date:2/27/2009

penses: Cost of sales 267,235 - 267,235 Selling, general and administrative 488,063 (27,973) (1) 460,090 Research and development 110,211 (18,843) (2) 91,368 Impairment of other intangible assets 8,083 (8,083) (3) - Purchased in-process research and development (530) 530 (4) - Operating income 387,474 54,369 441,843 Interest expense 8,354 - 8,354 Interest and other income, net (23,080) (3,320) (5) (26,400) Income before income taxes 402,200 57,689 459,889 Income taxes 140,459 22,265 (6) 162,724 Net income $261,741 $35,424 $297,165 Diluted earnings per share $2.12 $2.40 Diluted weighted average shares 123,720 123,602 Notes to reconciliation of our GAAP statements of operations to our adjusted statements of operations: (1) To exclude stock-based compensation ($15,492), separation benefits ($10,459), contract termination costs ($540) and asset impairment charges ($1,482). (2) To exclude stock-based compensation ($1,442), upfront and milestone payments to partners ($8,910), separation benefits ($825), contract termination costs ($4,551) and asset impairment charges ($3,115). (3) To exclude impairment of other intangible assets. (4) To exclude purchased in-process research and development. (5) To exclude changes in fair value of financial instruments, net. (6) To reflect the tax effect of the pre-tax adjustments above at the applicable tax rates.

    Year Ended December 31
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SOURCE  Endo Pharmaceuticals
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