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Valeant Pharmaceuticals Reports Fourth Quarter and Full Year Financial Results
Date:2/24/2009

ALISO VIEJO, Calif., Feb. 24 /PRNewswire-FirstCall/ -- Valeant Pharmaceuticals International (NYSE: VRX) today announced fourth quarter and full year financial results for 2008.

"With our new strategic initiatives beginning to take hold in the fourth quarter, we continue to make strides in staging Valeant for sustainable future growth," said J. Michael Pearson, chairman and chief executive officer. "We added to our future revenue and cash flow potential by acquiring three solid dermatology businesses, while we continue to see the impact of our cost reduction efforts. We exceeded our goal of $0.60 - $0.80 cash earnings per share for 2008 and expect this solid progress to continue into 2009."

New Segment Information:

We restructured our organization in the fourth quarter of 2008 in order to improve our execution and align our resources and product development efforts in the markets in which we operate. Our products are sold through three new segments comprising of Specialty Pharmaceuticals, Branded Generic - Europe and Branded Generic - Latin America. The Specialty Pharmaceuticals segment includes product revenues primarily from the U.S., Canada, Australia and divested businesses located in Argentina, Uruguay and Asia. The Branded Generic - Europe segment includes product revenues from branded generic pharmaceutical products primarily in Poland, Hungary, the Czech Republic and Slovakia. The Branded Generic - Latin America segment includes product revenues from branded generic pharmaceutical products primarily in Mexico and Brazil.

Revenues:

Total revenue was $183.0 million in the fourth quarter of 2008 as compared to $188.9 million in the fourth quarter of 2007.

Specialty Pharmaceutical product sales were $89.2 million in the fourth quarter of 2008, as compared to $91.7 million in the fourth quarter of 2007, a decrease of 3% primarily due to operations divested in the first half of 2008 and the impact of unfavorable currency fluctuations, partially offset by product sales from acquisitions completed in the fourth quarter of 2008. At constant exchange rates, net of acquired and divested product sales, specialty pharmaceutical product sales in the fourth quarter of 2008 were flat as compared to the fourth quarter of 2007. Excluding divested businesses, product sales for the specialty pharmaceutical operations grew 6% for the quarter, and 11% at constant exchange rates.

Sales in Branded Generic - Latin America in the 2008 fourth quarter were $36.9 million as compared to $44.4 million in the same period in the prior year, primarily due to unfavorable currency fluctuations of $7.3 million. Product sales at constant exchange rates in Latin America were flat as compared to the fourth quarter of 2007.

Sales in Branded Generic - Europe were $35.9 million in the 2008 fourth quarter as compared to $35.9 million in the same period in the prior year. Product sales at constant exchange rate increased $4.4 million, or 12% over the fourth quarter in the prior year.

Alliance revenue increased 24% to $21.0 million in the 2008 fourth quarter as compared to $16.9 million in the same period in 2007. This increase is due to the recognition of deferred revenues of $4.4 million from the retigabine collaboration agreement with GlaxoSmithKline (GSK).

Operating Expenses/Earnings:

The company's cost of goods sold was 26% for both the 2008 fourth quarter and the fourth quarter of 2007.

Selling, General and Administrative expenses decreased 7% in the fourth quarter of 2008 to $66.4 million as compared to $71.5 million in the fourth quarter of 2007, primarily due to the benefit of exchange rates and cost reduction activities at the company.

Research and development costs decreased 60% to $11.9 million in the 2008 fourth quarter as compared to $29.4 million reported in the same period in 2007. This decrease is due to the effect of the GSK collaboration, as well as cost reduction efforts by the company. Under collaboration accounting R&D spending in the quarter on the collaboration was offset by a credit from the initial upfront payment.

In the fourth quarter, the company recorded purchased in-process research and development charges of $186.3 million, related primarily to the previously announced acquisition of Dow Pharmaceutical Sciences, Inc. The company also recorded restructuring, asset impairment and disposition expenses of $17.0 million in the quarter.

Loss from continuing operations was $150.5 million for the fourth quarter of 2008, or a loss of $1.82 per diluted share as compared to income from continuing operations of $2.1 million, or $0.02 per diluted share for the fourth quarter of 2007. Valeant intends to continue to buy assets in the future, which means that company financials will be subject to certain adjustments for purchase accounting that could significantly change GAAP EPS. Valeant believes that excluding these adjustments, such as acquired in-process research and development (IPR&D), restructuring, asset impairments and dispositions, amortization expense, gain on early extinguishment of debt and the tax effect of such changes, facilitates investors' understanding of the trends in the company's underlying business. Therefore, the company uses a Cash EPS metric to evaluate company financial performance. On a non-GAAP basis, or Cash EPS basis, adjusted income from continuing operations was $43.2 million or $0.52 per diluted share in the fourth quarter of 2008 as compared to adjusted income from continuing operations of $25.1 million, or $0.28 per diluted share in the fourth quarter of 2007. For the full 2008 year, Cash EPS was $0.81 as compared to $0.86 for the full year 2007.

2009 Guidance

The company has provided a Cash EPS target of between $1.35 and $1.60 in 2009. This calculation of Cash EPS will exclude certain items, such as acquired IPR&D, restructuring, asset impairments and dispositions, amortization expense and the tax effect of such changes and, for 2009, the new non-cash accounting charge for interest on the convertible debt related to FSP APB 14-1.

Conference Call and Webcast Information:

Valeant will host a conference call today at 11:00 a.m. EST (8:00 a.m. PST) to discuss its 2008 fourth quarter and year end results. The dial-in number to participate on this call is (877) 295-5743, confirmation code 83660030. International callers should dial (973) 200-3961, confirmation code 83660030. A replay will be available approximately two hours following the conclusion of the conference call through March 3, 2009 and can be accessed by dialing (800) 642-1687, or (706) 645-9291, confirmation code 83660030. The company will webcast the conference call live over the Internet. The webcast may be accessed through the investor relations section of Valeant's corporate Web site at www.valeant.com.

About Valeant:

Valeant Pharmaceuticals International (NYSE: VRX) is a multinational specialty pharmaceutical company that develops and markets a broad range of pharmaceutical products primarily in the areas of neurology and dermatology. More information about Valeant can be found at www.valeant.com.

Forward-looking Statements:

This press release contains forward-looking statements, including, but not limited to, statements regarding the growth and future development of the company, future acquisitions or dispositions of assets and guidance with respect to expected results of operation. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties related to the company's ability to realize the benefits of its strategic restructuring plan, market conditions and other factors that may influence the company's determination as to whether and when to repurchase its securities, the ability of the company to complete the programs in compliance with applicable requirements, and other risks and uncertainties discussed in the company's annual report on Form 10-K for the year ended December 31, 2007 and other filings with the SEC. Valeant wishes to caution the reader that these factors are among the factors that could cause actual results to differ materially from the expectations described in the forward-looking statements. Valeant also cautions the reader that undue reliance should not be placed on any of the forward-looking statements, which speak only as of the date of this release. The company undertakes no obligation to update any of these forward- looking statements to reflect events or circumstances after the date of this release or to reflect actual outcomes.

Non-GAAP Information:

To supplement the consolidated financial results prepared in accordance with generally accepted accounting principles (GAAP), the company uses non- GAAP financial measures that exclude certain items, such as in-process research and development, restructuring, amortization, gain on early extinguishment of debt, and certain taxes. Management does not consider the excluded items part of day-to-day business or reflective of the core operational activities of the company as they result from transactions outside the ordinary course of business. Management uses non-GAAP financial measures internally for strategic decision making, forecasting future results and evaluating current performance. By disclosing non-GAAP financial measures, management intends to provide investors with a more meaningful, consistent comparison of the company's core operating results and trends for the periods presented. Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is not necessarily comparable to other companies and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

    Financial Tables, including a reconciliation of GAAP to non-GAAP financial
measures, follow.

     Contact:
     Laurie W. Little
     Valeant Pharmaceuticals
     949-461-6002
     laurie.little@valeant.com



    Valeant Pharmaceuticals International                              Table 1
    Consolidated Condensed Statement of Income
    For the Three and Twelve Months Ended December 31, 2008 and 2007

                          Three Months Ended        Twelve Months Ended
                             December 31,               December 31,
    (In thousands, except                       %                         %
    per share data)           2008      2007  Change    2008      2007  Change

    Product sales          $162,023  $171,991   -6%  $593,165  $603,051   -2%
    Alliance revenue (a)     20,991    16,949   24%    63,812    86,452  -26%
        Total revenues      183,014   188,940   -3%   656,977   689,503   -5%

    Cost of goods sold       41,589    44,976   -8%   167,916   158,060    6%
    Selling, general and
     administrative
     ("SG&A")                66,350    71,478   -7%   278,019   292,001   -5%
    Research and
     development costs,
     net                     11,867    29,429  -60%    86,967    97,957  -11%
    Acquired in-process
     research and
     development            186,300       -     -     186,300        -     -
    Restructuring, asset
     impairments and
     dispositions            17,001     9,601   77%    21,295    27,675  -23%
    Amortization expense     12,357    13,438   -8%    49,973    55,985  -11%

                            335,464   168,922   99%   790,470   631,678   25%

        Income (loss) from
         operations        (152,450)   20,018        (133,493)   57,825

    Interest expense, net      (798)   (5,864)        (13,357)  (25,337)
    Gain (loss) on early
     extinguishment of
     debt                     3,327       -           (11,555)      -
    Other income
     (expense), net
     including
     translation and
     exchange                 5,447      (844)          2,063     1,659

    Income (loss) from
     continuing
     operations before
     income taxes and
     minority interest     (144,474)   13,310        (156,342)   34,147

    Provision for income
     taxes                    5,974    11,224          39,701    13,535
    Minority interest             2       -                 7         2
    Income (loss) from
     continuing
     operations            (150,450)    2,086        (196,050)   20,610

    Income (loss) from
     discontinued
     operations, net        (14,798)  (22,419)        172,336   (26,796)


        Net loss          $(165,248) $(20,333)       $(23,714)  $(6,186)


    Basic earnings (loss)
     per common share:
      Income (loss)
       from continuing
       operations            $(1.82)    $0.02          $(2.24)    $0.22
      Discontinued
       operations, net        (0.18)    (0.24)           1.97     (0.29)
      Net loss               $(2.00)   $(0.22)         $(0.27)   $(0.07)
      Shares used in
       per share
       computation           82,585    90,459          87,480    93,029

    Diluted earnings
     (loss) per common
     share:
      Income (loss)
       from continuing
       operations            $(1.82)    $0.02          $(2.24)    $0.22
      Discontinued
       operations, net        (0.18)    (0.24)           1.97     (0.29)
      Net loss               $(2.00)   $(0.22)         $(0.27)   $(0.07)
      Shares used in
       per share
       computation           82,585    90,978          87,480    93,976

    (a) Alliance revenue for the three and twelve months ended December 31,
    2008 relates to ribavirin royalty of $16.6 million and $59.4 million
    respectively and alliance revenue from the GSK collaboration of $4.4
    million in the three and twelve months ended December 31, 2008. Alliance
    revenue for the three and twelve months ended December 31, 2007 includes
    ribavirin royalties of $16.9 million and $67.3 million respectively and a
    $19.2 million milestone payment received from Schering-Plough related to
    the out-licensing of pradefovir in the twelve months ended December 31,
    2007.



    Valeant Pharmaceuticals International                              Table 2
    Reconciliation of GAAP EPS to Cash EPS
    For the Three and Twelve Months Ended December 31, 2008 and 2007

                                       Three Months Ended  Twelve Months Ended
                                          December 31,         December 31,
    (In thousands, except per share
     data)                                2008      2007      2008      2007

    Income (loss) from continuing
     operations                        $(150,450)  $2,086  $(196,050) $20,610

    Non-GAAP adjustments:
    Acquired in-process research and
     development                         186,300      -      186,300      -
    Restructuring, asset impairments
     and dispositions                     17,001    9,601     21,295   27,675
    Amortization expense                  12,357   13,438     49,973   55,985
                                         215,658   23,039    257,568   83,660
    (Gain) loss on early
     extinguishment of debt               (3,327)     -       11,555      -
    Tax on adjustments                   (18,726)     (44)    (1,351) (22,985)
    Total adjustments, net of tax        193,605   22,995    267,772   60,675

    Adjusted income from continuing
     operations                          $43,155  $25,081    $71,722  $81,285

    GAAP earnings per share - diluted     $(1.82)   $0.02     $(2.24)   $0.22

    Cash earnings per share - diluted      $0.52    $0.28      $0.81    $0.86

    Shares used in diluted per share
     calculation - GAAP earnings per
     share                                82,585   90,978     87,480   93,976

    Shares used in adjusted diluted
     per share calculation - Cash
     earnings per share                   83,738   90,978     88,467   93,976


    To supplement the financial measures prepared in accordance with generally
    accepted accounting principles (GAAP), the company uses non-GAAP financial
    measures that exclude certain items, such as acquired in-process research
    and development, restructuring, asset impairments and dispositions,
    amortization expense and the tax effect of such charges.   Management uses
    non-GAAP financial measures internally for strategic decision making,
    forecasting future results and evaluating current performance. By
    disclosing non-GAAP financial measures, management intends to provide
    investors with a more meaningful, consistent comparison of the company's
    core operating results and trends for the periods presented. Non-GAAP
    financial measures are not prepared in accordance with GAAP; therefore,
    the information is not necessarily comparable to other companies and
    should be considered as a supplement to, not a substitute for, or superior
    to, the corresponding measures calculated in accordance with GAAP.

    This presentation includes Cash Earnings Per Share, which is a non-GAAP
    financial measure that represents earnings per share, excluding acquired
    in-process research and development, restructuring assets impairments and
    dispositions, amortization expense, gain or loss on early extinguishment
    of debt and the tax effect of such charges.



    Valeant Pharmaceuticals International                              Table 3
    Consolidated Condensed Statement of Product Sales - by Segment
    For the Three and Twelve Months Ended December 31, 2008 and 2007
    (In thousands)
                              Three Months Ended       Twelve Months Ended
    Product sales                December 31,              December 31,
                                                 %                         %
                              2008      2007  Change    2008      2007  Change
    Specialty pharmaceuticals
    U.S.
      Dermatology (a)       $31,598   $30,170    5%   $91,708   $92,751   -1%
      Neurology & Other      39,855    35,187   13%   127,641   131,968   -3%
      Total U.S. (a)         71,453    65,357    9%   219,349   224,719   -2%
    Canada                   14,161    14,810   -4%    56,988    51,952   10%
    Australia (a)             3,558     4,109  -13%    21,602    19,467   11%
                             89,172    84,276    6%   297,939   296,138    1%
    Divested business           -       7,426   --      5,784    30,544  -81%
    Total specialty
     pharmaceuticals         89,172    91,702   -3%   303,723   326,682   -7%

    Branded generic -
     Latin America           36,930    44,381  -17%   136,638   151,299  -10%
    Branded generic -
     Europe                  35,921    35,908    0%   152,804   125,070   22%

                           $162,023  $171,991   -6%  $593,165  $603,051   -2%
    Total, net of divested
     businesses            $162,023  $164,565   -2%  $587,381  $572,507    3%


    Currency impact and product sales excluding currency impact

                                                     Three Months Ended
                                                        December 31,
                                                         2008
                                               2008   excluding
                                             currency currency             %
                                              impact   impact    2007   Change

    Specialty pharmaceuticals
    U.S.                                       $-     $71,453   $65,357    9%
    Canada                                    3,309    17,470    14,810   18%
    Australia                                 1,155     4,713     4,109   15%
                                              4,464    93,636    84,276   11%
    Divested business                           -         -       7,426   --
    Total specialty pharmaceuticals           4,464    93,636    91,702    2%

    Branded generic - Latin America           7,300    44,230    44,381    0%
    Branded generic - Europe                  4,445    40,366    35,908   12%

                                            $16,209  $178,232  $171,991    4%
    Total, net of divested businesses       $16,209  $178,232  $164,565    8%


                                                    Twelve Months Ended
                                                        December 31,
                                                         2008
                                               2008   excluding
                                             currency currency             %
                                              impact   impact    2007   Change

    Specialty pharmaceuticals
    U.S.                                       $-    $219,349  $224,719   -2%
    Canada                                       85    57,073    51,952   10%
    Australia                                  (633)   20,969    19,467    8%
                                               (548)  297,391   296,138    0%
    Divested business                            27     5,811    30,544  -81%
    Total specialty pharmaceuticals            (521)  303,202   326,682   -7%

    Branded generic - Latin America           1,218   137,856   151,299   -9%
    Branded generic - Europe                (17,935)  134,869   125,070    8%

                                           $(17,238) $575,927  $603,051   -4%
    Total, net of divested businesses      $(17,265) $570,116  $572,507    0%

    (a) Products sales in the U.S. and Australia in the three and twelve
    months ended December 31, 2008 include the sales of products acquired in
    the fourth quarter from Coria in the U.S. and DermaTech in Australia of
    $8.2 million and $0.8 million, respectively. Product sales excluding
    currency impact, divested businesses and sales of products acquired from
    Coria and DermaTech grew 3% for the three months ended December 31, 2008
    and declined 2% in the twelve months ended December 31, 2008.

    To supplement the financial measures prepared in accordance with generally
    accepted accounting principles (GAAP), the company uses non-GAAP financial
    measures that exclude certain items, such as acquired in-process research
    and development, restructuring, asset impairments and dispositions,
    amortization expense and the tax effect of such charges.   Management uses
    non-GAAP financial measures internally for strategic decision making,
    forecasting future results and evaluating current performance. By
    disclosing non-GAAP financial measures, management intends to provide
    investors with a more meaningful, consistent comparison of the company's
    core operating results and trends for the periods presented. Non-GAAP
    financial measures are not prepared in accordance with GAAP; therefore,
    the information is not necessarily comparable to other companies and
    should be considered as a supplement to, not a substitute for, or superior
    to, the corresponding measures calculated in accordance with GAAP.

    Note: Currency effect is determined by comparing adjusted 2008 reported
    amounts, calculated using 2007 monthly average exchange rates, to the
    actual 2007 reported amounts. Constant currency sales is not a GAAP-
    defined measure of revenue growth. Constant currency sales as defined and
    presented by us may not be comparable to similar measures reported by
    other companies.



    Valeant Pharmaceuticals International                              Table 4
    Consolidated Condensed Statement of Cost of Goods Sold and Non-GAAP
    Operating Income - by Segment
    For the Three and Twelve Months Ended December 31, 2008 and 2007
    (In thousands)

                                                   Three Months Ended
    Cost of sales                                     December 31,
                                                   % of                 % of
                                                  product              product
                                           2008    sales      2007      sales
    Specialty pharmaceuticals            $18,442    21%     $17,532      19%
    Branded generic - Latin America        9,193    25%      14,083      32%
    Branded generic - Europe              13,919    39%      13,277      37%

    Corporate                                 35     -           84       -

                                         $41,589    26%     $44,976      26%



                                                 Twelve Months Ended
                                                     December 31,
                                                   % of                 % of
                                                  product              product
                                           2008    sales      2007      sales
    Specialty pharmaceuticals            $64,027    21%     $66,589      20%
    Branded generic - Latin America       46,338    34%      44,486      29%
    Branded generic - Europe              58,408    38%      46,430      37%

    Corporate                               (857)    -          555       -

                                        $167,916    28%    $158,060      26%

                                                   Three Months Ended
    Non-GAAP operating income (a)                    December 31,
                                                                          %
                                                2008         2007      Change
    Specialty pharmaceuticals                 $34,768      $18,735       86%
    Branded generic - Latin America            13,624       13,500        1%
    Branded generic - Europe                   10,641       12,891      -17%

                                               59,033       45,126       31%

    Alliances & Corporate                       4,175       (2,069)      --

    Total Non-GAAP operating income           $63,208      $43,057       47%

                                                  Twelve Months Ended
    Non-GAAP operating income (a)                      December 31,

                                                                         %
                                                2008         2007     Change
    Specialty pharmaceuticals                 $44,300      $46,204      -4%
    Branded generic - Latin America            29,670       40,713     -27%
    Branded generic - Europe                   43,187       42,840       1%

                                              117,157      129,757     -10%

    Alliances & Corporate                       6,918       11,728     -41%

    Total Non-GAAP operating income          $124,075     $141,485     -12%


    Currency impact and non-GAAP operating income excluding currency impact

                                                   Three Months Ended
                                                      December 31,
                                                   2008
                                          2008   excluding
                                       currency   currency                %
                                        impact     impact       2007   Change
    Specialty pharmaceuticals           $1,356   $ 36,124    $ 18,735    93%
    Branded generic - Latin America      2,311     15,935      13,500    18%
    Branded generic - Europe             1,243     11,884      12,891    -8%

                                        $4,910    $63,943     $45,126    42%

                                                Twelve Months Ended
                                                     December 31,
                                                    2008
                                          2008     excluding
                                        currency   currency                %
                                         impact     impact     2007     Change
    Specialty pharmaceuticals            $(651)    $43,649   $46,204      -6%
    Branded generic - Latin America      1,626      31,296    40,713      -23%
    Branded generic - Europe            (4,508)     38,679    42,840      -10%

                                       $(3,533)   $113,624  $129,757      -12%

    (a) Excludes from GAAP operating income (loss) of ($152.5) million,
    ($133.5) million, $20.0 million and $57.8 million in the three and twelve
    months ended December 31, 2008 and 2007 respectively,  the following non-
    GAAP adjustments: acquired in-process research and development,
    restructuring, asset impairments and dispositions and amortization expense
    in the three and twelve months ended December 31, 2008 and December 31,
    2007 of $215.7 million and $257.6 million and  $23.0 million and $83.7
    million, respectively.

    To supplement the financial measures prepared in accordance with generally
    accepted accounting principles (GAAP), the company uses non-GAAP financial
    measures that exclude certain items, such as acquired in-process research
    and development, restructuring, asset impairments and dispositions,
    amortization expense and the tax effect of such charges.   Management uses
    non-GAAP financial measures internally for strategic decision making,
    forecasting future results and evaluating current performance. By
    disclosing non-GAAP financial measures, management intends to provide
    investors with a more meaningful, consistent comparison of the company's
    core operating results and trends for the periods presented. Non-GAAP
    financial measures are not prepared in accordance with GAAP; therefore,
    the information is not necessarily comparable to other companies and
    should be considered as a supplement to, not a substitute for, or superior
    to, the corresponding measures calculated in accordance with GAAP.

    Note: Currency effect is determined by comparing adjusted 2008 reported
    amounts, calculated using 2007 monthly average exchange rates, to the
    actual 2007 reported amounts. Constant currency sales is not a GAAP-
    defined measure of revenue growth. Constant currency sales as defined and
    presented by us may not be comparable to similar measures reported by
    other companies.



    Valeant Pharmaceuticals International                              Table 5
    Consolidated  Balance Sheet and Other Data
    (In thousands)
                                                    As of            As of
                                                 December 31,     December 31,
    Balance Sheet Data                              2008             2007

    Cash and cash equivalents (a)                 $199,582          $309,365
    Marketable securities (a)                       19,193            52,122
      Total cash and marketable securities        $218,775          $361,487

    Accounts receivable, net                      $144,509          $147,863
    Inventory, net                                  72,972            80,150
    Long-term debt                                 447,862           782,552

    (a) December 31, 2007 includes cash and cash equivalents and marketable
    securities of discontinued operations.

    Other Data                                       Twelve Months Ended
                                                         December 31,
                                                     2008               2007
    Cash flow provided by (used in):

    Operating activities, continuing
     operations                                    $206,770          $100,565
    Operating activities, discontinued
     operations                                       9,759            (8,044)
    Investing activities (b)                        169,918           (39,342)
    Financing activities (b)                       (475,004)          (93,317)
    Effect of exchange rate changes on
     cash and cash equivalents (b)                  (21,226)           23,924

    Net decrease in cash and cash
     equivalents (b)                               (109,783)          (16,214)
    Net increase (decrease) in marketable
     securities (b)                                 (32,929)           41,752

    Net increase (decrease) in cash and
     marketable securities (b)                    $(142,712)          $25,538

    (b) Includes results from discontinued operations.

                                                        Three months ended
    GSK Collaboration - Retigabine                       December 31, 2008

    Valeant SG&A                                                 $483
    Valeant R&D                                                10,193
                                                               10,676
    GSK                                                         2,394
                                                              $13,070
    Equalization (difference between
     individual partner costs and 50% of
     total)                                                    $4,141

                                          Three months ended December 31, 2008
                                           Balance   Alliance
                                            sheet    revenue    SG&A      R&D
    Accounting impact

    Upfront payment from GSK               $125,000        -        -       -
    Incurred cost                                                 483  10,193
    Release from upfront payment deferral    10,909   (4,374)    (483) (6,052)
                                            114,091
    Equalization receivable from GSK          4,141                    (4,141)
                                           $109,950  $(4,374)      $-      $-

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9. Crystal Research Associates, LLC Issues Executive Informational Overview(R) (EIO(R)) on Tapestry Pharmaceuticals, Inc.
10. Amylin Pharmaceuticals to Webcast Corporate Overview During 43rd Annual Meeting of the European Association for the Study of Diabetes
11. Major Pharma Clinical Case Studies From Amgen, AstraZeneca, GSK, Intermune, Cephalon Inc, Sunesis Pharmaceuticals and Dartmouth Medical School During Fall Clinical Focused Programs
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