Warner Chilcott Reports Operating Results for the Quarter Ended Septembe...(uarter primarily due to product launch e...),Health

Date:11/9/2007

uarter primarily due to product launch expenses incurred in the quarter ended September 30, 2006 related to LOESTRIN 24 FE and TACLONEX. Selling and distribution expenses for the quarter ended September 30, 2007 increased $2.2 million, or 10.7%, over the prior year quarter primarily due to the expansion of our field sales forces in the first half of 2007 to support the initiation of promotional activities for FEMCON FE. General, administrative and other expenses ("G&A") in the quarter ended September 30, 2007 decreased $35.5 million, or 57.4%, over the prior year quarter. The quarter ended September 30, 2006 included a $14.9 million one-time stock compensation expense and a one-time expense relating to the termination of the sponsor advisory and monitoring agreement of $27.4 million, each of which were incurred as a result of the Company's initial public offering in September 2006 ("IPO"). The quarter ended September 30, 2007 included a $9.0 million reserve related to the tentative settlement of the one remaining class action lawsuit brought by the direct purchaser plaintiffs in the OVCON 35 litigation. Excluding the impact of the $42.3 million of IPO related expenses and the $9.0 million settlement related to the OVCON 35 litigation, G&A expenses decreased by $2.2 million in the current quarter compared with the prior year quarter.

Research and Development ("R&D")

Our investment in R&D for the quarter ended September 30, 2007 was $24.1 million, an increase of $19.3 million, or 402.6%, compared with the prior year quarter. Included in the quarter ended September 30, 2007 was a $4.0 million upfront payment to Paratek Pharmaceuticals, Inc. to acquire certain rights to novel tetracyclines for the treatment of acne and rosacea. Also included in the quarter ended September 30, 2007 was a $10.0 million milestone payment to LEO Pharma A/S ("LEO"), which was triggered by the Food and Drug Administration's ("FDA") acceptance of LEO's New Drug Application ("NDA")
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SOURCE Warner Chilcott Limited Copyright©2007 PR Newswire. All rights reserved

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