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Warner Chilcott Reports Operating Results for the Quarter Ended September 30, 2008 and Updates 2008 Full Year Guidance
Date:11/10/2008

Growth of promoted products and reduced operating costs continue to drive solid earnings growth.

ST. DAVID'S, Bermuda, Nov. 10 /PRNewswire-FirstCall/ -- Warner Chilcott Limited (Nasdaq: WCRX) today announced its results for the quarter ended September 30, 2008. Revenue in the quarter ended September 30, 2008 totaled $231.9 million, an increase of 2.4%, over the prior year quarter. The primary drivers of the increase in revenue were the net sales of our promoted products DORYX, LOESTRIN 24 FE, TACLONEX, and FEMCON FE, which together contributed $35.3 million of revenue growth for the quarter ended September 30, 2008 compared to the prior year quarter. The growth delivered by these products was offset primarily by significant declines in ESTROSTEP FE and SARAFEM net sales due to generic competition.

The Company reported net income of $40.1 million ($0.16 per diluted share) in the quarter ended September 30, 2008, compared with net income of $5.8 million ($0.02 per diluted share) in the prior year quarter. Cash net income ("CNI") in the quarter ended September 30, 2008 was $96.5 million, an increase of $36.0 million, compared to $60.5 million in the prior year quarter. Included in the quarter ended September 30, 2007 was a $9.0 million expense related to the settlement of the OVCON 35 litigation. Excluding the after-tax impact of this settlement in the quarter ended September 30, 2007, adjusted CNI increased $27.2 million, or 39.2%, to $96.5 million compared to adjusted CNI of $69.3 million in the prior year quarter.

References in this release to "cash net income" or "CNI" mean the Company's net income adjusted for the after-tax effects of two non-cash items: amortization of intangible assets and amortization (or write-o
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SOURCE Warner Chilcott Limited
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