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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

overall decrease in promotional spending. Selling and distribution expenses for the quarter ended September 30, 2008 decreased $0.7 million, or 3.0%, compared with the prior year quarter, primarily due to a reduction in average headcount in the quarter ended September 30, 2008 compared to the prior year quarter. General, administrative and other ("G&A") expenses in the quarter ended September 30, 2008 decreased $12.1 million, or 45.9%, compared with the prior year quarter. The decrease in G&A is due, in part, to a reduction in legal fees of $3.4 million in the quarter ended September 30, 2008 as compared to the prior year quarter. In addition, the quarter ended September 30, 2007 included a $9.0 million expense related to the settlement of a class action lawsuit in connection with the Company's OVCON 35 litigation.

Research and Development ("R&D")

Our investment in R&D for the quarter ended September 30, 2008 was $10.0 million, a decrease of $14.1 million, or 58.5%, compared with the prior year quarter. Included in R&D 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, which was triggered by the U.S. Food and Drug Administration's acceptance of LEO Pharma A/S's new drug application submission for TACLONEX scalp. Excluding the $14.0 million of payments during the quarter ended September 30, 2007, R&D was essentially flat period over period. Our product development activities are mainly focused on improvements to our existing products, new and enhanced dosage forms and new products delivering compounds which have been previously shown to be safe and effective.

Net Interest Expense

Net interest expense for the quarter ended September 30, 2008 was $23.6 million, a decrease of $4.7 million, o
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SOURCE Warner Chilcott Limited
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