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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

8.4% and the marginal tax rate for amortization and write-off of deferred financing costs was 16.4%.

Liquidity, Balance Sheet and Cash Flows

As of September 30, 2008, our cash and cash equivalents totaled $13.2 million and our total debt outstanding was $1,034.2 million. There were no borrowings outstanding under the revolving portion of our senior secured credit facility. We generated $90.0 million of cash from operating activities in the quarter ended September 30, 2008, compared with $42.0 million of cash from operating activities in the prior year quarter, an increase of $48.0 million. The increase in cash flows from operating activities is primarily due to the increase in net income for the quarter ended September 30, 2008 as compared to the prior year quarter.

2008 Financial Guidance Update

Based on the year to date results and current outlook for the remainder of 2008, the Company is updating its full year 2008 financial guidance. For 2008, the Company continues to anticipate revenue to be in the range of $935 to $945 million.

Total gross margin as a percentage of revenue is now expected to be in the range of 79.0% to 80.0%, a decrease of 1.0% from the guidance of 80.0% to 81.0% given in August 2008. This primarily reflects changes in product mix and a general increase in costs.

Total SG&A expenses are now expected to be in the range of $192 to 201 million, a decrease of $16 million from the guidance of $208 to $217 million given in August 2008. This reflects an overall reduction in anticipated expenses, primarily related to A&P spend and legal fees.

Total R&D expenses are now expected to be between $50 and $53 million, a decrease of $14 million from the guidance given in August 2008. The revised guidance excludes $10.0 million of milestone payments to third parties previously anticipated to be incurred during the second half of 2008. The further reductions reflect our most current estimates with regards to the
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SOURCE Warner Chilcott Limited
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