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Warner Chilcott Reports Operating Results for the Quarter and Year Ended December 31, 2010
Date:2/25/2011

DUBLIN, Feb. 25, 2011 /PRNewswire/ -- Warner Chilcott plc (Nasdaq: WCRX) today announced its results for the quarter and year ended December 31, 2010. As discussed more fully below, our financial position and results of operations in the quarter ended December 31, 2010 as compared to the prior year quarter were significantly impacted by several important transactions in 2009 and 2010. These transactions included our acquisition of Novartis Pharmaceuticals Corporation's ("Novartis") U.S. rights to ENABLEX in October 2010, our acquisition of the global branded prescription pharmaceuticals business ("PGP") from The Procter & Gamble Company ("P&G") in October 2009 (the "PGP Acquisition"), and our termination of our exclusive license to distribute LEO Pharma A/S's ("LEO") DOVONEX, TACLONEX and pipeline dermatology products in the U.S. and sale of certain related assets to LEO for $1.0 billion in cash in September 2009 (the "LEO Transaction").

Revenue in the quarter ended December 31, 2010 was $694.4 million, a 1% increase over the prior year quarter. The primary drivers of the increase in revenue were products acquired from P&G and Novartis, primarily ASACOL and ENABLEX, which together contributed $91.4 million of revenue growth in the quarter ended December 31, 2010, compared to the prior year quarter. LOESTRIN 24 FE also contributed $17.3 million of revenue growth in the quarter ended December 31, 2010 compared to the prior year quarter. The growth delivered by these products was offset, in part, by the loss of revenues relating to our former products DOVONEX and TACLONEX, which totaled $82.1 million in the quarter ended December 31, 2009. In connection with the LEO Transaction, we entered into a distribution agreement pursuant to which we purchased inventories of DOVONEX and TACLONEX from LEO and distributed them in the U.S.
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