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Warner Chilcott's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Before we get started, let me point out that this call will include forward-looking statements. These statements are subject to a number risk and uncertainties that could cause the company’s actual results to differ materially for such statements. These risks and uncertainties are discussed in our 2011 Form 10-K and other filings which are available on the SEC’s website. The forward-looking statement made during this call are made only as of the date of this call and the company undertakes no obligation to update such statements to reflect subsequent events or circumstances.

In addition, we will make reference during the course of the call to non-GAAP financial measures as defined by the SEC. In accordance with SEC regulations, we have provided reconciliations of these measures in our press release issued this morning to what we believe are the most directly comparable GAAP measures.

With that, let me turn things over to Roger Boissonneault, our President and Chief Executive Officer.

Rober Boissonneault



Thanks, Paul. We’re off to a good start in 2012. In the first quarter we grew our core business and reduced our operating expenses as we nearly completed our Western European restructuring.

In our core business, we saw significant contributions from the Estrace Cream, Asacol and Loesterin franchise. Atelvia is also picking up and [inaudible] grew each month this quarter and we expect the trend to continue.

While conversion is slower than initially expected, we believe that we will get there – we will get there. Those are are RXs and they will be maintained.

Asacol HD continues to grow it’s share of the Asacol franchise. During the first quarter, Asacol HD grew almost a share point, and is now 13% on the total RX basis. These HD scripts are also more profitable.

There continues to be opportunities to grow the oral contraceptive franchise. We are focusing our efforts on Lo Loestrin, which we believe will strategically benefit the franchise.

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