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Warner Chilcott's CEO Discusses Q2 2012 Results - Earnings Call Transcript

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 those 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 CEO.

Roger M. Boissonneault

Thanks, Paul. Good morning and thanks for joining our call. We posted another strong cash net income quarter and with half the year behind us, we have reasons for optimism for the balance of the year and beyond. We are quite busy, we were quite busy I should say during the quarter with regular business of promoting and developing our franchises.

For the first half, revenue for our core products of business which excludes ACTONEL grew by 2% compared with the first half of last year. Paul will provide more details. Though we posted sales growth in many of our key products including LO LO, ASACOL, ESTRACE Cream, and ATELVIA, in addition you will note that, as a result of our continued promotion and support of our DORYX brand in the phase of generic competition, we’ve been able to maintain a reasonable share of that business today.

Turning to R&D, we continue to work our next-generation products within the women’s healthcare, gastroenterology, dermatology and urology segments of branded pharmaceutical market. In the second quarter, we made a milestone payment to Paratek as our novel tetracycline for acne entered Phase II studies. We are excited about the advancement of this product and our long-term presence in the dermatology space.

Lastly, I want to provide you with an update on the status of a warning letter for our Fajardo manufacturing facility. We take this matter seriously. We submitted our written response to the FDA in April and believe we are making good progress in addressing the items outlined by the FDA. We look forward to resolving the warning letter as soon as possible.

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