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Warner Chilcott Announces 2013 Financial Guidance

We caution you that the foregoing list of important factors is not exclusive. In addition, in light of these risks and uncertainties, the matters referred to in our forward-looking statements may not occur. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as may be required by law. 

2013 Full Year Financial Guidance
(U.S. dollars in millions, except per share and percentage information)
  2013 Guidance 1
Total Revenue $2,300 to $2,400
Gross Margin as a % of Total Revenue  2 87%
Total SG&A Expense 3  $750 to $800
Total R&D Expense  $115 to $135
Total Income Tax Provision 4 11% - 12% of EBTA
GAAP Net Income $362 to $387
Cash Net Income ("CNI")  5  $805 to $830
CNI per Share 5,6  $3.20 to $3.30
1  The 2013 guidance assumes that no new or additional generic equivalents of the Company's ASACOL 400 mg, ESTRACE Cream, LOESTRIN 24 FE or DORYX products will be approved and enter the U.S. market during 2013. In addition, the guidance does not: (i) assume the launch of any new products not yet approved by the FDA or (ii) account for the impact of future acquisitions, dispositions, partnerships, in-license transactions or any changes to the Company's existing capital structure, business model, partnerships or in-license transactions. Any change in such assumptions could have a negative impact on the Company's guidance. Also see "Forward Looking Statements" above. 
2  Gross margin as a percentage of total revenue excludes amortization and impairments of intangible assets.
3  Total SG&A expense does not include any amount that may be payable in connection with the potential adjudication or settlement of the Company's outstanding litigations.  
4  The 2013 total income tax provision is estimated as a percentage of earnings before taxes and book amortization (EBTA).   
5  A reconciliation of 2013 expected GAAP net income to expected CNI adds back the expected after tax impact of (i) the amortization and impairment of intangibles ($419 million) and (ii) the amortization and write-off of deferred loan costs ($24 million).
6  Expected CNI per share is based on 251.5 million fully diluted ordinary shares. The 2013 calculation does not include the impact of any ordinary shares that may be redeemed pursuant to the Company's previously announced $250 million share redemption program or otherwise.  
CONTACT: Rochelle Fuhrmann
         Investor Relations

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