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Warner Chilcott Reports Operating Results for the Quarter Ended June 30, 2010

Friday, August 6, 2010 Corporate News J E 4
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ACTONEL, ASACOL and LOESTRIN 24 FE drive solid revenue and earnings growth.

WARNER CHILCOTT PUBLIC LIMITED COMPANY

2010 Full Year Financial Guidance

(In millions of U.S. dollars, except per share amounts)

Current GuidanceAugust 2010( 1)

Adjusted Total Revenue (2)

$2,900 to $2,950

Adjusted Gross Margin as a % of Adjusted Total Revenue (3)

90% to 91%

Total SG&A Expense (4)

$1,200 to $1,250

Total R&D Expense (5)

$160 to $180

Total Income Tax Provision (6)

12%-13% of EBTA

Adjusted Net Income (7)

$244 to $269

Adjusted CNI (8)

$880 to $905

Adjusted CNI per share (8) (9)

$3.45 to $3.55

(1)  The 2010 current guidance assumes that Roxane (a division of Boehringher Ingelheim Corporation) will not launch a generic Asacol 400 mg product at risk in 2010, accounts for the amendment to the Actonel Collaboration Agreement in April 2010 and does not account for the impact of any future acquisitions or new partnership or in-licensing transactions subsequent to the date hereof. As noted below, the 2010 current guidance excludes the LEO Transaction and the impact of the distribution arrangement with LEO. In addition, the current guidance does not give effect to the impact of the proposed leveraged recapitalization announced on July 30, 2010.

(2)  Adjusted total revenue excludes the impact of the Company's distribution arrangement with LEO.

(3)  Adjusted gross margin as a percentage of adjusted total revenue excludes the amortization and impairments of intangible assets, the gain recognized during the quarter ended June 30, 2010 on the termination of a contract, the impact of the Company's distribution arrangement with LEO and the purchase accounting impact of the step-up of certain inventories acquired in the PGP Acquisition, which was included in cost of sales as the inventory was sold.

(4)  Total SG&A expense does not include any amount that may be payable in connection with the potential settlement of our outstanding litigation.

(5)  The current 2010 guidance includes actual and anticipated milestone payments to third parties.

(6)  The total 2010 tax provision is estimated as a percentage of adjusted earnings before taxes and book amortization (EBTA).

(7)  A reconciliation of 2010 expected GAAP net income to expected adjusted net income excludes the impact of the LEO distribution arrangement, the impact of the write-off of the fair value step-up of acquired PGP inventories and the gain recognized during the quarter ended June 30, 2010 on the termination of a contract.

(8)  A reconciliation of 2010 expected adjusted net income to expected adjusted cash net income adds back the expected after tax impact of the amortization of intangibles ($593 million) and the after tax impact of deferred financing fees ($43 million).

(9)  Expected adjusted cash net income per share is based on 255 million fully diluted ordinary shares.

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