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Q2 2010 Earnings Call Transcript

Transcript Call Date 08/09/2010

Operator: Good morning, ladies and gentlemen and welcome to the King Pharmaceuticals' Second Quarter Year 2010 Financial Results Conference Call. All lines have been placed in a listen-only mode and the floor will be opened for your questions and comments following the presentation.

At this time, it is my pleasure to turn the floor over to your host Jack Howarth. Sir, the floor is yours.

Jack Howarth - VP, IR: Good morning, everyone. Thanks for joining us today to discuss our financial results for the second quarter ended June 30, 2010. Joining me on today's call are Brian Markison, Chairman, President and Chief Executive Officer; Joe Squicciarino, Chief Financial Officer; and other members of our management team.

Before we begin today's call, I’d like to remind you that any discussion that takes place during this conference call may contain forward-looking statements that reflect management's current view of future events and operations, including but not limited to statements pertaining to our expectations regarding our product development pipeline, the commercial potential of our products and our plans to maximize these potentials, our future product sales and financial results and our strategies for long-term growth.

Forward-looking statements involve certain significant risks and uncertainties, and actual results may differ materially. Certain factors that may cause actual results to differ materially from the forward-looking statements are discussed in the Company's press release issued this morning, August 9, 2010, and also in the risk factors section and other sections of the Company's Form 10-K for the year ended December 31, 2009, and the Company's Form 10-Q for the quarter ended March 31, 2010, which are on file with the SEC.

King does not undertake to publicly update or revise any of its forward-looking statements, even if experienced or future changes show that the individual results or events will not be realized.

In addition to our financial results determined in accordance with Generally Accepted Accounting Principles known as GAAP, King also provides adjusted net earnings and adjusted diluted earnings per share of results. These non-GAAP financial measures exclude the effect of amortization of intangible assets and imputed interest expense associated with the Company's $400 million convertible senior notes. In addition to those special items that do not relate to the Company’s ongoing underlying business are nonrecurring or not generally predictable. Examples of these are listed in the 'about adjusted financial results' section of our press release issued this morning.

We believe that providing adjusted financial results enhances the analysis of our Company’s ongoing underlying business, when comparing results to those of a previous or subsequent like period. However, it should be noted, that the determination of whether to exclude an item from adjusted financial results involves judgments by King’s management.

A reconciliation of King’s adjusted financial results to report financial results determined in accordance with GAAP for the second quarter ended June 30, 2010 and 2009 can be found in this morning's press release. In order to give everyone an opportunity to ask questions in an orderly fashion, I would like to ask each participant to limit questions to one each and then return to the queue for follow-up questions. Thanks in advance for your co-operation.

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