Q3 2012 Earnings Call Transcript

Transcript Call Date 11/09/2012

Operator: Good day, ladies and gentlemen, and welcome to the Warner Chilcott Announces Third Quarter 2012 Financial Results Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. As a reminder, this conference call is being recorded.

I would now like to introduce your host for today's conference, Paul Herendeen, Executive Vice President and Chief Financial Officer. Sir, you may begin

Paul Herendeen - EVP and CFO: Thank you, Kate. I am joined here this morning by Roger Boissonneault and Rochelle Fuhrmann. This morning, we issued a press release that details our operating results for the third quarter of 2012. The press release is available on our website. Roger will make a few opening comments and then I'll provide some additional color around our financial results for the quarter, and as Kate said, we will end with a Q&A period.

Before we get started, let me point out that this call will include forward-looking statements. These statements are subject to a number of risks and uncertainties that could cause the Company's actual results to differ materially from 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 statements 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 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 - CEO and President: Thanks, Paul. Good morning and thanks for joining us on the call. Paul will cover some financial results in a moment. Since our last call, we put another solid quarter on the board with the revenue over $600 million and our adjusted cash and income of $0.99. That is an odd number and Rochelle and I have been trying to convince Paul to come up with another $0.01, but when he puts his accounting hat on and at that point he gets little glazer resize and pretty set in his way then he won't come up with the next $0.01, so I guess we're going to have to live with the $0.99.

That being said, I'd like to recognize the R&D Group and their efforts. We are very proud of our R&D team and things that our ability to self-develop products is really unappreciated in the market. The R&D team's track record is outstanding and we expect they continue to deliver value as we look ahead. Outside of the required disclosures, we do not disclose specifics regarding our product development projects or even speculate on the expected timing of potential approvals. Let me say this that during the last quarter, we made good progress in our efforts to develop improved versions of a number of our key products. We will keep you posted on material developments and our product pipeline as they arise.

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