About Warner Chilcott

Warner Chilcott is a leading specialty pharmaceutical company focused on developing, manufacturing and marketing and selling branded prescription pharmaceutical products in women’s healthcare and dermatology in the United States. We have established strong franchises in these two areas through our precision marketing techniques and specialty sales forces of approximately 400 representatives. We believe that our proven product development capabilities, coupled with our ability to execute acquisitions and in-licensing transactions and develop partnerships, such as our relationship with LEO Pharma A/S, will enable us to sustain and grow these franchises.

Our franchises are comprised of complementary portfolios of established branded, development stage and new products, including our recently launched products, Loestrin® 24 Fe and Taclonex®. Our women’s healthcare franchise is anchored by our strong presence in the hormonal contraceptive and hormone therapy categories and our dermatology franchise is built on our established positions in the markets for psoriasis and acne therapies. In April 2006, we launched Loestrin® 24 Fe, an oral contraceptive with a novel patented 24-day dosing regimen, with the goal of growing the market share position we have achieved with our Ovcon® and Estrostep® products in the hormonal contraceptive market. We also have a significant presence in the hormone therapy market, primarily through our products femhrt® and Estrace® Cream. In dermatology, our psoriasis product Dovonex® enjoys the leading position in the United States for the non-steroidal topical treatment of psoriasis. We strengthened and extended our position in the market for psoriasis therapies with the April 2006 launch of Taclonex® the first once-a-day topical psoriasis treatment that combines betamethasone dipropionate, a corticosteroid, with calcipotriene, the active ingredient in Dovonex®. Our product Doryx® is the leading branded oral tetracycline in the United States for the treatment of acne. In 2005, we launched Doryx® delayed-release tablets.

Strategy
Our strategy is to:

• focus on smaller but lucrative markets;

• drive organic growth by employing our precision marketing techniques;

• develop and market new products, proprietary product improvements and new and enhanced dosage forms; and

• selectively review potential product in-licensing, acquisition and partnership opportunities within our franchises, such as our relationship with LEO Pharma, or in market segments that have characteristics similar to our current markets.