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Galen Hldgs (WCRX)

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Wednesday 13 February, 2002

Galen Hldgs

1st Quarter Results

Galen Holdings PLC
13 February 2002

Galen Reports Record Results for the Quarter Ended 31 December 2001 with a 28.5%
increase in turnover, 31% increase in operating profit and 32% increase in first
                                  quarter EPS



Craigavon, Northern Ireland/Rockaway, New Jersey - 13 February 2002: Galen
Holdings PLC ('Galen') (LSE: GAL, Nasdaq: GALN), the international specialty
pharmaceutical products and services company, announces its results for the
quarter ended 31 December 2001.



Financial Highlights

                                                 Quarter ended              Quarter ended               Change
                                              31 December 2001           31 December 2000                  (%)

                                                          (£m)                       (£m)
Turnover                                                  53.7                       41.8                 28.5
Operating profit*                                         16.5                       12.6                 31.0
Earnings per share*                                      6.6 p                       5.0p                 32.0



*Continuing operations before amortisation of intangible assets and goodwill and
exceptional items



  • Adjusted earnings per share, i.e. continuing operations before
    amortisation of intangible assets and goodwill and exceptional items was
    6.6p or 32% ahead of the same quarter last year
  • Total revenues grew 28.5% to £53.7 million with sales of pharmaceutical
    products growing 35.3% and now accounting for over 70% of turnover
  • Operating profit from continuing operations before amortisation of
    intangible assets and goodwill was £16.5 million, a 31% increase over the
    same period last year



Business Highlights

Commenting on the results, Roger Boissonneault, Chief Executive Officer, said, 
'We are very pleased with these results, which demonstrate strong organic growth
in our core pharmaceutical business. Total pharmaceutical turnover increased to
£38.0 million.  Our top three products, Ovcon(R), Estrace(R) cream and Doryx(R)
continue to demonstrate strong growth. During this quarter these three key
promoted brands accounted for £20.5 million in sales, an increase of 55% over
the same quarter last year.



As this quarter represents the end of a calendar year, it gives us the
opportunity to review the year on year performance of our key brands. For the
calendar year ended 31 December 2001,  Ovcon(R), Estrace(R) cream and Doryx(R)
have shown year on year new prescription growth, the real measure of market
performance, of 39%, 10% and 111%, respectively.  Sales of these products for
the year were  £27.7 million,  £21.7 million and  £20.4 million, respectively.
These growth rates illustrate our strength in sales and marketing and our
ability to execute on our business strategy.



The gross and operating profit margins for the quarter were 66.0% and 30.7%,
respectively.  This compares with a gross margin of 65.3% and an operating
profit margin of 30.1% in the same quarter last year. The continuing improvement
in gross margins is a result of growing percentage of turnover from
higher-margin pharmaceutical products, particularly in our U.S. business, Warner
Chilcott. As previously announced, Galen intends to maintain operating margins
at approximately 30% through additional funding of Research and Development.



Our development pipeline remains on schedule and we received approval for our
new 75mg strength of Doryx(R), which was launched in the U.S. in January 2002.
During the quarter our New Drug Application (NDA) for Estrace(R) VR was
submitted to the FDA and has subsequently been accepted for filing with an
effective date of 19 February 2002.



Our Services business had revenues of £15.6 million and grew at 14.5% over the
same period last year.  The sale, announced on 10 January 2002, of our Chemical
Synthesis Services (CSS) business further signals our intention to focus on our
core pharmaceutical activities, particularly in the U.S.



Cash balances at the end of the quarter were £240.3 million compared to £222.0
million at 30 September 2001. Cash was generated from operations and from
disposals of non-core business activities, particularly CSS, which generated
£25.0 million in proceeds before expenses. During the quarter the company
redeemed £13.8 million of the outstanding 12 5/8% Warner Chilcott Inc. senior
notes.



Commenting further on the results, Mr. Boissonneault noted, 'This was a
significant quarter for Galen.  Sales continue to grow for our key brands while
at the same time we continue to build for future success.'



For further information, please contact:


Galen Holdings
David G. Kelly,
Senior Vice President, Finance and Planning
Tel:  +44 (0) 283 833 4974 ext. 3460

Financial Dynamics
Fiona Noblet /Andrew Dowler
Tel:  + 44 (0) 20 7831 3113



For further information on Galen visit: www.galenplc.com



A conference call will be held for analysts at 2pm (UK) today.  Please call Mo
Noonan on  +44 (0) 20 7831 3113 for further details.



Note:

Forward looking statements in this report, including, without limitation,
statements relating to Galen's plans, strategies, objectives, expectations,
intentions and adequacy of resources, are made pursuant to the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of 1995. These
forward looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or achievements of
Galen to be materially different from any future results, performance or
achievements expressed or implied by such forward looking statements. These
factors include, among others, the following: Galen's ability to manage its
growth, government regulation affecting the development, manufacture, marketing
and sale of pharmaceutical products, customer acceptance of new products,
competitive factors in the industries in which Galen operates, the loss of key
senior management or scientific staff, exchange rate fluctuations, general
economic and business conditions, and other factors described in filings of
Galen with the SEC. Galen undertakes no obligation to publicly update or revise
any forward looking statement, whether as a result of new information, future
events or otherwise.







Unaudited results for the period ended 31 December 2001
Consolidated profit and loss account

                                                             Unaudited                               Audited
                                                         Quarter ended                            Year ended
                                                           31 December                          30 September
                                                                  2001             2000                 2001
                                                                 £'000            £'000                £'000

                                                                ______           ______               ______
Turnover
Pharmaceutical products                                         38,077           28,151              127,413
Pharmaceutical services
 - continuing operations                                        14,301           12,292               50,036
 - discontinued operations                                       1,319            1,346                5,234

                                                                ______           ______               ______
Total turnover                                                  53,697           41,789              182,683
Cost of sales                                                   18,243           14,491               64,187

                                                                ______           ______               ______
Gross profit                                                    35,454           27,298              118,496

                                                                ______           ______               ______
Net operating expenses
Before amortisation of goodwill and intangibles                 19,263           14,519               63,555
Goodwill and intangibles amortisation                            6,823            5,971               24,602

                                                                ______           ______               ______
Total net operating expenses                                    26,086           20,490               88,157

                                                                ______           ______               ______
Operating profit
Continuing operations before amortisation of goodwill           16,492           12,610               54,911
and intangibles
Goodwill and intangibles amortisation                            6,823            5,971               24,602

                                                                ______           ______               ______
Continuing operations                                            9,669            6,639               30,309
Discontinued operations                                          (301)              169                   30

                                                                ______           ______               ______
Total operating profit                                           9,368            6,808               30,339
Profit on sale of discontinued operations                        7,527                -                    -
Investment income                                                1,743            1,188                4,455

                                                                ______           ______               ______
Profit on ordinary activities before interest                   18,638            7,996               34,794
Interest payable and similar charges                             5,703            5,204               17,848

                                                                ______           ______               ______
Profit on ordinary activities before taxation                   12,935            2,792               16,946
Tax on profit on ordinary activities                             3,250              750                3,594

                                                                ______           ______               ______
Profit on ordinary activities after taxation                     9,685            2,042               13,352
Minority interests                                                  32               39                  122

                                                                ______           ______               ______
Profit for the financial period                                  9,653            2,003               13,230
Dividends                                                            -                -                4,413

                                                                ______           ______               ______
Retained profit for the financial period                         9,653            2,003                8,817

                                                                ______           ______               ______
Earnings per share                                                5.2p             1.3p                 8.2p
Diluted earnings per share                                        5.2p             1.3p                 8.1p
Adjusted earnings per share                                       6.6p             5.0p                23.4p
Adjusted diluted earnings per share                               6.6p             4.9p                23.0p

                                                                ______           ______               ______



Unaudited results for the period ended 31 December 2001
Consolidated balance sheet


                                                             Unaudited                               Audited
                                                           31 December                          30 September
                                                                  2001             2000                 2001
                                                                 £'000            £'000                £'000

                                                                ______           ______               ______
Fixed assets
Intangible assets                                              507,060          446,229              510,742
Tangible assets                                                 74,414           80,686               89,180

                                                                ______           ______               ______
                                                               581,474          526,915              599,922

                                                                ______           ______               ______
Current assets
Stocks                                                          18,279           15,445               16,563
Debtors                                                         39,411           31,763               35,961
Cash at bank and in hand                                       240,318           54,367              222,002

                                                                ______           ______               ______
                                                               298,008          101,575              274,526
Creditors: amounts falling due within one year                  70,066           51,533               62,324

                                                                ______           ______               ______
Net current assets                                             227,942           50,042              212,202

                                                                ______           ______               ______
Total assets less current liabilities                          809,416          576,957              812,124
Creditors: amounts falling due after more than one             183,434          153,167              193,144
year
Provisions for liabilities and charges                           5,996            5,706                8,372
Deferred income                                                  4,465            6,280                5,736

                                                                ______           ______               ______
Net assets                                                     615,521          411,804              604,872

                                                                ______           ______               ______
Capital and reserves
Called up share capital                                         18,950           16,152               18,931
Share premium account                                          241,371           58,067              240,258
Merger reserve                                                 290,685          290,685              290,685
Profit and loss account                                         64,515           46,741               54,756

                                                                ______           ______               ______
Equity shareholders' funds                                     615,521          411,645              604,630
Minority interests - equity                                          -              159                  242

                                                                ______           ______               ______
                                                               615,521          411,804              604,872

                                                                ______           ______               ______



Unaudited results for the period ended 31 December 2001
Consolidated cash flow statement
                                                                 Unaudited                           Audited
                                                             Quarter ended                        Year ended
                                                               31 December                      30 September
                                                                  2001             2000                 2001

                                                                 £'000            £'000                £'000

                                                                ______           ______               ______
Net cash inflow from operating activities                       13,569           13,394               53,855

                                                                ______           ______               ______
Returns on investments and servicing of finance
Interest paid                                                  (5,826)          (5,204)             (17,848)
Interest received                                                1,866            1,188                4,455

                                                                ______           ______               ______
                                                               (3,960)          (4,016)             (13,393)

                                                                ______           ______               ______
Taxation
Corporation tax (paid) recovered                                 (870)            1,183              (1,115)

                                                                ______           ______               ______
Capital expenditure
Purchase of tangible fixed assets                              (4,902)          (3,085)             (16,225)
Sale of tangible fixed assets                                        -                -                  250
Purchase of intangible fixed assets                            (1,614)                -             (70,211)
Government grant received                                            -                -                  454

                                                                ______           ______               ______
                                                               (6,516)          (3,085)             (85,732)

                                                                ______           ______               ______
Acquisitions and disposals
Sale of businesses                                              24,678                -                    -
Acquisition costs and deferred consideration payments                -          (8,669)             (16,098)

                                                                ______           ______               ______
                                                                24,678          (8,669)             (16,098)

                                                                ______           ______               ______
Equity dividends paid                                                -                -              (3,464)

                                                                ______           ______               ______
Net cash flow before management of liquid resources             26,901          (1,193)              (65,947
and financing
                                                                ______           ______               ______  
Management of liquid resources

Decrease/(increase) in short term deposits                       9,500           23,019            (161,000)

                                                                ______           ______               ______
Financing
Issue of ordinary share capital (net of expenses)              (1,528)            3,291              188,261
Loan notes repaid                                             (13,803)         (27,323)             (27,323)
Loans obtained/(repaid) (net)                                        -            (296)               49,751
Principal repayment under hire purchase agreements                (98)            (100)                (400)

                                                                ______           ______               ______
                                                              (15,429)         (24,428)              210,289

                                                                ______           ______               ______
Increase/(decrease) in cash in the period                       20,972          (2,602)             (16,658)

                                                                ______           ______               ______



Unaudited results for the period ended 31 December 2001
Notes to results


1        Basis of preparation

The financial information for the quarterly periods ended 31 December 2001 and
2000, which is unaudited and does not constitute statutory accounts, has been
prepared using accounting policies consistent with those set out in the group's
30 September 2001 statutory accounts.

The abridged financial information for the year ended 30 September 2001 has been
extracted from the group's statutory accounts for that year, which have been
filed with the Registrar of Companies.  The report of the auditors on those
accounts was unqualified.

2        Earnings per share

Earnings per ordinary share is based on profit for the financial period and on
the weighted average number of ordinary shares in issue during the period,
excluding those held in the employee share trust.  Diluted earnings per share is
calculated using an adjusted number of shares reflecting the number of dilutive
shares under option.  Adjusted earnings per share figures reflecting the results
from continuing operations before the impact of exceptional items and goodwill
and intangibles amortisation have been calculated to provide shareholders with a
clearer understanding of the underlying trading performance of the group (see
below).

The weighted average numbers of shares used in the calculation of earnings per
share are as follows:


                                                                     Quarter ended                   Year ended
                                                                      31 December                  30 September
                                                                        2001           2000                2001
                                                                      Number         Number              Number
                                                                   of shares      of shares           of shares

                                                                      ______         ______              ______
Weighted average number of shares:
Basic                                                            184,549,646    155,128,233         161,354,740
Diluted                                                          186,208,162    159,333,888         164,160,276

                                                                      ______         ______              ______


                                                                     Quarter ended                   Year ended
                                                                      31 December                  30 September
Adjusted earnings per share                                             2001           2000                2001

                                                                      ______         ______              ______
Earnings per ordinary share                                             5.2p           1.3p                8.2p
Adjustments (net of tax):
Goodwill and intangibles amortisation                                   3.6p           3.8p               15.2p
Results and gain on disposal of discontinued businesses               (3.1)p         (0.1)p                   -
Exceptional costs of notes redemption                                   0.9p              -                   -

                                                                      ______         ______              ______
Adjusted earnings per share - basic                                     6.6p           5.0p               23.4p

                                                                      ______         ______              ______



Summary of differences between UK and US Generally Accepted Accounting
Principles  ('GAAP')


(1)   Profit for the financial year and shareholders' funds

The group financial statements are prepared in accordance with UK GAAP which
differs in certain significant respects from US GAAP.  The effect of the US GAAP
adjustments to profit for the financial period and equity shareholders' funds
are set out in the tables below:


                                                                                    3 months to
                                                                                    31 December
                                                                                     2001               2000
                                                                                    £'000              £'000
                                                                                     Unaudited
(a)   Reconciliation of profit for the financial year to US GAAP
      Profit for the financial period under UK GAAP                                 9,653              2,003

                                                                                   ______             ______
      US GAAP adjustments:
      Amortisation of goodwill                                                      4,071              1,915
      Amortisation of intangibles                                                   (328)              (263)
      Capitalisation of interest                                                      (9)                (9)
      Deferred taxation                                                           (1,915)            (1,504)
      Compensation expense                                                           (56)               (55)
      Inventory step up release                                                         -              (986)
      Deferred tax effect of US GAAP adjustments                                      135                503

                                                                                   ______             ______
      US GAAP adjustments total                                                     1,898              (399)

                                                                                   ______             ______
      Profit for the financial period under US GAAP
      - UK pounds                                                                  11,551              1,604

                                                                                   ______             ______
      - US dollars                                                                 16,656              2,334

                                                                                   ______             ______


                                                                                    As at              As at
                                                                              31 December       30 September
                                                                                     2001               2001
                                                                                    £'000              £'000
                                                                                     Unaudited
(b)   Effect on equity shareholders' funds of differences between UK
      GAAP and US GAAP
      Equity shareholders' funds under UK GAAP                                    615,521            604,630

                                                                                   ______             ______
      US GAAP adjustments:
      Acquisition accounting                                                     (96,908)          (100,651)
      Amortisation of goodwill relating to contingent consideration                 1,057              1,057
      Capitalisation of interest                                                    1,648              1,657
      Deferred taxation                                                           (9,028)            (7,248)
      Employee benefit trust                                                      (7,240)            (7,064)
      Share premium account                                                         7,240              7,064
      Dividends                                                                     3,143              3,143

                                                                                   ______             ______
      US GAAP adjustments total                                                 (100,088)          (102,042)

                                                                                   _____-             ______
      Equity shareholders' funds under US GAAP
      - UK pounds                                                                 515,433            502,588

                                                                                   ______             ______
      - US dollars                                                                746,862            738,183

                                                                                   ______             ______


Unaudited consolidated balance sheets
(In thousands of US dollars)
                                                                                                        Audited
                                                                                       As at              As at
                                                                                 December 31       September 30
                                                                                        2001               2001

                                                                                      ______             ______
Assets
Current assets:
  Cash and cash equivalents                                                          348,220            326,076
  Accounts receivable, net                                                            47,061             45,051
  Inventories                                                                         26,486             24,328
  Deferred tax asset                                                                  10,807             13,600
  Prepaid expense and other assets                                                    10,045              7,595

                                                                                      ______             ______
                                                                                     442,619            416,650

                                                                                      ______             ______
Property, equipment, furniture and fixtures, net                                     110,214            133,422

                                                                                      ______             ______
Intangible assets, net                                                               591,791            599,967

                                                                                      ______             ______
Total assets                                                                       1,144,624          1,150,039

                                                                                      ______             ______
Liabilities
Current liabilities:
  Accounts payable                                                                    16,454             19,148
  Accrued and other liabilities                                                       40,201             35,583
  Current instalments of long-term debt                                               22,931             17,695
  Current instalments of obligation under capital leases                                 395                538
  Income taxes                                                                         6,077              3,113
  Deferred consideration                                                              10,914             10,914

                                                                                      ______             ______
Total current liabilities                                                             96,972             86,991

                                                                                      ______             ______
Other liabilities:
  Long-term debt, excluding current instalments                                      263,226            281,107
  Long-term obligations under capital leases, excluding current                          570                583
instalments
  Deferred income taxes                                                               30,524             34,392
  Other non-current liabilities                                                        6,470              8,426

                                                                                      ______             ______
Total liabilities                                                                    397,762            411,499

                                                                                      ______             ______
Minority interest                                                                          -                357
Shareholders' equity
Ordinary shares, par value (pounds sterling) 0.10 per share; 250,000,000              29,929             29,902
(September 30, 2001;250,000,000) shares authorised, 189,499,447 shares
issued and outstanding at December 31, 2001 and 189,311,298 issued and
outstanding at September 30, 2001
Additional paid in capital                                                           674,749            673,144
Retained earnings                                                                     70,638             53,982
Treasury stock                                                                      (11,444)           (11,444)
Accumulated other comprehensive loss                                                (17,010)            (7,401)

                                                                                      ______             ______
Total shareholders' equity                                                           746,862            738,183

                                                                                      ______             ______
Total liabilities and shareholders' equity                                         1,144,624          1,150,039

                                                                                      ______             ______



Unaudited consolidated statement of operations
(In thousands of US dollars, except per share data)
                                                                                      Quarter ended
                                                                                       December 31
                                                                                        2001              2000
                                                                                      ______            ______
Revenues
Product revenue                                                                       54,890            40,957
Services revenue                                                                      20,629            17,884

                                                                                      ______            ______
Total revenues                                                                        75,519            58,841

                                                                                      ______            ______
Operating expenses
  Cost of sales (excluding depreciation shown separately below)                       23,177            20,355
  Selling, general and administrative                                                 22,081            17,250
  Research and development                                                             4,474             2,617
  Depreciation                                                                         2,102             1,799
  Amortisation                                                                         4,440             6,285

                                                                                      ______            ______
Total operating expenses                                                              56,274            48,306

                                                                                      ______            ______
Operating income                                                                      19,245            10,535

                                                                                      ______            ______
Other income (expense)
  Interest income                                                                      2,514             1,727
  Interest expense                                                                   (5,847)           (7,571)

                                                                                      ______            ______
Total other income (expense)                                                         (3,333)           (5,844)

                                                                                      ______            ______
Income before taxes and minority interest                                             15,912             4,691

                                                                                      ______            ______
Provision for income taxes                                                             6,169             2,472
Minority interest in earnings of subsidiaries                                             47                57

                                                                                      ______            ______
Income from continuing businesses                                                      9,696             2,162
Discontinued operations:
(Loss)/earnings from discontinued operations (net of tax benefit of $140)              (304)               172
Gain on disposal of discontinued operations (net of tax charge of $2,163)              8,690                 -

                                                                                      ______            ______
Net income before extraordinary loss                                                  18,082             2,334
Extraordinary loss on early retirement of debt (net of tax benefit of                (1,426)                 -
$950)
                                                                                      ______            ______
Net income                                                                            16,656             2,334

                                                                                      ______            ______
Net income per ordinary share:
  Basic                                                                                 0.09              0.01

                                                                                      ______            ______
  Diluted                                                                               0.09              0.01

                                                                                      ______            ______
Net income per ADR equivalent:
  Basic                                                                                 0.36              0.06
                                                                                      ______            ______
  Diluted                                                                               0.36              0.06

                                                                                      ______            ______
Net income per ordinary share from continuing businesses before
extraordinary loss
  Basic                                                                                 0.05              0.01
  Diluted                                                                               0.05              0.01
Net income per ADR equivalent from continuing businesses before
extraordinary loss
  Basic                                                                                 0.21              0.06
  Diluted                                                                               0.21              0.05

                                                                                      ______            ______
Weighted average ordinary shares outstanding:
  Basic                                                                          184,549,646       155,128,233
                                                                                      ______            ______
  Diluted                                                                        186,208,162       159,333,888

                                                                                      ______            ______
Weighted average equivalent ADRs outstanding:
  Basic                                                                           46,137,411        38,782,058

                                                                                      ______            ______
  Diluted                                                                         46,552,040        39,833,472

                                                                                      ______            ______



Unaudited consolidated statements of cash flows
(In thousands of US dollars)
                                                                                      Quarter ended
                                                                                       December 31
                                                                                        2001              2000

                                                                                      ______            ______
Cash flows from operating activities
Net income                                                                            16,656             2,334
Adjustment to reconcile net income to net cash provided by operating
activities
Depreciation                                                                           2,102             2,003
Amortisation of intangibles                                                            4,440             6,285
Profit on sale of business                                                          (10,853)                 -
Amortisation of government grants                                                      (549)             (380)
Minority interest                                                                         47                57
Changes in assets and liabilities:
(Increase)/decrease in accounts receivable, prepaid expense and other                (6,266)             3,399
assets
Increase in inventories                                                              (2,236)             (847)
Increase/(decrease) in accounts payable, accrued liabilities and other                 3,216           (1,624)
liabilities
Income taxes                                                                           5,656             4,750
Foreign exchange gain (loss)                                                           1,410             (522)

                                                                                      ______            ______
Net cash provided by operating activities                                             13,623            15,455

                                                                                      ______            ______
Cash flows from investing activities
Purchase of tangible fixed assets                                                    (7,068)           (4,488)
Purchase of intangible fixed assets                                                  (2,327)                 -
Proceeds from sale of business                                                        35,758                 -
Deferred consideration and acquisition costs                                               -          (12,954)

                                                                                      ______            ______
Net cash provided by/(used in) investing activities                                   26,363          (17,442)

                                                                                      ______            ______
Cash flows from financing activities
Long term debt obtained/(repaid)                                                       7,355          (36,008)
Loan notes repaid                                                                   (20,000)                 -
Payments under capital leases                                                          (141)             (131)
Proceeds from share capital issue (net of expenses)                                  (1,251)             4,788

                                                                                      ______            ______
Net cash used in financing activities                                               (14,037)          (31,351)

                                                                                      ______            ______
Net increase/(decrease) in cash and cash equivalents                                  25,949          (33,338)
Cash and cash equivalents, beginning of period                                       326,076           113,671
Foreign exchange adjustment on cash and cash equivalents                             (3,805)               902

                                                                                      ______            ______
Cash and cash equivalents, end of period                                             348,220            81,235

                                                                                      ______            ______





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