Warner Chilcott Limited (Warner Chilcott) reported revenues in-line with our expectations in 1Q 08. However, operating income and net income were significantly higher than our estimates. We believe the company is likely to experience strong top-line growth, going forward, primarily associated with healthy performance of Leostrin FE, Femcon FE, Taclonex and Doryx. Consequently our outlook for the company remains broadly unchanged and we reiterate our BUY rating for the common stock. Although we expect a negative currency impact on the European stock over our investment horizon, based on the current price levels we maintain our BUY rating for the European stock.

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