Galen has changed its name in line with its focus on its leading role in the American market for female healthcare.

Stock buybacks are continuing under 700pence. IMHO a great time to buy.

As always DYOR. Get the company reports.

Assuming R&D & Capital expenditure remain similar my targets are for:

eps 04 - 60p - p/e 15-20 - share price target range 900p-1200p
eps 05 - 75p - p/e 15-20 - share price target range 1125p-1500p

These may prove conservative, on past experience.

Small annual dividend also around 0.75-1% ( covers dealing costs & tax if nothing else!!)

TSQ.

As expected, excellent 3rd quarter figures, and at last a bit of reality coming back to the share price.

UBS has target of 850pence. This seems fair value and offers great upside from here.

TSQ.

http://www.wcrx.com

Company has also purchased 1.6million of its own stock at under 600pence, which continues to show confidence in the future.

Company continuing to move ahead after last weeks figures. Company is still significantly below its recent trading range, and well off UBS 850p price target.

Warner Chilcott PLC

Announces approval of FemtraceTM



Craigavon, Northern Ireland/Rockaway, New Jersey, USA - 23 August 2004: Warner
Chilcott PLC ('Warner Chilcott') (LSE: WCRX, Nasdaq: WCRX), announced today that
the US Food & Drug Administration (FDA) has approved FemtraceTM tablets for the
relief of the vasomotor symptoms of menopause. An approval was not granted for
the secondary indication of vulvar-vaginal atrophy. The New Drug Application
(NDA) for FemtraceTM was accepted for filing on December 19, 2003. All dosage
strengths, i.e. 0.45 mg, 0.9 mg and 1.8 mg of estradiol acetate were approved.
The Company expects to launch FemtraceTM in the first quarter of 2005.



FemtraceTM is the first approval of three applications currently filed with the
FDA. Approvals for femhrt(R)Lo, a low-dose version of femhrt(R), a combined
oral estrogen-progestogen product, and a line extension to Doryx(R), a
tetracycline antibiotic for the treatment of acne, are expected in the first
half of next year.



Warner Chilcott also confirms today that, following recent meetings with LEO
Pharma S/A (LEO), it is expected that an NDA for Dovobet(R), a combination of
calcipotriene and betamethasone dipropionate, will be filed by March 2005.
Dovobet(R) is indicated for the treatment of psoriasis. Under the terms of a
Master Agreement dated April 1, 2003, Warner Chilcott has agreed to license
Dovobet(R) from LEO upon marketing approval of the product for the US market.
Dovobet(R) has been approved and is currently marketed in at least 23 countries
worldwide.



The Company has decided to discontinue its programmes to develop a metronidazole
vaginal ring to treat bacterial vaginosis and a fluconazole vaginal ring for
candidiasis.



Commenting on today's news, Roger Boissonneault, CEO of Warner Chilcott, said:



'We welcome the approval of FemtraceTM. This is the first of a series of new
products either currently filed with the FDA or due to be submitted in 2005.
These products will help strengthen our presence in women's healthcare and
dermatology and will drive future growth of Warner Chilcott past the end of this
decade. My congratulations go to all those colleagues who contributed to this
important project.'

I realise I'm singing solo on this one, but I think this FTSE 250 company deserves closer attention.

The former Galen plc, specialises in female healthcare, predominantly in the United States. Earnings momentum is first class and the stock is currently trading well below brokers target levels.

Prospective PE is around 10, which is too low for a pharmaceutical, particularly in these more defensive times.

I hold a position in this stock, and feel that it offers excellent growth prospects up to 750pence.

Positive rise this morning after Shares Mag tip.

It relly does highlight how significantly undervalued this stock has become.

UBS price target of 850pence represents fair value. Current low valuation may make company vulnerable to a bid.

Loads of cash in the bank and very cash generative.

The UK pharma sector trades on an average p/e of 18. Warner is currently closer to a p/e of 9!

Also given the point made that US pharma's generally trade at p/e's some 30% higher than their UK counterparts, should mean a re-rating for this company.

Downtrend since March is coming to an end.

Brokers research notes are upgrading stock to 750-850pence. Earnings will be supportive of these targets and cashflow is healthy.

IMHO a great time to buy some quality pharma.

TSQ.

Takeover bid at minimum of 800pence.

Brings Warner back into play & highlights its present underrated valuation.

Takeover if it goes through will have to be at a higher price.

TSQ.

Current valuation rates Warner on the verge of a FTSE 100 company.

Warner Chilcott appoints Greenhill, the investment bank, to help it find alternatives to the 1.5bn takeover being prepared by Goldman Sachs.

Takeover price likely to be higher than 800p.

Second bidder for Warner Chilcot
MoneyAM
Warner Chilcott PLC, the Northern Ireland-based drugs firm formerly known as Galen, said it has received an additional approach from a second interested party which may or may not lead to an offer for the group.

The board yesterday announced that it had entered into a confidentiality agreement with the consortium of private equity institutions it entered talks with on Sept 20.

The talks concerned a possible offer from the consortium at an indicative price of 800 pence per share in cash. The consortium is undertaking due diligence into the company.

The company today announced that the new party has also entered into a confidentiality agreement with the company and is beginning due diligence enquiries.

The board reiterated that both the approaches remain preliminary in nature. There can be no certainty either that an offer will actually be made or to the level of an offer, if made.