Net sales during the first quarter of 2009 increased 16% to $335.3 million compared with $290.3 million in the first quarter of 2008. Net income for the three months ended March 31, 2009 was $39.0 million compared with $59.5 million in the comparable 2008 period. As detailed in the Supplemental Financial Information below, adjusted net income for the three months ended March 31, 2009 was $79.0 million compared with $68.2 million in the same period in 2008.

Diluted earnings per share for the three months ended March 31, 2009 were $0.33 compared with $0.44 in the first quarter of 2008. Adjusted diluted earnings per share for the three months ended March 31, 2009 were $0.67 compared with $0.51 in the same period in 2008.

"We had a solid first quarter during which we diversified our commercial business beyond pain management, reorganized our sales and marketing and R&D groups, and repositioned our company for sustainable future growth," said Dave Holveck, president and chief executive officer of Endo Pharmaceuticals. "I believe our broader therapeutic focus on urology and oncology and more capable specialty infrastructure will enable us to meet aggressive long-term growth targets and adapt quickly to a changing healthcare environment."

Selected Product Review

PAIN PRODUCTS

LIDODERM(R): For the quarter ended March 31, 2009, net sales of LIDODERM decreased 5% to $171.6 million compared with $180.5 million in the same period a year ago. Prescription volume for LIDODERM decreased 2% in the first quarter of 2009 versus the comparable 2008 period.

OPANA(R) ER and OPANA(R): Combined net sales for the OPANA franchise increased 31% to $52.8 million for the first quarter 2009 compared with $40.3 million in the same period a year ago. Prescription volume for OPANA ER and OPANA increased 58% in the first quarter 2009 versus the comparable 2008 period.

FROVA(R): Net sales of FROVA were $12.3 million for the three months ended March 31, 2009 compared with $14.1 million for the same period in 2008.

Voltaren(R) Gel: Net sales of Voltaren Gel were $12.3 million for the three months ended March 31, 2009. Voltaren Gel was launched in March 2008. Responding to marketplace demand, Voltaren Gel 3 & 5 Packs became available in April 2009.

ONCOLOGY/ENDOCRINOLOGY PRODUCTS

For the first quarter of 2009, net sales of other branded products were $10.2 million compared with $1.8 million in the same period in 2008. Included in other branded products are net sales from products recently obtained through our acquisition of Indevus Pharmaceuticals, Inc. for the period February 23, 2009 through March 31, 2009. Net Sales of SUPPRELIN(R) LA applicable to Endo results for the first quarter were $2.7 million. Net Sales of VANTAS(R) applicable to Endo results for the first quarter were $1.9 million.

GENERIC AND NON-PROMOTED PRODUCTS

For the first quarter of 2009, net sales from the company's generic products were $42.4 million compared with $21.8 million in the same period in 2008. Net sales of Percocet(R) were $33.7 million for the three months ended March 31, 2009 compared with $31.8 million in the same period in 2008. During the first quarter of 2009, the company benefited from a market shortfall in the supply for certain generic products.

Acquisition of Indevus Pharmaceuticals, Inc.

During the first quarter of 2009, we completed our acquisition of Indevus Pharmaceuticals, Inc. and acquired 100% of the outstanding shares of Indevus for a purchase price of $4.50 per share in cash and the non-transferable contractual right to receive up to an additional $3.00 per share in cash payable in the future upon achievement of certain regulatory and sales milestones. The results of operations for Indevus have been included in our consolidated operating results beginning on February 23, 2009.

Conference Call Information

Endo will conduct a conference call with financial analysts to discuss this news release today at 10:30 a.m. ET. Investors and other interested parties may call 866-383-7998 (domestic) or 617- 597-5329 (international) and enter code 54725288. Please dial in 10 minutes prior to the scheduled start time.

A replay of the call will be available from April 29 at 1:30 p.m. ET until 12:00 a.m. ET on May 6 by dialing 888-286-8010 (domestic) or 617-801-6888 (international), pass code 95260431. A simultaneous webcast of the call may be accessed by visiting www.endo.com. In addition, a replay of the webcast will be available until 12:00 a.m. ET on May 6. The replay can be accessed by clicking on "Events" in the Investor Relations section of the website.