Bentley Pharmaceuticals 8-K Completion of Acquisition or Disposition of Assets

Exhibit 99.1

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION

     The following Unaudited Pro Forma Condensed Consolidated Balance Sheet as of March 31, 2008 and the Unaudited Pro Forma Condensed Consolidated Income Statements for the three months ended March 31, 2008 and for the three years ended December 31, 2007, 2006 and 2005 have been derived from the historical financial statements of Bentley Pharmaceuticals, Inc. (the “Company”) and adjusted to give effect to the distribution of the common stock of CPEX Pharmaceuticals, Inc. (“CPEX”) to our stockholders, which will be accounted for as discontinued operations in the second quarter of 2008 in accordance with Statement of Financial Accounting Standards No. 144,Accounting for the Impairment or Disposal of Long-Lived Assets.

     The Unaudited Pro Forma Condensed Consolidated Balance Sheet assumes that the above-mentioned transaction occurred on the date of such balance sheet and the Unaudited Pro Forma Condensed Consolidated Statements of Income assume that the above-mentioned transactions occurred on January 1, 2005.

     Management believes that the assumptions used to derive the Unaudited Pro Forma Condensed Consolidated Financial Statements are reasonable under the circumstances and given the information available. The Unaudited Pro Forma Condensed Consolidated Financial Statements have been provided for informational purposes and are not necessarily indicative of the financial condition or results of future operations or the actual financial condition or results that would have been achieved had the transactions occurred on the dates indicated. These Unaudited Pro Forma Condensed Consolidated Financial Statements (together with the footnotes thereto) should be read in conjunction with our historical consolidated financial statements and accompanying notes thereto, which can be found in our quarterly report on Form 10-Q for the period ended March 31, 2008, filed with the Securities and Exchange Commission on May 12, 2008 and our annual report on Form 10-K for the fiscal year ended December 31, 2007, filed with the Securities and Exchange Commission on March 17, 2008 and as amended on April 29, 2008.

     The Unaudited Pro Forma Condensed Consolidated Income Statements do not reflect material non-recurring charges which will impact net income within twelve months following the transaction, including charges we expect to incur in the second and third quarters of 2008 in connection with the consummation of the spin-off of CPEX.

BENTLEY PHARMACEUTICALS, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

		As of March 31, 2008
		Historical		Spin-off			Pro Forma			Pro Forma
(in thousands)		Bentley		of CPEX(a)			Adjustments			Bentley
Assets
Current assets:
Cash and cash equivalents		$	33,279	$	(19,737	)	$	11,737	(b)	$	25,279
Marketable securities			1,084		—			—			1,084
Receivables, net			46,137		(3,433	)		—			42,704
Inventories			19,536		—			—			19,536
Deferred taxes			1,038		—			—			1,038
Prepaid expenses and other			1,827		(648	)		—			1,179
Total current assets			102,901		(23,818	)		11,737	(b)		90,820
Non-current assets:
Fixed assets, net			63,620		(2,769	)		—			60,851
Drug licenses and related costs, net			17,613		(2,838	)		—			14,775
Restricted cash			1,000		(1,000	)		—			—
Deferred taxes			348		—			—			348
Other			1,016		(43	)		—			973
Total non-current assets			83,597		(6,650	)		—			76,947
Total assets		$	186,498	$	(30,468	)	$	11,737	(b)	$	167,767
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable		$	18,664	$	(838	)	$	—		$	17,826
Accrued expenses			13,643		(1,649	)		—			11,994
Short-term borrowings			186		—			—			186
Current portion of long-term debt			1,304		—			—			1,304
Deferred income			1,296		—			—			1,296
Other current liabilities			1,206		—			—			1,206
Total current liabilities			36,299		(2,487	)		—			33,812
Non-current liabilities:
Long-term debt	��		16,076		—			—			16,076
Deferred income			6,620		—			—			6,620
Other			2,645		—			—			2,645
Total non-current liabilities			25,341		—			—			25,341
Stockholders’ equity			124,858		(27,981	)		11,737	(b)		108,614
Total liabilities and stockholders’ equity		$	186,498	$	(30,468	)	$	11,737	(b)	$	167,767

See accompanying notes to unaudited pro forma condensed consolidated financial statements.

BENTLEY PHARMACEUTICALS, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED INCOME STATEMENT

	For the Three Months Ended March 31, 2008
	Historical			Spin-off			Pro Forma
(in thousands, except per share data)	Bentley			of CPEX(a)			Bentley
Revenues:
Net product sales	$	36,364		$	—		$	36,364
Licensing and collaboration revenues		3,649			(3,450	)		199
Total revenues		40,013			(3,450	)		36,563
Cost of net product sales		19,947			—			19,947
Gross profit		20,066			(3,450	)		16,616
Operating expenses:
Selling and marketing		5,763			—			5,763
General and administrative		4,213			(1,105	)		3,108
Research and development		2,804			(1,896	)		908
Separation costs		3,834			(937	)		2,897
Depreciation and amortization		526			(172	)		354
Total operating expenses		17,140			(4,110	)		13,030
Income from operations		2,926			660			3,586
Other income (expenses):
Interest income		260			(147	)		113
Interest expense		(279	)		1			(278	)
Other, net		99			—			99
Income before income taxes		3,006			514			3,520
Provision for income taxes		1,942			—			1,942
Net income from continuing operations	$	1,064		$	514		$	1,578
Weighted average shares outstanding:
Basic		22,469						22,469
Diluted		23,588						23,588
Net income from continuing operations per share:
Basic	$	0.05					$	0.07
Diluted	$	0.05					$	0.07

See accompanying notes to unaudited pro forma condensed consolidated financial statements.

BENTLEY PHARMACEUTICALS, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED INCOME STATEMENT

	For the Year Ended December 31, 2007
(in thousands, except per share data)	Historical			Spin-off			Pro Forma
	Bentley			of CPEX(a)			Bentley
Revenues:
Net product sales	$	112,999		$	—		$	112,999
Licensing and collaboration revenues		11,688			(11,127	)		561
Total revenues		124,687			(11,127	)		113,560
Cost of net product sales		64,010			—			64,010
Gross profit		60,677			(11,127	)		49,550
Operating expenses:
Selling and marketing		18,523			—			18,523
General and administrative		17,073			(5,206	)		11,867
Research and development		13,600			(9,646	)		3,954
Separation costs		2,020			(1,010	)		1,010
Depreciation and amortization		2,059			(752	)		1,307
Total operating expenses		53,275			(16,614	)		36,661
Loss on sale of drug license		(111	)		—			(111	)
Income from operations		7,291			5,487			12,778
Other income (expenses):
Interest income		1,092			(591	)		501
Interest expense		(598	)		10			(588	)
Other, net		434			22			456
Income before income taxes		8,219			4,928			13,147
Provision for income taxes		5,534			—			5,534
Net income from continuing operations	$	2,685		$	4,928		$	7,613
Weighted average shares outstanding:
Basic		22,339						22,339
Diluted		22,957						22,957
Net income from continuing operations per share:
Basic	$	0.12					$	0.34
Diluted	$	0.12					$	0.33

See accompanying notes to unaudited pro forma condensed consolidated financial statements.

BENTLEY PHARMACEUTICALS, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED INCOME STATEMENT

	For the Year Ended December 31, 2006
	Historical			Spin-off			Pro Forma
(in thousands, except per share data)	Bentley			of CPEX(a)			Bentley
Revenues:
Net product sales	$	100,590		$	—		$	100,590
Licensing and collaboration revenues		8,881			(8,366	)		515
Total revenues		109,471			(8,366	)		101,105
Cost of net product sales		49,850			—			49,850
Gross profit		59,621			(8,366	)		51,255
Operating expenses:
Selling and marketing		16,153			—			16,153
General and administrative		14,801			(4,651	)		10,150
Research and development		10,459			(7,881	)		2,578
Litigation settlement		10,914			—			10,914
Depreciation and amortization		1,895			(679	)		1,216
Total operating expenses		54,222			(13,211	)		41,011
Gain on sale of drug license		38			—			38
Income from operations		5,437			4,845			10,282
Other income (expenses):
Interest income		820			(681	)		139
Interest expense		(158	)		—			(158	)
Other, net		(43	)		(2	)		(45	)
Income before income taxes		6,056			4,162			10,218
Provision for income taxes		5,082			—			5,082
Net income from continuing operations	$	974		$	4,162		$	5,136
Weighted average shares outstanding:
Basic		22,141						22,141
Diluted		23,068						23,068
Net income from continuing operations per share:
Basic	$	0.04					$	0.23
Diluted	$	0.04					$	0.22

See accompanying notes to unaudited pro forma condensed consolidated financial statements.

BENTLEY PHARMACEUTICALS, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED INCOME STATEMENT

	For the Year Ended December 31, 2005
	Historical			Spin-off			Pro Forma
(in thousands, except per share data)	Bentley			of CPEX(a)			Bentley
Revenues:
Net product sales	$	91,308		$	—		$	91,308
Licensing and collaboration revenues		6,422			(6,149	)		273
Total revenues		97,730			(6,149	)		91,581
Cost of net product sales		46,161			—			46,161
Gross profit		51,569			(6,149	)		45,420
Operating expenses:
Selling and marketing		16,347			—			16,347
General and administrative		11,405			(3,543	)		7,862
Research and development		5,800			(3,858	)		1,942
Litigation settlement		593			—			593
Depreciation and amortization		1,758			(609	)		1,149
Total operating expenses		35,903			(8,010	)		27,893
Income from operations		15,666			1,861			17,527
Other income (expenses):
Interest income		928			(746	)		182
Interest expense		(211	)		—			(211	)
Other, net		12			2			14
Income before income taxes		16,395			1,117			17,512
Provision for income taxes		5,476			—			5,476
Net income from continuing operations	$	10,919		$	1,117		$	12,036
Weighted average shares outstanding:
Basic		21,558						21,558
Diluted		22,929						22,929
Net income from continuing operations per share:
Basic	$	0.51					$	0.56
Diluted	$	0.48					$	0.52

See accompanying notes to unaudited pro forma condensed consolidated financial statements.

BENTLEY PHARMACEUTICALS, INC. AND SUBSIDIARIES
NOTES TO
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

     The pro forma adjustments to the accompanying historical financial information as of and for the three months ended March 31, 2008 and for the three years ended December 31, 2007, 2006 and 2005 are described below:

(a) Represents the assets, liabilities and operations of CPEX prior to the spin-off. The common stock of CPEX was distributed to our stockholders on June 30, 2008.

(b) In accordance with the Separation and Distribution Agreement between the Company and CPEX, cash balances in excess of $8.0 million were required to be transferred to the Company on the distribution date. As of March 31, 2008, CPEX would have transferred $11.7 million to the Company.