Nov 9 2009
Warner Chilcott plc (Nasdaq: WCRX) today announced its results for the quarter ended September 30, 2009. Revenue in the quarter ended September 30, 2009 increased 9.0% to $252.8 million over the prior year quarter. The primary drivers of the increase in revenue in the quarter were the net sales of LOESTRIN 24 FE and ESTRACE Cream which were partially offset by net sales declines of other products, primarily TACLONEX.
The Company reported net income of $424.2 million ($1.69 per diluted share) in the quarter ended September 30, 2009, compared with net income of $40.1 million ($0.16 per diluted share) in the prior year quarter. The quarter ended September 30, 2009 included a gain of $380.1 million ($1.51 per diluted share), net of tax, related to the termination, for $1.0 billion in cash from LEO Pharma A/S ("LEO"), of Warner Chilcott's exclusive product licensing rights in the United States to TACLONEX, TACLONEX SCALP, DOVONEX and all other products in LEO's development pipeline, as well as the sale to LEO of related assets (the "LEO Transaction"). Cash net income ("CNI") as reported in the quarter ended September 30, 2009 was $483.3 million. Excluding the gain of $380.1 million, adjusted CNI was $103.2 million ($0.41 per diluted share).
References in this release to "cash net income" or "CNI" mean the Company's net income adjusted for the after-tax effects of two non-cash items: amortization (including impairments, if any) of intangible assets and amortization (including write-offs, if any) of deferred loan costs related to the Company's debt. Reconciliations from the Company's reported results in accordance with US GAAP to CNI, adjusted CNI and adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") for all periods are presented in the tables at the end of this press release.