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Warner Chilcott Reports Operating Results for the Quarter and Year ended December 31, 2008
Growth of promoted product revenue and reduced expenses continue to drive solid cash net income growth.
HAMILTON, BERMUDA, FEBRUARY 27, 2009 Warner Chilcott Limited (NASDAQ: WCRX) today announced its results for the quarter and year ended December 31, 2008. Revenue in the quarter ended December 31, 2008 totaled $242.5 million, an increase of 6.5%, over the prior year quarter. Revenue for the year ended December 31, 2008 totaled $938.1 million, an increase of 4.3%, over the prior year. The primary drivers of the increase in revenue for both periods were the net sales of our promoted products DORYX, TACLONEX, LOESTRIN 24 FE and FEMCON FE, which together contributed $34.2 million and $130.9 million of revenue growth for the quarter and year ended December 31, 2008, respectively, compared to the prior year periods. The growth delivered by these products was offset primarily by significant declines in SARAFEM and ESTROSTEP FE net sales due primarily to generic competition and declines in DOVONEX net sales.
The Company reported a net (loss) of $(115.7) million, or $(0.46) per diluted share, in the quarter ended December 31, 2008, compared with net income of $19.7 million, or $0.08 per diluted share, in the prior year quarter. The quarter ended December 31, 2008 included a non-cash impairment charge related to the Companys OVCON / FEMCON FE intangible asset of $163.3 million ($0.64 per diluted share, net of tax). Excluding this impairment charge, net income was $44.4 million in the quarter ended December 31, 2008. Cash net income (CNI) in the quarter ended December 31, 2008 was $100.5 million, an increase of $26.6 million, compared to $73.9 million in the prior year quarter. Reported net (loss) was $(8.4) million, or $(0.03) per diluted share, in the year ended December 31, 2008.
References in this release to cash net income or CNI mean the Companys net income adjusted for the after-tax effects of two non-cash items: amortization and impairment of intangible assets and amortization (or write-off) of deferred loan costs related to the Companys debt. Reconciliations from the Companys reported results in accordance with US GAAP to cash net income, adjusted cash net income and adjusted EBITDA for all periods are presented in the tables at the end of this press release.
The following information was filed by Warner Chilcott Plc (WCRX) on Friday, February 27, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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