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Warner Chilcott Reports Operating Results for the Quarter and Year ended December 31, 2009
Acquisition of P&Gs Global Branded Pharmaceuticals Business and increased revenues from legacy promoted products drive revenue growth.
ARDEE, IRELAND, MARCH 1, 2010 Warner Chilcott plc (NASDAQ: WCRX) today announced its results for the quarter and year ended December 31, 2009. Revenue in the quarter was $686.2 million, an increase of $443.7 million, or 183.0%, over the prior year quarter revenue of $242.5 million. The primary drivers of the increase in revenue were the products acquired from The Procter & Gamble Company (P&G) on October 30, 2009, primarily ACTONEL, ASACOL and ENABLEX, which together contributed $351.8 million of revenue growth in the quarter ended December 31, 2009. For the quarter ended December 31, 2009, revenues contributed by all of the new products acquired from P&G totaled $374.0 million. We also delivered strong revenue growth compared to the prior year quarter from our promoted legacy products LOESTRIN 24 FE, DORYX and ESTRACE CREAM. Together these products contributed $52.9 million of revenue growth compared to the prior year quarter. The growth delivered by these products was offset in part by net sales declines of other products.
The acquisition of the global branded pharmaceuticals business of P&G on October 30, 2009 (the PGP Acquisition) significantly impacted the Companys financial position and results of operations in the quarter ended December 31, 2009. The Company reported a GAAP net (loss) of $(9.5) million, or $(0.04) per diluted share, in the quarter ended December 31, 2009, compared with a GAAP net (loss) of $(115.7) million, or $(0.46) per diluted share, in the prior year quarter. Included in the Companys fourth quarter results was a $65.1 million expense, net of tax, attributable to a purchase accounting adjustment that increased the opening value of the inventories acquired in the PGP Acquisition that was recorded in cost of sales as that inventory was sold. Also included in the results for the quarter ended December 31, 2009 was a $33.5 million gain, net of tax, resulting from the Companys sale of certain inventories to LEO Pharma A/S (LEO) in connection with a transaction completed during the third quarter of 2009 and more fully described below. The quarter ended December 31, 2008 included a $160.1 million, net of tax, non-cash impairment charge related to our OVCON/FEMCON FE intangible asset. Cash net income (CNI) as reported in the quarter ended December 31, 2009 was $133.4 million compared to $100.5 million in the prior year quarter. Excluding the purchase accounting expense included in cost of sales and the gain relating to the sale of certain inventories in connection with the below described transaction with LEO, adjusted CNI was $165.0 million, or $0.65 per diluted share, in the quarter ended December 31, 2009.
References in this release to cash net income or CNI mean our 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 our debt. Reconciliations from our 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.
The following information was filed by Warner Chilcott Plc (WCRX) on Monday, March 1, 2010 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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