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Warner Chilcott Reports Operating Results for the Quarter Ended March 31, 2013
Strong first quarter 2013 financial results and progress on R&D projects, as reflected in recent product approvals in the United States.
DUBLIN, Ireland, May 10, 2013 Warner Chilcott plc (NASDAQ: WCRX) today announced its results for the quarter ended March 31, 2013.
Total revenue in the quarter ended March 31, 2013 was $593 million, a decrease of $92 million, or 13%, compared to the quarter ended March 31, 2012. For the quarter ended March 31, 2013, the decrease in revenues as compared to the prior year quarter was driven by a decrease in ASACOL net sales of $58 million, due primarily to our decision to cease trade shipments of ASACOL 400 mg in the United States as we transitioned from ASACOL 400 mg to DELZICOL in March 2013, and a decrease in ACTONEL revenues of $35 million, due in large part to continuing declines in ACTONEL revenues in Western Europe and Canada following the 2010 loss of exclusivity in both regions. These decreases were offset, in part, by net sales growth in certain other products, primarily LO LOESTRIN FE, which increased $24 million, or 86%, compared to the prior year quarter.
We reported GAAP net income of $113 million, or $0.45 per diluted share, in each of the quarters ended March 31, 2013 and 2012. Cash net income (or CNI, as defined below) for the quarter ended March 31, 2013 was $231 million, compared to $249 million in the prior year quarter. Adjusted CNI was $232 million in the quarter ended March 31, 2013, a decrease of $59 million, or 20%, compared to adjusted CNI of $291 million in the prior year quarter. In computing adjusted CNI for the quarter ended March 31, 2013, we excluded restructuring income of $1 million, net of tax, related to the restructuring of certain of our Western European operations and $2 million, net of tax, of litigation-related charges. In the quarter ended March 31, 2012, we excluded restructuring costs of $42 million, net of tax, related to the Western European restructuring.
References in this press release to cash net income or CNI mean our GAAP 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. Adjusted CNI represents CNI as further adjusted to exclude the impact, on an after-tax basis, of the Western European restructuring and litigation-related charges. Reconciliations from our reported results in accordance with Generally Accepted Accounting Principles in the U.S. (GAAP) to CNI, adjusted CNI and adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) for all periods presented are included in the tables at the end of this press release.
New Product Approvals
In April and May 2013, the U.S. Food and Drug Administration (FDA) approved two new oral contraceptives, (i) norethindrone acetate and ethinyl estradiol capsules and ferrous fumarate capsules (the April OC) and (ii) norethindrone acetate and ethinyl estradiol chewable tablets and ferrous fumarate tablets (the May OC), in each case for the prevention of pregnancy. We anticipate that we will commercially launch the May OC in early August 2013. We have informed the FDA that we do not intend to commercially launch the April OC at this time and that we intend to use the MINASTRIN 24 FE trade name for the May OC.
On April 12, 2013, we announced that the FDA approved a 200 mg strength of DORYX (doxycycline hyclate) Delayed-Release Tablets, a tetracycline-class oral antibiotic. We anticipate that we will commercially launch DORYX Delayed-Release 200 mg Tablets in July 2013.
On February 5, 2013, we announced that the FDA approved DELZICOL (mesalamine) 400 mg delayed-release capsules, our new mesalamine product indicated for the treatment of mildly to moderately active ulcerative colitis and for the maintenance of remission of ulcerative colitis. We commercially launched DELZICOL in March 2013, and it is currently a promotional focus of our gastroenterology sales force efforts.
The following information was filed by Warner Chilcott Plc (WCRX) on Friday, May 10, 2013 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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