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Warner Chilcott Announces 2013 Financial Guidance

DUBLIN, Ireland, Feb. 8, 2013 (GLOBE NEWSWIRE) -- Warner Chilcott plc (Nasdaq:WCRX) today announced its view of anticipated full year 2013 financial results.

Total revenue for 2013 is expected to be in the range of $2.3 to $2.4 billion. The 2013 revenue expectations reflect, among other things, the anticipated growth of certain of the Company's promoted products, including LO LOESTRIN FE and ESTRACE CREAM, which the Company believes will be more than offset by the anticipated continued decline in ACTONEL revenues. The anticipated decline in ACTONEL revenues is based largely on the continued volume decreases expected in the U.S. bisphosphonate market and the ongoing impact of the loss of exclusivity in Western Europe and Canada. The Company also anticipates that it will commercially launch DELZICOL, its new 400 mg mesalamine product indicated for the treatment of ulcerative colitis, in March 2013.

Gross margin, as a percentage of total revenue, is anticipated to be approximately 87% in 2013 based on the forecasted product mix.

Total selling, general and administrative (SG&A) expense in 2013 is anticipated to be in the range of $750 to $800 million. Total R&D expense in 2013 is anticipated to be in the range of $115 to $135 million.

Based on the current view, 2013 GAAP net income is expected to be in the range of $362 to $387 million. Cash net income (or CNI, as defined below) in 2013 is anticipated to be in the range of $805 to $830 million. Using 251.5 million ordinary shares, the Company expects GAAP net income per share to be in the range of $1.44 to $1.54 and cash net income per share to be in the range of $3.20 to $3.30 per share for the 2013 fiscal year.      

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. This press release contains financial measures, such as CNI, that have not been prepared in accordance with GAAP ("non-GAAP financial measures"). The non-GAAP financial measures should not be considered a substitute for financial measures prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). The Company strongly urges you to: (i) review the reconciliation of the non-GAAP financial measures, including CNI, to GAAP financial measures presented in the footnotes at the end of this press release and (ii) not rely on any single financial measure to evaluate its business.

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