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Warner Chilcott Reports Operating Results For The Quarter And Year Ended December 31, 2012

Stocks in this article: WCRX

DUBLIN, Ireland, Feb. 22, 2013 (GLOBE NEWSWIRE) -- Warner Chilcott plc (Nasdaq:WCRX) today announced its results for the quarter and year ended December 31, 2012.

Total revenue in the quarter ended December 31, 2012 was $612 million, a decrease of $34 million, or 5%, compared to the quarter ended December 31, 2011. For the quarter ended December 31, 2012, the decrease in revenues as compared to the prior year quarter was primarily driven by a decrease in ACTONEL revenues of $76 million, due in large part to the overall declines in the U.S. oral bisphosphonate market, as well as the continuing declines in ACTONEL net sales in Western Europe and Canada following the 2010 loss of exclusivity in both regions, and a decline in DORYX net sales of $27 million following the introduction of generic competition for our DORYX 150 mg product in early May 2012. The decrease was offset, in part, by net sales growth in certain promoted products, primarily ASACOL and LO LOESTRIN FE. Combined, net sales of these products increased $47 million, or 24%, compared to the prior year quarter.

We reported GAAP net income of $124 million, or $0.49 per diluted share, in the quarter ended December 31, 2012, compared with GAAP net income of $90 million, or $0.36 per diluted share, in the prior year quarter. Cash net income (or CNI, as defined below) for the quarter ended December 31, 2012 was $242 million, compared to $240 million in the prior year quarter. Adjusted CNI was $228 million in the quarter ended December 31, 2012, a decrease of $12 million, or 5%, compared to adjusted CNI of $240 million in the prior year quarter. In computing adjusted CNI for the quarter ended December 31, 2012, we excluded (i) $12 million of income tax benefits related to the reversal of reserves associated with our entry into two advance pricing agreements (the "APAs") with the Internal Revenue Service ("IRS") and (ii) $2 million, net of tax, of pension-related curtailment gains relating to the restructuring of certain of our Western European operations.

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