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Warner Chilcott Reports Operating Results For The Quarter Ended March 31, 2013

Stocks in this article: WCRX

DUBLIN, Ireland, May 10, 2013 (GLOBE NEWSWIRE) -- 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.

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