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Warner Chilcott Reports Operating Results For The Quarter Ended June 30, 2013

DUBLIN, Ireland, July 24, 2013 (GLOBE NEWSWIRE) -- Warner Chilcott plc (Nasdaq:WCRX) today announced its results for the quarter ended June 30, 2013.

Total revenue in the quarter ended June 30, 2013 was $613 million, a decrease of $25 million, or 4%, compared to the quarter ended June 30, 2012. This decrease was driven primarily by a decline in ACTONEL revenues of $54 million, due in large part to overall declines in the U.S. oral bisphosphonate market and continued declines in ACTONEL revenues in Western Europe and Canada following the 2010 loss of exclusivity in both regions, offset, in part, by combined net sales growth in our gastroenterology franchise. Within our gastroenterology franchise, a decrease in ASACOL net sales of $47 million in the quarter ended June 30, 2013 as compared to the prior year quarter, due primarily to our transition from ASACOL 400 mg to DELZICOL, was more than offset by DELZICOL net sales of $67 million in the quarter ended June 30, 2013. We also reported net sales growth in certain other promoted products, primarily LO LOESTRIN FE, which saw an increase in net sales of $25 million, or 74%, in the quarter ended June 30, 2013 as compared to the prior year quarter.

We reported GAAP net income of $108 million, or $0.43 per diluted share, in the quarter ended June 30, 2013, compared to GAAP net income of $53 million, or $0.21 per diluted share, in the quarter ended June 30, 2012. Cash net income (or CNI, as defined below) for the quarter ended June 30, 2013 was $222 million, compared to $278 million in the prior year quarter. Adjusted CNI was $232 million, or $0.92 per diluted share, in the quarter ended June 30, 2013, compared to adjusted CNI of $258 million, or $1.03 per diluted share, in the prior year quarter. In computing adjusted CNI for the quarter ended June 30, 2013, we excluded restructuring income of $1 million, net of tax, related to the restructuring of certain of our Western European operations and $11 million, net of tax, of fees related to the Actavis Transaction (defined below). In computing adjusted CNI for the quarter ended June 30, 2012, we excluded a gain of $20 million, net of tax, relating to the reversal of the liability for contingent milestone payments to Novartis Pharmaceuticals Corporation ("Novartis") in connection with our acquisition of the U.S. rights to ENABLEX in October 2010 (the "ENABLEX Acquisition"), based on the determination that it was no longer probable that we would be required to make such payments.

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