Warner Chilcott announced May 6 that its first-quarter loss widened on a surge in income taxes, but its adjusted results topped Wall Street expectations and the company boosted its 2011 outlook.
The company lost $24.1 million, compared with a loss of $17.2 million during the same period a year prior. Revenue fell less than 1% to $756.5 million.
During the quarter, a decline in sales and other costs offset a boost in restructuring and interest expenses. The company paid $28 million in taxes, compared with a benefit of $23.4 million a year prior. The tax costs pushed it to a loss in the most recent quarter.
The company’s cash net income, which excludes charges, was $1.04 per share. Analysts polled by FactSet expected 82 cents per share in profit on $674.9 million in revenue.
Revenue from osteoporosis drugs, which include Actonel and Atelvia, fell 11% to $233 million. Sales of oral contraceptives, which include Loestrin 24 FE, rose 4% to $137 million. Hormone therapy revenue rose 7% to $49 million, while gastroenterology drug revenue rose 13% to $187 million.
Meanwhile, dermatology product sales fell 47% to $66 million and urology product sales jumped to $45 million.
Looking ahead, the company raised its 2011 financial guidance. It now expects adjusted cash net income between $3.70 and $3.80 per share from $3.60 to $3.70 per share. It also expects revenue to reach the high end of its $2.7 billion to $2.8 billion guidance.
Analysts expect $3.67 per share on $2.74 billion in revenue in 2011.
Source: The Associated Press
