Warner Chilcott: third-quarter revenue up 50.9% at $194.7 million on new product strength

By Lisa Kerner

Charlotte, N.C., Nov. 14 - Warner Chilcott Ltd. said for the quarter ended Sept. 30, its total revenue rose 50.9% to $194.7 million, from $129.0 million in the prior-year quarter, primarily on the strength of new products.

The company reported a net loss of $81.0 million for the three months, compared with a net loss of $73.9 million for the third quarter of 2005.

Cash net loss in the quarter was $11.0 million.

"We had a strong quarter," chief executive officer Roger Boissonneault said in a news release.

"Our recently launched products, Loestrin 24 FE and Taclonex, contributed to our strong revenue growth."

Sales of the company's oral contraceptives increased 39.5% to $17.6 million in the third quarter from the same quarter of 2005.

Dermatology product sales were up 247.2% to $80.2 million for the three-month period, compared with $23.1 million in the third quarter of 2005.

Warner Chilcott said its selling, general and administrative expenses for the quarter ended Sept. 30 were $99.7 million, a 161.3% increase from $38.2 million in the prior-year quarter.

Research and development expenses fell to $4.8 million in the third quarter, from $39.3 million in the prior-year quarter, as a result of the $35.0 million spent to acquire the rights to several line extensions of Taclonex and other product rights from LEO Pharma AS, according to the release.

At Sept. 30, the company's cash and cash equivalents totaled $287.9 million and funded debt outstanding totaled $1.813.8 billion with no borrowings outstanding under the company's revolving credit facility.

Proceeds from the company's initial public offering, which was completed on Sept. 20, were used to prepay $405.0 million of senior secured bank term loans and to redeem $210.0 million of 8¾% senior subordinated notes due 2015 at a total redemption price of $228.4 million.

Warner Chilcott is a U.S. specialty pharmaceutical company based in Hamilton, Bermuda.

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