Warner Chilcott reported a $17.2 million loss for the first quarter today, even though revenue tripled, after the Irish drug developer bought a prescription drug business from Procter & Gamble Co.
The company said the loss amounted to 7 cents per share in the quarter that ended March 31. That compares with net income of $43.3 million, or 17 cents per share, in 2009’s first quarter.
Revenue soared to $761.3 million from $245.9 million due mainly to products acquired from P&G. Adjusted income, which does not include the accounting adjustment and other one-time items, was 88 cents per share.
Analysts polled by Thomson Reuters expected, on average, earnings of 86 cents per share on $764.8 million in revenue. Analysts normally exclude one-time items from their estimates.
Warner Chilcott acquired the global branded prescription drug business of P&G last fall. The company said products from that deal contributed $478.3 million in revenue for the first quarter. They include the osteoporosis drug Actonel and Enablex, a treatment for overactive bladders.
The company said it incurred a $93.7 million expense due to an accounting adjustment that boosted the opening value of inventories it acquired from P&G. Selling, general and administrative expenses increased to $320.1 million from $46.8 million in the quarter, and research and development rose about 31 percent to $31.1 million.
Warner Chilcott Plc. also said it had a $24.6 million gain from the sale of some inventories to LEO Pharma A/S.
