Warner Chilcott PLC said today its second-quarter net income doubled as the Irish drug developer’s revenue soared from sales of newly acquired products.
The drugmaker said products acquired from Procter & Gamble Co. contributed $477.4 million toward revenue growth in the quarter. Warner Chilcott acquired P&G’s global branded prescription drug business for $3.1 billion last fall. The company gained a portfolio of products worth about $2.3 billion in annual revenue including blockbuster osteoporosis drug Actonel and Enablex, a treatment for overactive bladders.
In total, new products accounted for 63 percent of the company’s revenue.
The company said it earned $115.3 million, or 46 cents per share, in the three months that ended June 30. That compares with earnings of $56 million, or 22 cents per share, in the same quarter last year. Excluding certain one-time costs, adjusted earnings totaled 95 cents per share.
Revenue more than tripled to $815.6 million from $250.8 million. Sales of oral contraceptives rose 44 percent, and dermatology product sales were up 10 percent.
Analysts polled by Thomson Reuters expected, on average, earnings of 81 cents per share on $753 million in revenue.
Warner Chilcott said it booked a $9.4 million gain during the quarter from its distribution of inventories sold to LEO Pharma A/S and an $18.1 million reduction in the cost of sales tied to a contract termination. Meanwhile, selling and distribution expenses jumped to $116.4 million due in part to the products from P&G and expenses from a co-promotion agreement for Actonel with Sanofi-Aventis U.S. LLC.
Looking ahead, Warner Chilcott backed its prior outlook for 2010 adjusted profit of $3.45 to $3.55 per share. It has said revenue will be at the low end of its previously forecast range of $2.9 billion to $2.95 billion.
On average, analysts expect a profit of $3.37 per share and $2.99 billion in revenue, according to Thomson Reuters.