Warner Chilcott reports Q3 revenue gain, profit drop
DUBLIN Quarterly revenue for Warner Chilcott during the third quarter primarily was driven by the company's acquisition of two drugs from Procter & Gamble.
The drug maker said its revenue for the quarter, ended Sept. 30, jumped 178.2% to $703.2 million over the prior-year quarter thanks to its acquisition of Actonel and Asacol. In total, these products and the other new products acquired from P&G contributed $504.4 million in revenue during the quarter, Warner Chilcott said.
Despite its revenue gain, the company reported that its third-quarter profit decreased to $57.5 million, or 23 cents per share, from $424.2 million, or $1.69 per share in the same period last year.
Looking ahead, the drug maker raised its outlook from a range of $3.25 to $3.35 per share to $3.35 to $3.45 per share, although it cut its revenue forecast to a range of $2.8 billion to $2.85 billion, down from its original projection of $2.9 billion to $2.95 billion.