Warner Chilcott Posts Lower Q2 Profit

Warner Chilcott reported second-quarter net income of $72 million or $0.28 per share versus $115 million or $0.46 per share last year. Cash net income, or CNI, for the quarter declined to $221 million from $269 million in the year-ago quarter. Adjusted CNI was $240 million, a decrease of $1 million or 1% from $241 million in the prior-year quarter.

Analysts polled by Thomson Reuters expected the company to earn $0.89 per share in the quarter. Analysts' estimates typically exclude special items.
Quarterly revenues decreased to $670.29 million from $815.61 million in the previous year. The Street estimated revenues of $675.49 million for the quarter.

Looking forward to 2011, the company reaffirmed its adjusted CNI per share forecast of $3.70 to $3.80.

Further, the company said it continues to expect its 2011 revenue to be in the range of $2.7 billion to $2.8 billion based on current revenue trends. The company added that it no longer expect revenue to be at the high end of our range as previously disclosed.

Analysts currently estimate earnings of $3.79 per share on revenues of $2.80 billion for the year.

In a separate release, Warner Chilcott said in connection with a realignment of its sales organization, Hans van Zoonen will head the company's North American sales organization effective immediately. The company added that in connection with the realignment, Carl Reichel, president, pharmaceuticals, will be leaving the company to pursue other interests.