Warner Chilcott announces strong quarterly results

Northern Ireland pharmaceutical company Warner Chilcott, previously known as Galen Holdings PLC, has announced its latest quarterly results for the period ended June 30.

Revenues from continuing operations, excluding revenues from sell-offs, were $113.9m (€92.8m), an increase of 13% over the same quarter last year.

Warner Chilcott sold off Loestrin in March while it sold off its UK businesses in April 2004 to focus exclusively on the US branded pharmaceutical market.

Operating profit from continuing operations, before amortisation of goodwill and intangibles, rose to $60.6m (€49.3m) compared to $41.6m (€33.8) in the same quarter last year, an increase of 46%.

Earnings per ordinary share from continuing operations increased to 25.2c, up 42% over the prior year, reflecting both the revenue growth and increased profitability from existing products and products added to the company’s portfolio over a year ago.

Net debt at the end of the quarter was $14.9m (€12.1m), compared to a net debt position of $289.2m (€235.6m) a year ago.

Commenting on the results, Roger Boissonneault, chief executive, said: “Our results for the third quarter show good growth, margin improvement and cash generation from continuing operations.

"All revenues now come from our US specialty business with a portfolio of products that gives us scale in our chosen therapeutic areas.

"We are very pleased with the performance of the business during the quarter and remain confident in the continued performance of Warner Chilcott for the remainder of this year.”