Specialty pharmaceutical company Warner Chilcott Plc (WCRX) reported Friday a profit for the first quarter that remained flat with last year, but revenues declined 13 percent amid a steady drop in sales of its Actonel osteoporosis drug.
However, adjusted cash earnings per share topped analysts' expectations, while quarterly revenues missed their estimates. The company also reaffirmed its earnings and revenue guidance for the full-year 2013.
The Dublin, Ireland-based company, which in early 2010 shifted base from Rockaway, New Jersey, reported net income of $113 million or $0.45 per share for the first quarter that remained flat with last year.
Excluding items, adjusted net income was $232 million or $0.92 per share.
On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $0.85 per share for the first quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter declined 13 percent to $578 million from $685 million in the same quarter last year, and missed fourteen Wall Street analysts' consensus estimate of $588.06 million.
Net sales of oral contraceptive products for the quarter increased 6 percent, with Lo Loestrin FE sales surging 86 percent, but Loestrin 24 FE sales decreasing 14 percent.
Among osteoporosis products, total Actonel revenues declined 24 percent from last year as international sales plunged 64 percent, partially offset by a 4 percent increase in the U.S.
Meanwhile, Atelvia net sales increased 19 percent to $19 million from last year.
Net sales of for gastroenterology products decreased 25 percent, with Asacol net sales declining 27 percent. The company said it transitioned from Asacol 400 mg to Delzicol and commercially launched it in March 2013.
Among other products, net sales of hormone therapy Estrace Cream increased 2 percent, while net sales of urology product Enablex declined 5 percent, and net sales of dermatology product Doryx decreased 37 percent from last year.
Looking ahead to fiscal 2013, the company continues to anticipate adjusted cash earnings in the range of $3.20 to $3.30 per share, on projected revenues between $2.3 billion and $2.4 billion.
Street is currently looking for full-year 2013 earnings of $3.30 per share on annual revenues of $2.34 billion.
WCRX closed Thursday's regular trading session at $15.01, up $0.05 on a volume of 3.86 million shares. In the past 52-week period, the stock has been trading in a range of $10.85 to $22.11.
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