Ireland-based drugmaker Warner Chilcott has posted a reasonable set of financials despite suffering the impact of generic competition for its osteoporosis drug Actonel.
Fourth-quarter net profit rose to $90.3 million, up from $15.4 million in the like, year-earlier period. while turnover fell 7% to $645.8 million. Sales of Actonel (risedronate) slid 23% to $180 million, battered by generics in western Europe.
The company's ulcerative colitis treatment Asacol (mesalamine) inched up 1% to $178 million and sales of its antibiotic Doryx (doxycycline) soared 43% to $46 million. As for Warner Chicott's contraceptives, Loestrin Fe (norethindrone and ethinyl estradiol) fell 21% to $71 million, while Lo Loestrin FE, launched in early 2011, brought in $21 million. Sales of the bladder treatment Enablex (darifenacin) were down 11% to $40 million.
Warner Chilcott is currently restructuring its Western Europe business, a move which will see the loss of around 500 jobs and should be completed in 2012. The cuts will minimise operational costs in Belgium, the Netherlands, France, Germany, Italy, Spain, Switzerland and the UK.
US marketing probe
Meantime, Warner Chilcott revealed that the firm and some non-executive employees received subpoenas from the US Attorney’s Office from the District of Massachusetts regarding "a wide range of matters". The company is in the process of responding to the subpoena and says it intends to fully cooperate with the authorities.