Warner Chilcott PLC (NASDAQ: WCRX) said Monday its profit surged in the third quarter after it accepted $1 billion to end a licensing deal with Leo Pharma AS of Denmark, according to Associated Press.
Warner Chilcott, which makes women's health and dermatology products, said its net income rose to $424.2 million, or $1.69 per share. That compares with $40.1 million, or 16 cents per share, a year earlier.
After taxes, the company gained $380.1 million after it returned the license rights to a group of products including the psoriasis treatments Taclonex and Taclonex Scalp, and Dovonex ointment, to Leo Pharma.
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Under the terms of a new agreement, Warner Chilcott will distribute those products through the end of 2009 in return for a fee.
Excluding the gains from the Leo deal, the Irish company said it earned 41 cents per share. Analysts were expecting 42 cents per share, according to Thomson Reuters.
Revenue rose 9 percent, to $252.8 million from $231.9 million, due to better sales of products including the oral contraceptive Loestrin and the menopause treatment Estrace. Analysts had expected $254.8 million in revenue.
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