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Warner Chilcott Beats Earnings and Announces Partnership Talks

Pharmaceutical company, Warner Chilcott (NASDAQ: WCRX) reported earnings on May 10. Revenue came in at $593 million versus analyst consensus of $593.5 million. EPS was $0.92 versus consensus of $0.84.

The stock was up 20 percent on Friday but not because of earnings. In a separate announcement, the Ireland drug maker announced that it was in talks with rival, Actavis (NYSE: ACT), formed in October when Watson Pharmaceuticals and Switzerland-based Actavis. The $5.6 billion combination formed the world’s largest generic drug companies.

Actavis expects to generate at least $8.1 billion in revenue in 2013. Warner Chilcott, with its American corporate headquarters in New Jersey, expects 2013 revenues to come in at $2.3 to $2.4 billion.

In a press release Friday, Warner Chilcott reiterated that the two companies were in preliminary talks and that no deal was on the table.

In April of last year, pharmaceutical company, Bayer, was said to be in talks to acquire Warner Chilcott but nothing materialized.

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[stock-tools exchange="NYSE" symbol="ACT" image_height="180" image_width="300"]
 

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