Hi °C | Lo °C Pharmaceuticals company Warner Chilcott, which employs 110 people at an R& D facility in Larne, today reported that it had moved from loss into profit.
The Bermuda-based company, which specialises in women's health care and dermatology products, posted a pre-tax profit of $$5.8m (£2.8m) for the quarter ended September 30.
This compared with a pre-tax loss of $$81m (£39.5m) in the same quarter a year ago.
Turnover was up by 16.3% to $$226.5m (£110.3m), while sales of oral contraceptive products had increased by 14.4%.
Dr John King, the former Galen chairman who now serves as a non-executive member of the Warner Chilcott board, said profits would have been higher had the company not been writing off intangible costs.
He said: "We are going well and have increased our projected turnover for the full year from $$870m to $$890m.
"A key element in our success has been the role played by our research and development team in Larne.
"Under the leadership of Dr Claire Gilligan, our vice-president of operations in Larne, they have been making great strides."
Apart from the 110 in Larne, the company employs 300 at its main manufacturing operation in Puerto Rico and 1,000 in the US, primarily involved in marketing and sales.
Warner Chilcott evolved out of Galen Holdings, which originated in Northern Ireland, and over the past 10 years its full-year revenues have grown from $$40m to a predicted $$1bn next year.
Dr King said the weakness of the dollar was not a problem because the company's main manufacturing base and principal market were both in the dollar zone.
Dr King said its market capitalisation now stood at $$4.6bn.
