CORRECTED - CORRECTED-UPDATE 1-Warner Chilcott Q1 profit meets Street; backs

(Corrects throughout to say Q1 adjusted EPS was in line with analysts' expectations and not a miss)

* Q1 cash net income of $0.39 vs est of $0.39/shr

* Q1 revenue of $246 mln vs est $249.7 mln

* Affirms 2009 view

* Board approves plan to be based out of Ireland

May 11 (Reuters) - Specialty pharmaceutical company Warner Chilcott Ltd (WCRX.O) posted a first-quarter adjusted profit that was in line with analysts' average estimate, and backed its 2009 view.

Net sales of Dovonex, indicated for the treatment of plaque psoriasis, fell 15.6 percent, while net sales of Femhrt, which is used to treat symptoms of menopause such as moderate to severe hot flashes, fell 20.8 percent.

These were offset by a 43 percent rise in net sales of acne drug Doryx and a 12.3 percent rise in total sales of oral contraceptives.

For the first quarter, the Bermuda-based company earned $43.3 million, or 17 cents a share, compared with $33.7 million, or 13 cents a share, in the year-ago quarter. Cash net income was $97.7 million for the quarter.

According to Reuters Estimates, the company cash net income of 39 cents a share matched analysts' average estimate.

Total revenue rose 7.2 percent to $246 million, but fell short of analysts' estimate of $249.7 million.

Warner, which affirmed its 2009 cash net income and revenue view, said its board approved a plan to base the company out of Ireland and it expects to complete the process during the second half of 2009.

Its stock is expected to continue trading on Nasdaq under the symbol "WCRX", Warner added.

For related alerts, double-click [ID:nWNAB7158] (Reporting by Jennifer Robin Raj in Bangalore; Editing by Himani Sarkar)