UPDATE 2-Warner Chilcott Q1 profit meets Street; backs '09 view

* 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 (Adds analyst's comments)

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 it also backed its 2009 view.

"The things we expected to see on the favourable side did occur. Doryx was very strong. The reason it (Warner) did not post upside was they did take a couple of research and development charges," Roth Capital analyst Scott Henry said. Research and development costs for the quarter nearly doubled at $23.9 million, from $12.2 million a year ago.

The company posted a 43 percent rise in net sales of acne drug Doryx and a 12.3 percent rise in total sales of oral contraceptives.

The rise in sales of Doryx and the company's oral contraceptives were offest by a 15.6 percent fall in net sales of Dovonex, indicated for the treatment of plaque psoriasis, and a 21 percent fall in net sales of Femhrt, which is used to treat symptoms of menopause such as moderate to severe hot flashes.

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 period. Cash net income was $97.7 million for the quarter.

According to Reuters Estimates, the company's 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.

Warner Chilcott's shares closed nearly flat at $11.41 Monday on Nasdaq.

For related alerts, double-click [ID:nWNAB7158] (Reporting by Jennifer Robin Raj, Vidya L Nathan in Bangalore; Editing by Himani Sarkar, Anil D'Silva)