Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Specialty pharmaceutical company Warner Chilcott (Nasdaq: WCRX) tumbled 10% in early Monday trading after posting disappointing quarterly results.

So what: Despite receiving a decent boost from the products acquired in its Procter & Gamble (NYSE: PG) deal last year, Warner Chilcott's third-quarter profit sank 86% to $57.5 million. Two of the major brands purchased from P&G -- osteoporosis drug Actonel and ulcer treatment Asacol -- are losing market share to cheaper alternatives much earlier than expected.

Now what: Even with today's miss, management said the overall integration of P&G's portfolio is going rather smoothly. Generic competition from the likes of Teva (Nasdaq: TEVA) is certainly a big concern, but Warner Chilcott has done well recently to extend the life of its portfolio -- by getting patients onto their next-generation drugs before losing patent protection. I'd still have to take a pass given Warner Chilcott's big debt load, but today's plunge may provide a nice entry point for less risk-averse investors.

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Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Procter & Gamble is a Motley Fool Income Investor pick. The Fool owns shares of P&G and Teva. Try any of our Foolish newsletter services free for 30 days.

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