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Earnings Roundup / Watson

Drug maker's earnings up 47%

February 20, 2009|Times Wire Reports

Watson Pharmaceuticals Inc., the second-largest U.S. maker of generic drugs, said earnings rose 47% in the fourth quarter, helped by higher drug sales and lower operating expenses.

Net income climbed to $56.4 million, or 50 cents a share, from $38.4 million, or 34 cents, a year earlier, the Corona company said.

Earnings excluding some items were 53 cents a share, topping the 50-cent average estimate of analysts in a Bloomberg survey.

Revenue increased 2.9% to $645.2 million, slightly ahead of analyst estimates, as sales and profit margins rose in all three of Watson's businesses.

The company also forecast 2009 earnings in the range of $2.18 to $2.28 a share and revenue of about $2.65 billion. Analysts were looking for adjusted earnings of $2.10 a share and revenue of $2.64 billion.

Watson shares gained 88 cents, or 3%, to $29.81.

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