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news.Watson Pharmaceuticals has reported a net revenue of $856.5m for the first quarter ended March 31, 2010, an increase of 28%, compared to $667.4m for the comparable period in 2009.
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For the first quarter of 2010, Watson Pharmaceuticals posted a net income of $69.8m, or $0.57 per diluted share, compared to $49.1m, or $0.43 per diluted share, for the prior year period. Operating income was $100.3m, compared to $81.5m for the year ago period.
Adjusted EBITDA increased 26% to $198.9m for the first quarter 2010, versus $158m for the first quarter 2009. Watson’s results include a full quarter of Arrow Group results.
For the full year ended December 31, 2010, Watson estimates total net revenue at approximately $3.55bn. Total Distribution segment revenue between $730m and $780m. Adjusted EBITDA between $800m and $850m. Cash earnings per share between $3.25 and $3.45.
Paul Bisaro, president and CEO of Watson, said: “Watson completed its first quarter with strong earnings and significant momentum for the remainder of the year. We have entered into ten new patent challenges so far this year.
“We also continued our focus on driving further efficiencies within our global supply chain. Given the strong start to the year and the positive trends we see for the remainder of the year, we are increasing our forecast for 2010 and now expect our adjusted cash earnings to be between $3.25 and $3.45 per share.”
Watson Pharmaceuticals is a global specialty pharmaceutical company, engaged in the development and distribution of generic pharmaceuticals and specialised branded pharmaceutical products focused on Urology and Women’s Health.