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news.Watson has reported revenues of $882.4m for the third quarter ended 30 September 2010, an increase of 33%, compared to $662.1m for the same period in 2009.
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Watson has posted a net income of $25.7m for the third quarter 2010, or $0.21 per diluted share, compared to net income of $63m, or $0.55 per diluted share, for the comparable period in 2009.
Operating income was $34.4m, compared to $110.7m for the comparable period in 2009.
Watson has posted a revenue of $2.61bn, for the nine months ended 30 September 2010, compared to $2.01bn for the year ago period.
For the nine months ended 30 September 2010, Watson has posted a net income of $161.1m, or $1.34 per diluted share, compared to $165.1m, or $1.45 per diluted share, for the year ago period.
Operating income was $250.4m, compared to $283.7m for the year ago period.
Watson president and CEO Paul Bisaro said that Watson delivered another quarter of strong financial results and continued progress against their strategic objectives.
"Our Global Generics revenue increased by 45% as a result of continued growth of our extended release and our oral contraceptive franchises, and the addition of international sales," Bisaro said.
"In our Global Brands business, we made significant progress on the expansion of our pipeline and expanding Watson’s position in Women’s health through the addition of Crinone for infertility, which we began promoting during the quarter. Also, the US Food and Drug Administration approved ella, a new emergency contraceptive we intend to launch in the current quarter under their exclusive distribution agreement with HRA Pharma.
"We continued to invest in our future, increasing our investment in R&D in both our Global Generics and Global Brands segments. During the third quarter we also paid the remaining $50 million balance on our revolving credit facility and our leverage ratio was 1.5x adjusted EBITDA at quarter end," Bisaro added. "2010 continues to be an extremely successful year for Watson and I’m very pleased with our excellent results."
Watson Pharmaceuticals is a specialty pharmaceutical company engaged in the development and distribution of generic pharmaceuticals and specialised branded pharmaceutical products.