Watson Pharmaceuticals has reported net income of $53 million or $0.46 per diluted share for the second quarter of 2009, compared to $60.3 million or $0.53 per diluted shares for 2008. The company also posted an adjusted net income for the second quarter at $70.4 million, or $0.61 per diluted share, an increase of $15.8 million or 29%. Adjusted EBITDA for the second quarter 2009 was $164.1 million.
Net revenue for the second quarter of 2009 was $677.8 million, an increase of $55.1 million or 9% from the second quarter of 2008.
Paul Bisaro, president and chief executive officer of Watson, said: Fourteen percent growth in Generic product sales and the launches of Rapaflo and Gelnique in our Brand business were among the key highlights of our second quarter. Based on our performance in the first six months of 2009 and our expectations for the remainder of the year, we are again raising our full-year 2009 outlook to an adjusted diluted EPS range of $2.50 to $2.58.
During the quarter, we also took important strategic steps to further position Watson for long-term success, which culminated in the announcement of our intent to acquire the Arrow Group. With the completion of this transaction anticipated later this year, Arrow will expand our global footprint and leverage our assets across many developed and emerging markets around the world, he added.