Watson Pharmaceuticals Q3 net income down

Watson Pharmaceuticals, a US-based specialty pharmaceutical company, has reported a net income of $63 million, or $0.55 per diluted share, for the third quarter ended September 30, 2009, compared to $71.1 million, or $0.62 per diluted share, for the third quarter ended September 30, 2008.

Net revenues were $662.1 million for the third quarter of 2009, compared to $640.7 million for the same quarter of 2008.

Net income for the nine months ended September 30, 2009 was $165.1 million, or $1.45 per diluted share, compared to $182 million, or $1.60 per diluted share, for the nine months ended September 30, 2008.

Net revenues were $2.01 billion for the nine months ended September 30, 2009, compared to $1.9 billion, for the prior-year period.

Paul Bisaro, president and CEO of Watson Pharmaceuticals, said: "Adjusted net income for the quarter increased over 40%, driven by sustainable margin improvements resulting from operating efficiencies delivered by our global supply chain initiative as well as the contribution of new products.

"Key generic products such as metroprolol extended-release, potassium chloride and Next Choice contributed to a 9% increase in generic revenue, while brand revenue for the quarter exceeded $112 million, the result of contributions from new products such as Rapaflo and Gelnique, and promoted products such as AndroGel and Femring."

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