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Watson sales up 24 per cent in Q2

Watson Pharmaceuticals has reported net revenue of $1.1bn in its financial results for the second quarter of 2011, an increase of 24 per cent from 2010

Watson Pharmaceuticals has reported net revenue of $1.1bn in its financial results for the second quarter of 2011, an increase of 24 per cent from 2010. It is the first time the company's quarterly sales have topped $1bn.

Results for the quarter include the performance of Specifar Pharmaceuticals since its acquisition on May 25, 2011, with the new business helping Watson's international net revenue achieve growth of 8 per cent.

Conversely, total net profit for the period was down, falling from $70.6m to $52.7m. This was due in part to greater sales and administration costs.

On a non-GAAP basis, however, net income for the quarter increased 24 per cent to $127.9m. This figure excludes charges related to acquisitions, and amortisation costs.

In its outlook for the rest of the year, Watson estimated total net revenue for the full year ending December 31, 2011 to be around $4.5bn.

R&D spending in both its generic and brand divisions was up too, increasing 31 per cent and 29 per cent respectively, with the company looking to expand the research aspects of its business.

26th July 2011

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