10 seconds ago 2009-12-04T09:50:04-08:00
MORRISTOWN, N.J. – Drug developer Watson Pharmaceuticals Inc. said Wednesday its profit fell 11 percent in the third quarter as higher taxes and charges offset a revenue boost.
Watson said profit declined to $63 million, or 55 cents per share, from $71.1 million, or 62 cents per share, a year ago. Watson said it earned 66 cents per share, excluding impairment charges and other one-time costs.
Revenue rose 3 percent to $662.1 million from $640.7 million.
Analysts polled by Thomson Reuters expected profit of 65 cents per share on revenue of $688.5 million.
Revenue from Watson's generic drug business grew 9.4 percent to $398 million, while revenue from branded drugs rose 6 percent to $112.7 million. Distribution revenue fell 11 percent to $151.4 million.
Meanwhile, the company's income tax provision rose 71 percent to $39.3 million.
Looking ahead, the company expects adjusted profit between $2.50 and $2.58 per share for the full year, on revenue of about $2.7 billion. Analysts expect profit of $2.55 per share on revenue of $2.76 billion.
Shares of Watson fell 23 cents to $35.11 in morning trading.
