Watson announces Q3 results
CORONA, Calif Watson Pharmaceuticals today announced its reported revenue and earnings for the third quarter that ended on Sept. 30.
Net revenue for third quarter 2007 was $594.7 million and net income was $34.6 million. For the nine months that ended Sept. 30, net revenue increased 38 percent to $1,869.3 million, as compared to $1,358.1 million for the first nine months of 2006.
The net revenue for generics for the third quarter of 2007 increased one percent or $4.6 million to $357.7 million, compared to $353.1 million in the prior year period. Generic product sales for the third quarter of 2007 decreased $21.4 million to $326.2 million, primarily related to the loss of revenue from oxycodone HCl controlled-release tablets, following the termination of a distribution agreement, and lower sales of pravastatin sodium tablets.
Brand segment net revenue for the third quarter of 2007 increased 23 percent, or $19.7 million to $107.1 million, compared to $87.4 million in the prior year period due to increases in both brand product sales and other revenue. Brand product sales for the third quarter of 2007 increased 9 percent or $8.0 million to $93.5 million, primarily due to increased sales of Trelstar and Androderm.