Watson 1st-qtr 2011 net revenue Increases 2.3% to $877 million

USA-based generics and specialty drugmaker Watson Pharmaceuticals (NYSE: WPI) reported net revenue of $876.5 million for the first quarter ended March 31, 2011, ca slight increase of 2.3% compared to $856.5 million in the first quarter 2010. On a non-GAAP basis, net income for the period was $111.9 million or $0.89 per share, an increase of 12% compared to $100.3 million or $0.81 per share in the first quarter 2010. GAAP diluted earnings per share for the first quarter 2011 were $0.36, versus $0.57 in the prior year period.

Watson reported a profit of $45.3 million, or $0.36 a share, down from $69.8 million, or 57 cents a share, a year earlier. Excluding acquisition-related charges and other items, earnings rose to $0.89 from $0.81. Analysts polled by Thomson Reuters most recently forecast earnings of $0.86 on revenue of $912 million.

For the first quarter, adjusted EBITDA increased 9% to $215.9 million. Cash and marketable securities were $514.8 million as of March 31, 2011. The company raised its full-year 2011 per-share adjusted earnings projection to $3.95 to $4.20 a share, up from its prior forecast of $3.85 to $4.15 a share and affirmed its revenue guidance.