Watson posts 23% rise in 3rd-qtr 2011 net revenue; ups forecast

US generics drugmaker Watson Pharmaceuticals (NYSE: WPI) has reported net revenue of $1.1 billion for the third quarter ended September 30, 2011, an increase of 23% on the like 2010 quarter. On a non-GAAP basis, net income for the quarter rose 31% to $138.7 million or $1.09 per diluted share. GAAP diluted earnings per share were $0.54, compared to $0.21 in the prior year period.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.05 per share on revenues of $1.09 billion. For the third quarter 2011, adjusted EBITDA increased 22% to $258.2 million, compared to $211.1 million for the third quarter 2010. Cash and marketable securities were $172.5 million as of September 30, 2011.

Watson expects total net revenue for the full year 2011 at around $4.5 billion. Non-GAAP earnings per share are now projected to be between $4.55 and $4.65, compared to prior outlook of $4.2 -$4.50 per share. Analysts expect the company to report full-year earnings of $4.48 per share on revenues of $4.50 billion.