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Watson Pharmaceuticals Fourth-Quarter Earnings Grow 4 Percent
Posted on 2005-02-11 06:04:00
Watson Pharmaceuticals Inc. said Thursday that earnings grew 4 percent in the fourth quarter on revenue gains from its generic drug business, and issued 2005 profit guidance that could miss analyst estimates. The drug maker also said its board authorized a plan to repurchase up to $300 million in common shares over a one-year period.
Watson earned $55.1 million, up from $52.9 million, a year ago. Revenue rose 4 percent to $423.5 million, driven by an 8 percent increase in generic drug sales to $324.5 million.
The company posted full-year earnings of $151.3 million, or $1.27 per share, on $1.64 billion in revenue. Analysts expected a profit of $1.68 per share on revenue of $1.62 billion. Watson forecast 2005 earnings per share of $1.33 to $1.43 on revenue of $1.65 billion to $1.7 billion. The earnings estimate includes a 45 cent per share amortization expense. Analysts estimate earnings of $1.90 per share on revenue of $1.68 billion.
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