Watson's 1st-qtr 2008 net income jumps 60%

US generic and branded drugmaker Watson Pharmaceuticals' first-quarter 2008 net income totaled $51.0 million, or $0.45 per share, versus $32.0 million, or $0.29 per share, in the comparable period the year before.

During the period, revenues dropped 7% to $627.0 million, as generic product sales decreased $69.0 million to $342.5 million, primarily related to the loss of income from oxycodone HCl extended-release tablets following the termination of a distribution agreement, partially offset by the addition of new distributed products, such as alendronate sodium. Other generic revenue increased $11.1 million to $24.3 million, due to the addition of royalties from Sandoz' sales of metoprolol succinate extended-release tablets 50mg. Brand product turnover increased 9% to $99.0 million, thanks to higher sales of Ferrlecit (sodium gluconate) for the treatment of iron deficiency anemia and the anti-testosterone treatment Trelstar (triptorelin pamoate), slightly offset by a decline in sales of non-promoted products.