Watson's 3rd-qtr 2007 revenue hits $594.7M

The USA's Watson Pharmaceuticals' net revenue for the third quarter of 2007 was $594.7 million versus $440.4 million, as net income reached $34.6 million from $34.4 million, or $0.31 per diluted share, which was flat on the comparable period in 2006.

The firm's generic product sales decreased $21.4 million to $326.2 million, primarily related to the loss of revenue from its oxycodone HCl controlled-release painkiller, following the termination of a distribution agreement, and lower sales of the cholesterol-lowerer pravastatin sodium. This was offset in part by the addition of product revenue from the company's recently-acquired Florida operations and revenue from the launch of bupropion HCl extended-release tablets 300mg. In addition, sales of the company's generic oral contraceptives portfolio increased 10.2% to $92.5 million.

Watson's brand product sales jumped 9% to $93.5 million, due to increased income from the anti-testosterone treatments Trelstar depot and Trelstar LA (triptorelin pamoate for injectable suspension) and Androderm, a testosterone patch. Other revenue sky-rocketed to $13.6 million from $1.9 million, due to the addition of earnings related to the co-promotion of AndroGel and other revenue resulting from its $1.9-billion acquisition of Andrx (Marketletter July 17, 2006).