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Watson Pharmaceuticals’ announcement that it expects to see a profit and revenue boost this year has prompted a 5.7% rise in its share price.
Shares rose $1.65 (£1.16) to $30.56 in early trading after fluctuating between $20.17 and $32.70 over the last year on the back of growth in its generic drug business.
The company has said expects profits of between $2.18 and $2.28 per share on revenue of $2.65 billion. Last year, the company earned $2.03 per share on revenues of $2.54 billion.
The company said it expects generic drugs to generate the most revenue – between $1.45 billion and $1.55 billion – while branded drugs are expected to contribute $445 million to $470 million.
Revenue at the distribution segment is expected to range between $660 million and $710 million. Analysts expect profit of $2.10 per share on revenue of $2.64 billion.
Copyright Press Association 2009