Watson Pharmaceuticals Inc. (NYSE: WPI) said Wednesday that its 2009 profit and revenue could top its previous predictions, citing sales of both branded and generic drugs, according to Associated Press.
The pharmaceutical company said its profit will reach or exceed its estimate of $2.50 to $2.58 per share, while it expects revenue to be surpass $2.7 billion, which was its previous forecast. Those forecasts exclude any sales made by Arrow Group, which Watson bought for $1.75 billion in early December.
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Analysts polled by Thomson Reuters expect a profit of $2.57 per share and $2.74 billion in revenue, on average.
Watson said sales of new generic and brand name drugs, which focus on urology and women's health, were strong, and its distribution revenue increased.
The company will report quarterly results and issue its 2010 outlook on Jan. 21. Analysts expect a profit of $3.12 per share and $3.43 billion for this year.
In morning trading, shares of Watson Pharmaceuticals rose $1.03 cents, or 2.7 percent, to $40.74. Earlier the stock traded at a 52-week high of $40.95.
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