Watson Pharmaceuticals Inc. (WPI: News ) reported Tuesday a 68 percent year-over-year drop in profit for the fourth quarter, despite strong double-digit revenue growth, hurt by significant charges.
However, adjusted earnings per share increased 9.4 percent and came in line with analysts' expectations, while quarterly revenues topped their estimates. The company also reaffirmed its earnings and revenue forecast for the full-year 2011.
Watson is engaged in the development, manufacturing and sale of branded as well as off-patent or generic drugs.
The Corona, California-based specialty pharmaceutical company reported net income of $18.3 million or $0.15 per share for the fourth quarter, lower than $56.9 million or $0.51 per share in the prior-year quarter.
Excluding special items, adjusted net income for the quarter increased to $116.5 million or $0.93 per share from $94.4 million or $0.85 per share in the year-ago quarter.
On average, 20 analysts polled by Thomson Reuters expected the company to report earnings of $0.93 per share for the fourth quarter. Analysts' estimates typically exclude special items.
Net revenues for the quarter increased 21 percent to $952.7 million from $785.70 million in the same quarter last year, and topped sixteen Wall Street analysts' consensus estimate of $927.64 million.
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