Watson Pharmaceuticals To Pay $1,700,000 In Drug Pricing Settlement

Boise, Idaho (KMVT-TV) Prescription drug manufacturers Watson Pharmaceuticals, Inc. and Watson Pharma, Inc., agreed to pay $1,700,000 in a legal settlement resolving Idaho’s claims relating to the “average wholesale prices” reported by the companies, Attorney General Lawrence Wasden said. Watson is among the top five pharmaceutical companies in the United States, and among the top four generic drug companies in the world.

Wasden filed lawsuits against several prescription drug manufacturers, including Watson, in 2007. The lawsuits seek to recover taxpayer money for excessive prices Idaho Medicaid paid for prescription drugs. Idaho Medicaid provides health care services, including prescription drugs, to low-income Idahoans. By law, Idaho Medicaid must reimburse pharmacies at the “estimated acquisition cost” of the drug. Idaho Medicaid primarily uses “average wholesale price,” as reported by drug manufacturers, as a basis for determining this amount.

If the manufacturer reports an inflated or false average wholesale price for a drug, taxpayers can pay too much for that drug through Medicaid reimbursements. For example, one unit of Watson’s pharmaceutical product, Lorazepam, had a published average wholesale price of $0.662 in 2003, but Wasden’s investigation revealed an actual average wholesale price of $0.049 in 2003. This results in a 1,239 percent difference between the published price and the actual price.

“The publishing of false drug prices harms taxpayers and the State,” Attorney General Wasden said. “My office has investigated and litigated this matter and what we uncovered is that in a very large number of instances, drug manufacturers reported false and inflated prices for their drugs.”

The settlement is intended to reimburse taxpayers for the excessive prices Idaho Medicaid paid for prescription drugs as a result of inflated average wholesale price reporting. $423,724.61 will be deposited in the state’s General Fund to be appropriated by the Idaho Legislature. $1,055,459.48 will be deposited into the Cooperative Welfare Fund to reimburse the federal share of the Medicaid overpayments. Idaho will retain this money as an offset against a future federal Medicaid payment. $50,000 will go to the Consumer Protection Account to reimburse the Attorney General for investigative and legal costs.

Watson Announces Initiation of Esmya(R) U.S. Phase 3 Clinical Trial

Watson Pharmaceuticals, Inc. (NYSE: WPI) today announced it has initiated its Phase 3 trial to evaluate the efficacy and safety of Esmya® (ulipristal acetate) in women with anemia associated with uterine leiomyomas, a medical condition often referred to as uterine fibroids (myomas). Leiomyomata are benign solid tumors that often lead to excessive menstrual bleeding, anemia and pain, which ultimately may require surgical intervention.

"Initiation of the U.S. pivotal trial is underway on schedule and we are hopeful that this Phase 3 study will demonstrate improvement on pre-surgical hemoglobin concentrations, an endpoint indicating that heavy bleeding and anemia have been alleviated," said Fred Wilkinson, Executive Vice President, Watson Global Brands. "Esmya®, if approved, may be an important medicine for women whose fibroid-symptom severity often leads to excessive bleeding and related pain."

In December 2010, Watson announced that it had entered into an exclusive license agreement with Gedeon Richter Plc to develop and market Esmya® in the United States and Canada. Under terms of the agreement, Watson paid a $17 million license fee, and will pay royalties based on sales in the U.S. and Canada. The Company will also make additional payments based on the achievement of certain regulatory milestones.

During an end of phase 2 meeting, the FDA required that a new phase 3 trial be conducted evaluating anemic patients with an improvement in hemoglobin as the primary endpoint. Watson expects the U.S. Phase 3 trial to be completed by 4Q 2013, at which time the company will prepare a New Drug Application for submission to the U.S. Food and Drug Administration.

Esmya® 5mg tablet was approved last month by the European Commission (EC) for pre-operative treatment of moderate-to-severe symptoms of uterine fibroids. This approval is applicable for all Member States in the European Union. The results of the European studies were recently published in the New England Journal of Medicine.(1)(2)(3) Esmya® is expected to be launched in certain European countries in a month.

Watson has met with Health Canada and it was agreed that a New Drug Submission (NDS) could be filed based on the European clinical program. Watson intends to submit the NDS in mid 2012.

Watson Confirms Court Stays Preliminary Injunction

Watson Pharmaceuticals, Inc. WPI +0.00% , today confirmed that the United States Court of Appeals for the Federal Circuit has granted Watson and Amphastar Pharmaceuticals, Inc's request for a stay of the preliminary injunction preventing the companies from marketing or selling Amphastar's Enoxaparin Sodium Injection, a generic equivalent to Sanofi-aventis' LOVENOX®. The Federal Circuit's Order does not represent a final decision with respect to the merits of the pending appeal or the underlying litigation. Amphastar and Watson plan to launch their Enoxaparin Sodium Injection product immediately.Enoxaparin is a low molecular weight heparin indicated in the prophylaxis and treatment of deep vein thrombosis and prophylaxis of ischemic complications in unstable angina and non-Q-wave myocardial infarction.On September 19, 2011, Amphastar received U.S. Food and Drug Administration ("FDA") approval of its Abbreviated New Drug Application (ANDA) for Enoxaparin Sodium Injection in the 30mg/mL, 40mg/mL, 60mg/mL, 80mg/mL,100mg/mL, 120mg/mL, 150mg/mL and 300mg/mL strengths. Watson has the exclusive right to distribute Amphastar's Enoxaparin in the U.S. retail pharmacy channel.

Weekly Investment Analysts’ Ratings Changes for Watson Pharmaceuticals Incorporated (WPI

A number of stock research firms have changed their ratings and price targets for Watson Pharmaceuticals Incorporated (NYSE: WPI) during the last seven days:Watson Pharmaceuticals Incorporated had its “overweight” rating re-affirmed by analysts at Piper Jaffray. They now have a $78.00 price target on the stock.Watson Pharmaceuticals Incorporated had its “buy” rating re-affirmed by analysts at Canaccord Genuity.Watson Pharmaceuticals Incorporated had its price target lowered by analysts at Piper Jaffray from $78.00 to $73.00.Watson Pharmaceuticals Incorporated had its “buy” rating re-affirmed by analysts at UBS AG.Watson Pharmaceuticals Incorporated had its “hold” rating re-affirmed by analysts at Needham & Company.Watson Pharmaceuticals Incorporated ‘s EPS estimates were cut by analysts at Credit Suisse. They now have an “outperform” rating and a $77.00 price target on the stock.Watson Pharmaceuticals Incorporated had its “conviction buy” rating re-affirmed by analysts at Goldman Sachs.Watson Pharmaceuticals Incorporated was downgraded by analysts at Citigroup from a “buy” rating to a “neutral” rating.Watson Pharmaceuticals Incorporated was downgraded by analysts at Cowen from an “outperform” rating to a “neutral” rating.Watson Pharmaceuticals Incorporated was upgraded by analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating. They now have a $65.00 price target on the stock.Watson Pharmaceuticals Incorporated had its price target lowered by analysts at Collins Stewart from $75.00 to $60.00. They now have a “neutral” rating on the stock.Watson Pharmaceuticals Incorporated was upgraded by analysts at Bank of America to a “buy” rating.Watson Pharmaceuticals Incorporated was upgraded by analysts at RBC Capital from a “sector perform” rating to an “outperform” rating. They now have a $66.00 price target on the stock, down previously from $67.00.Watson Pharmaceuticals Incorporated had its price target lowered by analysts at Jefferies Group to $60.00.

Watson Pharmaceuticals Incorporated (WPI) Upgraded by RBC Capital (RY

Watson Pharmaceuticals Incorporated (NYSE: WPI) was upgraded by investment analysts at RBC Capital (NYSE: RY) from a “sector perform” rating to an “outperform” rating in a note issued to investors on Wednesday.Separately, analysts at Bank of America (NYSE: BAC) upgraded shares of Watson Pharmaceuticals Incorporated to a “buy” rating in a research note to investors on Wednesday. Analysts at Collins Stewart cut their price target on shares of Watson Pharmaceuticals Incorporated from $75.00 to $60.00 in a research note to investors on Wednesday. They now have a “neutral” rating on the stock. Also, analysts at Morgan Stanley (NYSE: MS) upgraded shares of Watson Pharmaceuticals Incorporated from an “equal weight” rating to an “overweight” rating in a research note to investors on Wednesday. They now have a $65.00 price target on the stock.Watson Pharmaceuticals, Inc. (Watson) is an integrated global pharmaceutical company engaged in the development, manufacturing, marketing, sale and distribution of generic and brand pharmaceutical products. It operates in three segments: Global Generics, Global Brands and Distribution. It operates in international markets, including Western Europe, Canada, Australasia, Asia, South America and South Africa with its commercial market being the United States of America. As of December 31, 2010, it marketed approximately 160 generic pharmaceutical product families and approximately 30 brand pharmaceutical product families in the United States, and distributed approximately 8,500 stock-keeping units (SKUs) through its Distribution Division. In January 2010, the Company acquired 64% of Eden Biopharm Group Limited (Eden). In May 2011, it acquired Specifar Pharmaceuticals S.A.Watson Pharmaceuticals Incorporated traded up 2.79% on Wednesday, hitting $57.45. Watson Pharmaceuticals Incorporated has a 52-week low of $53.46 and a 52-week high of $73.35. The stock has a 50-day moving average of $60.82 and a 200-day moving average of $65.24. The company has a market cap of $7.305 billion and a price-to-earnings ratio of 38.44.

Watson Pharmaceuticals Incorporated (WPI) Share Price Target Lowered to $60.00 by Collins Stewart Analysts

Analysts at Collins Stewart cut their price target on shares ofWatson Pharmaceuticals Incorporated (NYSE: WPI) from $75.00 to $60.00 in a research report issued to clients and investors on Wednesday. They currently have a “neutral” rating on the company’s shares.Separately, analysts at Morgan Stanley (NYSE: MS) upgraded shares of Watson Pharmaceuticals Incorporated to an “overweight” rating in a research note to investors on Wednesday. Analysts at Cowen downgraded shares of Watson Pharmaceuticals Incorporated from an “outperform” rating to a “neutral” rating in a research note to investors on Tuesday. Also, analysts at Citigroup (NYSE: C) downgraded shares of Watson Pharmaceuticals Incorporated from a “buy” rating to a “neutral” rating in a research note to investors on Tuesday.Watson Pharmaceuticals, Inc. (Watson) is an integrated global pharmaceutical company engaged in the development, manufacturing, marketing, sale and distribution of generic and brand pharmaceutical products. It operates in three segments: Global Generics, Global Brands and Distribution. It operates in international markets, including Western Europe, Canada, Australasia, Asia, South America and South Africa with its commercial market being the United States of America. As of December 31, 2010, it marketed approximately 160 generic pharmaceutical product families and approximately 30 brand pharmaceutical product families in the United States, and distributed approximately 8,500 stock-keeping units (SKUs) through its Distribution Division. In January 2010, the Company acquired 64% of Eden Biopharm Group Limited (Eden). In May 2011, it acquired Specifar Pharmaceuticals S.A.Watson Pharmaceuticals Incorporated opened at 55.89 on Wednesday. Watson Pharmaceuticals Incorporated has a 52-week low of $53.46 and a 52-week high of $73.35. The stock has a 50-day moving average of $60.82 and a 200-day moving average of $65.24. The company has a market cap of $7.107 billion and a price-to-earnings ratio of 38.44.

Watson Pharmaceuticals Incorporated (WPI) Shares Downgraded to “Neutral” by Citigroup (C) Analysts

Watson Pharmaceuticals Incorporated (NYSE: WPI) was downgraded by investment analysts at Citigroup (NYSE: C) from a “buy” rating to a “neutral” rating in a note issued to investors on Tuesday.Separately, analysts at Goldman Sachs (NYSE: GS) reiterated a “conviction buy” rating on shares of Watson Pharmaceuticals Incorporated in a research note to investors on Monday. Analysts at Credit Suisse (NYSE: CS) cut their EPS estimates on shares of Watson Pharmaceuticals Incorporated in a research note on Monday. They now have an “outperform” rating and a $77.00 price target on the stock. Also, analysts at Needham & Company reiterated a “hold” rating on shares of Watson Pharmaceuticals Incorporated in a research note to investors on Monday.Watson Pharmaceuticals, Inc. (Watson) is an integrated global pharmaAceutical company engaged in the development, manufacturing, marketing, sale and distribution of generic and brand pharmaceutical products. It operates in three segments: Global Generics, Global Brands and Distribution. It operates in international markets, including Western Europe, Canada, Australasia, Asia, South America and South Africa with its commercial market being the United States of America. As of December 31, 2010, it marketed approximately 160 generic pharmaceutical product families and approximately 30 brand pharmaceutical product families in the United States, and distributed approximately 8,500 stock-keeping units (SKUs) through its Distribution Division. In January 2010, the Company acquired 64% of Eden Biopharm Group Limited (Eden). In May 2011, it acquired Specifar Pharmaceuticals S.A.Shares of Watson Pharmaceuticals Incorporated traded down 2.88% during mid-day trading on Tuesday, hitting $55.56. Watson Pharmaceuticals Incorporated has a 52 week low of $53.46 and a 52 week high of $73.35. The stock’s 50-day moving average is $61.05 and its 200-day moving average is $65.34. The company has a market cap of $7.065 billion and a P/E ratio of 39.35.

Watson Pharmaceuticals Incorporated (WPI) PT Lowered to $73.00 by Piper Jaffray (PJC

Equities research analysts at Piper Jaffray (NYSE: PJC) decreased their price target on shares of Watson Pharmaceuticals Incorporated (NYSE: WPI) to $73.00 in a research note issued to investors on Monday.Separately, analysts at Canaccord Genuity reiterated a “buy” rating on shares of Watson Pharmaceuticals Incorporated in a research note to investors on Wednesday, January 18th. Analysts at Goldman Sachs (NYSE: GS) cut their EPS estimates on shares of Watson Pharmaceuticals Incorporated in a research note on Friday. They now have a “buy” rating and a $78.00 price target on the stock. Also, analysts at Jefferies Group (NYSE: JEF) reiterated a “hold” rating on shares of Watson Pharmaceuticals Incorporated in a research note to investors on Tuesday, December 20th. They now have a $70.00 price target on the stock.Watson Pharmaceuticals, Inc. (Watson) is an integrated global pharmaceutical company engaged in the development, manufacturing, marketing, sale and distribution of generic and brand pharmaceutical products. It operates in three segments: Global Generics, Global Brands and Distribution. It operates in international markets, including Western Europe, Canada, Australasia, Asia, South America and South Africa with its commercial market being the United States of America. As of December 31, 2010, it marketed approximately 160 generic pharmaceutical product families and approximately 30 brand pharmaceutical product families in the United States, and distributed approximately 8,500 stock-keeping units (SKUs) through its Distribution Division. In January 2010, the Company acquired 64% of Eden Biopharm Group Limited (Eden). In May 2011, it acquired Specifar Pharmaceuticals S.A.Shares of Watson Pharmaceuticals Incorporated opened at 58.14 on Monday. Watson Pharmaceuticals Incorporated has a 52 week low of $53.46 and a 52 week high of $73.35. The stock’s 50-day moving average is $61.22 and its 200-day moving average is $65.50. The company has a market cap of $7.393 billion and a P/E ratio of 39.99.

Watson Pharmaceuticals Launches Generic Lipitor

Watson Pharmaceuticals Inc. began selling a generic version of Pfizer Inc.'s blockbuster cholesterol-lowering pill Lipitor in the U.S. on Wednesday, marking the long-awaited loss of U.S. market exclusivity for the world's top-selling drug.Although Pfizer plans to squeeze more sales out of Lipitor through aggressive marketing in the near term, generic competition will significantly erode sales of the brand-name drug and increase pressure on Pfizer to bring new products to market. To that end, the company has had some victories recently, including the launch of cancer drug Xalkori earlier this year.

Watson to expand Salt Lake City R&D, manufacturing facility PBR Staff Writer

Watson Pharmaceuticals is set to expand Watson Laboratories' R&D and manufacturing facility in Salt Lake City, Utah with $44m investment.Watson's Salt Lake City facility, which manufactures and packages branded and generic transdermal patch and topical gel pharmaceutical products, currently employs more than 200 people.As part of the expansion, the company plans to upgrade approximately 20,000sqft of its existing space and construct 17,000sqft for future manufacturing space.With this expansion, the company aims to triple the annual manufacturing batch capacity to support the expansion of transdermal and topical gel products into select international markets.Watson president and CEO Paul Bisaro said this expansion not only supports their near-term product manufacturing and packaging needs, but also help them to more efficiently meet anticipated futAure consumer demand for products that are currently in various stages of development."We are investing in the creation of skilled manufacturing, packaging and quality control/quality assurance and other jobs that will create opportunities for the population of Salt Lake City and the surrounding areas," Bisaro said.

Court denies request to prevent Watson drug launch

Watson Pharmaceuticals Inc. said Friday a federal court denied requests for a preliminary injunction and temporary restraining order to prevent it from launching a generic version of the contraceptive Seasonique.The requests were made by Duramed Pharmaceuticals Inc., and the ruling was made by the U.S. District Court for the District of Nevada. Watson said it was evaluating plans for the launch.Seasonique is trademarked by Teva Women's Health. In 2010, the federal court had granted a motion for summary judgment against Watson and for Teva Pharmaceutical Industries. But, earlier this year, the U.S. Court of Appeals for the Federal Circuit reversed and remanded for trial that order.

Watson Temporarily Barred From Selling Generic Seasonique

Teva Pharmaceutical Industries Ltd. (TEVA), the world’s biggest generic-drug company, won an appeals court order that temporarily prevents Watson Pharmaceuticals Inc. (WPI) from selling a generic version of the contraceptive Seasonique.

The temporary ban lets the U.S. Court of Appeals for the Federal Circuit in Washington consider whether sales should be halted further until it rules on a separate appeal by Teva’s Duramed unit to block Watson’s generic copy. Watson has until July 1 to respond, according to the order issued today.

Watson, which planned to begin selling copies as soon as June 20, “will oppose this motion to appeal and seek to be able to launch the product,” said Charlie Mayr, a spokesman for the Corona, California-based company. Teva had filed an emergency attempt to prevent sales until a trial could be held with U.S. District Judge Larry Hicks in Reno, Nevada, who denied the request yesterday. The Federal Circuit ruling today temporarily puts sales on hold until it can sort out Teva’s appeal.

Teva, based in Petah Tikva, Israel, contends the copy would infringe a patent that expires in 2024, and wants to ensure Watson can’t bring the drug to market before then. In Hicks’s decision denying Teva, he cited Watson’s defense that the patent may be invalid.

“Duramed has not raised serious questions that Watson’s patent invalidity defense lacks merit,” Hicks said.

Watson Confirms Court Decision Rejecting Teva's Motion to Prevent Launch of Generic SEASONIQUE®

Watson Pharmaceuticals, Inc. , a leading integrated global pharmaceutical company, today confirmed that the United States District Court for the District of Nevada denied Duramed Pharmaceuticals, Inc.'s request for a preliminary injunction and request for a temporary restraining order preventing Watson's launch of generic SEASONIQUE® (levonorgestrel/ethinyl estradiol (0.15 mg/0.03 mg) and ethinyl estradiol (0.01 mg). The company is evaluating plans to launch the contraceptive product.On March 25, 2011, Watson received a favorable decision from the United States Court of Appeals for the Federal Circuit that reversed and remanded for trial a March 31, 2010 summary judgment order from the United States District Court for the District of Nevada regarding United States Patent No. 7,320,969 (the '969 patent).On January 22, 2008, Watson notified Teva Women's Health that Watson's ANDA contained a paragraph IV certification asserting that the '969 patent is invalid, unenforceable and/or not infringed.SEASONIQUE® is indicated for the prevention of pregnancy.SEASONIQUE® is a registered trademark of Teva Women's Health, Inc.

WATSON PHARMACEUTICALS RECEIVES FAVORABLE RULING IN PATENT CASE (WPI,TEVA)

Watson Pharmaceuticals (NYSE:WPI) won a court ruling against Teva Pharmaceutical Industries (NASDAQ:TEVA) that will let it challenge a patent set to expire in 2024 for the Seasonique birth control tablet.

A judged erred last year in upholding Teva's patent without holding a trial, the U.S. Court of Appeals for the Federal Circuit said on Friday. The case was sent back to the lower court for further consideration.

Watson has already conceded it infringed upon the patent, leaving the validity of the patent as the only remaining issue to be resolved in the case.

Shares of Watson Pharmaceuticals are trading up 0.5% at $55.91.

Watson Pharmaceuticals has a potential upside of 9.8% based on a current price of $55.91 and an average consensus analyst price target of $61.40.

Watson Pharmaceuticals is currently above its 50-day moving average (MA) of $55.26 and above its 200-day of $48.18.

In the last five trading sessions, the 50-day MA has climbed 0.47% while the 200-day MA has risen 0.65%.

Watson Pharmaceuticals, Inc. develops, manufactures, and sells generic and brand name pharmaceutical products. The Company's core focus is specialty products, nephrology, urology, and generic products.

Watson Pharmaceutical (WPI) Could Break Through $55.76 Resistance Level

Watson Pharmaceuticals Inc. (NYSE: WPI) closed Tuesday's trading session at $55.12. In the past year, the stock has hit a 52-week low of $39.34 and 52-week high of $57.52. Watson Pharmaceutical stock has been showing support around $54.58 and resistance in the $55.76 range. Technical indicators for the stock are Neutral and S&P gives WPI a positive 4 STARS (out of 5) buy rating. For a hedged play on this stock, look at the May '11 $55.00 covered call for a net debit in the $52.82 area. That is also the break-even stock price for this trade. This covered call has a duration of 59 days, provides 4.17% downside protection and an assigned return rate of 4.13% for an annualized return rate of 25.53% (for comparison purposes only). A lower-cost hedged play for this stock would use a longer term call option in place of the covered call stock purchase. To use this strategy look at going long the WPI Jan '12 $35.00 call and selling the May '11 $55.00 call for a total debit of $18.40. The trade has a lifespan of 59 days and would provide 3.12% downside protection and an assigned return rate of 8.70% for an annualized return rate of 54% (for comparison purposes only). Watson Pharmaceutical does not pay dividends at this time.

Watson Pharmaceuticals Had a Bearish Engulfing Candle

Shares of Watson Pharmaceuticals, Inc. (NYSE:WPI) ended the trading session lower by $0.32 or -0.59% from its previous close. Watson's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Watson Pharmaceuticals, Inc. (NYSE:WPI) develops, manufactures, and sells generic and brand name pharmaceutical products. The Company's core focus is specialty products, nephrology, urology, and generic products.

Watson's current stock range is defined by calculated support defined at $53.73 and by the resistance level at $57.45, which should be used by traders planning their trades.

Watson To Present At The 2011 Citi Global Healthcare Conference

Watson Pharmaceuticals, Inc. (WPI: 54.94 +0.04 +0.07%), a leading specialty pharmaceutical company, announced today that Paul Bisaro, Watson’s President and Chief Executive Officer, will provide an overview and update of the Company’s business at the 2011 Citi Global Healthcare Conference on Tuesday, March 1, 2011 at 1:30 p.m. (EST).

About Watson Pharmaceuticals, Inc.

Watson Pharmaceuticals, Inc. is a global leader in the development and distribution of pharmaceuticals with a broad portfolio of generic products and a specialized portfolio of brand pharmaceuticals focused on urology and women’s health. Watson has operations in many of the world’s established and growing international markets.

Watson Pharmaceuticals Q4 Profit Drops; Backs 2011 Outlook - Update

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.

Watson Pharmaceuticals Bulls in Charge

Shares of Watson Pharmaceuticals, Inc. (NYSE:WPI) booked a new 52 week high today by trading above $53.75, traders are definitely monitoring Watson's price action to see if this move attracts further buying into the stock.

Watson Pharmaceuticals, Inc. (NYSE:WPI) develops, manufactures, and sells generic and brand name pharmaceutical products. The Company's core focus is specialty products, nephrology, urology, and generic products.

Watson Pharmaceuticals is currently trading 1.1% versus its previous trading session close, and it has calculated support and resistance at $48.20 and $53.75 respectively. Clearly with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range

The overall market index S&P 500 is trading higher by 0.36% from its previous trading close, which means that Watson Pharmaceuticals stock is outperforming the overall market.

Watson Pharma Provides FY11 Guidance, Long-term Targets - Update

Specialty pharmaceutical firm Watson Pharmaceuticals, Inc. (WPI: News ) Friday provided earnings and revenue outlook for fiscal 2011 during an investor meeting held in New York. The company also announced its earnings growth forecast for the long term and detailed on the pipeline developments within its Global Generics and Global Brands businesses.

According to the company's president and chief executive officer Paul Bisaro, 2010 was a successful year with a 25 percent rise in total net revenues and a 12 percent growth in adjusted cash earnings per share.

"In addition to delivering continued strong results, we fully integrated our commercial generic operations in key global markets and further expanded into high growth emerging markets. We successfully expanded our Global Generics and Global Brands product pipelines and initiated our first biologic development project," Bisaro noted.

For fiscal 2010, the company's Global Generics revenue is expected to be $2.35 billion while Global Brands revenue is estimated to be $400 million. The company also forecasts Anda Distribution revenue of approximately $830 million for the full-year 2010.

Watson is set to announce its fourth-quarter and fiscal 2010 results on February 15.