Drug sales, branded hyperplasia drug drive Watson sales

CORONA, Calif. Generic drug maker Watson Pharmaceuticals reported an increase in net revenues of more than $40 million for first quarter 2009 in its financial report Thursday.

The Corona, Calif.-based company said net revenues for the quarter were $667.4 million, a $40.4 million increase over first quarter 2008. Meanwhile, net income was $49.1 million, adjusted earnings were $158 million and cash flow from operations was $69.5 million.

Generic drugs had sales of $395.2 million, compared with $342.4 million in first quarter 2008.

“This was another solid quarter for Watson, as we maintained the positive momentum from 2008,” Watson president and CEO Paul Bisaro said in a statement. Our record-breaking revenue was generated by strong performance within our generics division, primarily as a result of increased revenue from our potassium chloride extended-release product.”

Bisaro also cited such milestones as the launch of the branded benign prostatic hyperplasia drug Rapaflo (silodosin).

“Based on our first-quarter results and our view of the remainder of the year, we are raising our outlook for 2009, a clear signal that we remain confident in the growth prospects of each of our divisions and are optimistic that execution on our business plans will continue to generate increasing value for shareholders.” Bisaro said.