Watson reports 24% spike in profits

MORRISTOWN, N.J. Watson Pharmaceuticals had profits of $348.8 million for 2009, according to annual financial results announced by the generic drug maker Tuesday.

That marked a 24% increase over $282.3 million in 2008, the drug maker said. Sales for the year increased by 10%, from $2.5 billion in 2008 to $2.8 billion in 2009.

For fourth quarter 2009, sales were $785.7 million, a 22% increase over the $645.2 million the company had in fourth quarter 2008. Profits were $94.4 million, a 28% increase over $73.7 million the year before.