MORRISTOWN, N.J. Generic drug maker Watson Pharmaceuticals posted strong sales for second quarter 2010, according to an earnings report.
Revenue for the quarter were $875.3 million, a 29% increase over second quarter 2009. Profit was $102.8 million, a 22% increase over last year.
“The second quarter was one of solid financial growth, consistent performance and continued progress against the strategies that will ensure growth of Watson’s global business,” Watson president and CEO Paul Bisaro said. “We continue to emphasize growing our businesses through product development and portfolio and market expansion.”
Generic drugs had global sales of $560.8 million, compared with $393.8 million in second quarter 2009. For the first six months of the year, generics sales were $1.09 billion, compared with $789 million during the same period last year.
Sales for Watson’s branded drugs segment were $76.9 million, compared with $97.6 million in second quarter 2009. The decrease was due mostly to Watson handing over marketing rights for the iron deficiency drug Ferrlecit (sodium ferric gluconate) to French drug maker Sanofi-Aventis in December.