Watson Pharmaceuticals Inc. (WPI) recently announced the launch of levetiracetam extended release tablets in 500 mg and 750 mg formulations. Levetiracetam is the generic version of UCB’s (UCBJF) drug Keppra XR. The drug is indicated for the treatment of partial onset seizures in patients aged 16 years and above.
According to IMS Health, US sales of Keppra amounted to $163 million for the 12 months ended July 31, 2011.
Watson Pharma in News
Last month, Watson Pharma received tentative approval for its rosuvastatin zinc tablets by the US Food and Drug Administration (FDA). The regulatory body approved 5, 10, 20 and 40 mg formulations of the drug.
Watson Pharma’s rosuvastatin zinc tablets are a new salt form of AstraZeneca plc's (AZN) cholesterol drug, Crestor. The salt form of a drug is characteristic of improved bioavailability, stability, manufacturability, and patient compliance.
Earlier, in July, Watson Pharma announced the launch of Amethia (levonorgestrel/ethinyl estradiol and ethinyl estradiol), the generic version of Teva Pharmaceutical Industries Ltd.’s (TEVA) birth control drug, Seasonique.
Also in July, Watson Pharma reported its financial results for the second quarter of fiscal 2011. The company’s second quarter earnings (excluding special items) of $1.01 per share surpassed the Zacks Consensus Estimate by a penny and the year-ago earnings by 18 cents. Higher revenues helped boost earnings. These results were inclusive of the results of Specifar Pharmaceuticals, which was acquired in May 2011.
Quarterly revenues jumped 24% to $1.08 billion, beating the Zacks Consensus Estimate of $992 million. Revenues increased mainly due to higher generic and branded drug sales.
Following the second quarter financial results, Watson Pharma increased its guidance for 2011. For 2011, the company now expects earnings (on an adjusted basis) in the range of $4.25 to $4.50 per share (previous guidance: $3.95 – $4.20) on revenues of about $4.5 billion (revised from earlier forecast of $4.2 billion).
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