Watson Pharmaceuticals' first-quarter net income fell 35 percent on restructuring costs and other expenses, but adjusted results topped Wall Street expectations.
The Corona drugmaker said Wednesday that it earned $45.3 million, or 36 cents per share, down from $69.8 million, or 57 cents per share, during the same period a year earlier. Revenue rose 2 percent to $876.5 million.
Excluding restructuring and other costs, the company said it earned 89 cents per share. Analysts polled by FactSet expected 86 cents per share in profit on $917 million in revenue.
Global generic-drug revenue climbed 10 percent to $600.1 million. Branded drugs rose 6 percent to $96.9 million, while distribution revenue plunged to $41.9 million from $179.5 million on lower product launches from other drugmakers.
Looking ahead, the company said it expects profit between $3.95 and $4.20 on revenue of about $4.2 billion in 2011. Analysts had expected earnings of $4.14 per share on $4.25 billion in revenue.