Key Developments For Watson Pharmaceuticals, Inc.
Watson Pharmaceuticals, Inc. (WPI) (NYSE Arca)
Watson Pharmaceuticals, Inc. Adjusts FY 2009 GAAP EPS Guidance To A Range Below Analysts' Estimates; Reaffirms FY 2009 Revenue, Non-GAAP EPS And EBITDA Guidance
Watson Pharmaceuticals, Inc. adjusted its estimates for fiscal 2009. GAAP earnings per diluted share is estimated to be between $2.04 and $2.12, Watson Pharmaceuticals, Inc. has affirmed its estimate for adjusted earnings per diluted share, which is expected to be between $2.50 and $2.58. Excluding special items, adjusted EBITDA continues to be between $668 million and $685 million. Watson Pharmaceuticals, Inc. estimates total net revenue for fiscal 2009 at approximately $2.70 billion. According to Reuters Estimates, analysts are expecting the Company to report GAAP EPS of $2.20, non-GAAP EPS of $2.55, EBITDA of $666 million on revenues of $2,76 billion for fiscal 2009.
Watson Pharmaceuticals, Inc. Announces Appointment Of Chief Financial Officer
Watson Pharmaceuticals, Inc. announced that R. Todd Joyce has been named Senior Vice President and Chief Financial Officer (CFO) effective immediately. Mr. Joyce succeeds Mark W. Durand, who has departed as CFO for personal reasons.
Watson Pharmaceuticals, Inc. Announces New Data Suggest That GELNIQUE (oxybutynin chloride) gel 10% Does Not Impact Cognition Among Healthy Older Adults
Watson Pharmaceuticals, Inc. announced findings of a double-blind study which demonstrate that GELNIQUE was comparable to placebo in its effect on memory tests and other cognitive functions in older healthy adult subjects when compared to immediate release oral oxybutynin treatments. According to a recently published review article of randomized, double-blind, multi-center trials, oral oxybutynin was associated with cognitive deficit in four trials. In the double-blinded, double dummy, Phase I study of 152 older, healthy, non-demented adults (average age of 68 years) from five U.S. centers, participants were randomized to one of three treatment arms for one-week of therapy: 1g GELNIQUE( )gel 10% once daily (GELNIQUE plus placebo oxybutynin immediate-release capsule; n=49); 5mg oral oxybutynin immediate-release three times daily (active OXB-IR capsules plus placebo GELNIQUE; n=52); or placebo (placebo GELNIQUE plus placebo OXB-IR capsules; n=51). After one week, participants were given a series of tests to assess cognitive and psychomotor functioning.
Watson Pharmaceuticals, Inc. Announces FDA Approval For Generic PLAN B
Watson Pharmaceuticals, Inc. announced that its subsidiary, Watson Laboratories, Inc., has received approval from the United States Food and Drug Administration (FDA) on its Abbreviated New Drug Application (ANDA) for Levonorgestrel Tablets, 0.75 mg for over-the-counter use in women ages 17 and above, as well as for prescription use in women under the age of 17. Levonorgestrel Tablets, 0.75 mg is the generic equivalent to Duramed Pharmaceuticals' PLAN B(R) (Rx/OTC), which is indicated for the prevention of pregnancy following unprotected intercourse or contraceptive failure. For the 12-months ending June 30, 2009, PLAN B(R) had total U.S. sales of approximately $135 million. Watson will market the product under the trade name Next Choice(TM) and plans to launch the product shortly.
Watson Pharmaceuticals, Inc. Prices $850 Million of Senior Unsecured Notes
Watson Pharmaceuticals, Inc. announced the pricing of a debt offering of $450.0 million of 5.000% senior notes due 2014 and $400.0 million of 6.125% senior notes due 2019, for a total offering of $850.0 million in aggregate principal amount. The offering is expected to close on August 24, 2009. Watson intends to use the net proceeds from the offering to fund a portion of the cash consideration for Watson's previously announced acquisition of the privately-held Arrow Group, to redeem the $575.0 million aggregate principal amount outstanding of its contingent senior debentures due 2023 and to repay $100.0 million of term loan borrowings under its existing credit agreement.
