(WPI) Watson Pharmaceuticals – Bull of the Day

Watson Pharmaceuticals, Inc. (WPI) posted second-quarter 2011 earnings of $1.01 per share, beating the Zacks Consensus Estimate by a penny and the year-ago earnings by $0.18 per share. Earnings were boosted by strong revenues, which jumped 24% to $1.08 billion, mainly driven by higher generic and branded sales.

Following the better-than-expected results, Watson Pharmaceuticals increased its 2011 earning guidance range to $4.25-$4.50 per share from $3.95-$4.20. We have raised our 2011 earnings estimate to $4.46 per share.

Moreover, we believe the company’s cost saving initiative and new product launches, both branded and generic, will help drive growth. We are upgrading Watson to Outperform.

WATSON PHARMA (WPI): Free Stock Analysis Report

Zacks Investment Research

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