New drugs help Actavis beat profit estimates

Thu May 2, 2013 7:18am EDT
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May 2 (Reuters) - Generic drugmaker Actavis Inc, formerly known as Watson Pharmaceuticals, reported an adjusted quarterly profit that beat market estimates, helped by new products, and the company raised its earnings forecast for the full year.

Actavis posted a net loss of $102.8 million, or 79 cents per share, for the first quarter, hit by charges related to the acquisition of Actavis Group and Uteron Pharma. It had net income of $54.8 million, or 43 cents per share, a year earlier.

Excluding one-time items, the world's third-largest generic drugmaker earned $1.99 per share, above the average analyst estimate of $1.86, according to Thomson Reuters I/B/E/S.