May 9--Watson shares sag on lower income
Corona's Watson Pharmaceuticals Inc. (NYSE: WPI) saw its shares sink slightly on May 6 after the company reported lower-than-expected revenues for the first quarter of 2005.
The drugmaker blamed a 17 percent decline in earnings principally on lower prices for its generic products. For the quarter ended March 31, Watson earned $38.9 million, or 33 cents per share, down from $46.7 million, or 39 cents per share, in the same quarter last year. Revenue fell 2 percent to $400.8 million in the firsat quarter from $409.7 million in the first quarter of 2004.
Watson reported a decline of 4 percent in generic product …
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