Generic drugmaker Actavis Inc, formerly Watson Pharmaceuticals, reported a higher-than-expected first-quarter profit after launching several new products, and raised its full-year profit forecast.The world's third-largest generic drugmaker changed its name from Watson after buying Swiss drugmaker Actavis Group in October last year as part of its strategy to expand in international markets and offer more specialty drugs.Generic drugs sales, which contributed about 80 percent to first-quarter revenue, rose 37 percent to $1.53 billion in the quarter, driven mainly by the Actavis takeover.The company posted a net loss of $102.8 million, or 79 cents per share, for the first quarter, due to charges related to the acquisition of Actavis and Uteron Pharma. It had earned $54.8 million, or 43 cents per share, a year earlier.
Actavis Inc., formerly Watson Pharmaceuticals, Inc. Shares of ACT remained unchanged at $104.39. In the past year, the shares have traded as low as $66.99 and as high as $99.55. On average, 1110020 shares of ACT exchange hands on a given day and today's volume is recorded at 0.
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