Actavis, Formerly Watson, Sees 2013 Profit Growth

Actavis, the generic drugmaker previously known as Watson Pharmaceuticals, said on Friday that it expected earnings to rise at least 30% in 2013 as it expands globally, but its outlook still came in short of analysts' expectations.

Actavis said it expected earnings to rise to a range of $7.70 to $8.10 per share in 2013. Analysts on average are expecting $8.20 per share, according to Thomson Reuters I/B/E/S.

The third-largest global generic drugmaker changed its name this week from Watson after buying Actavis as part of its strategy to expand in international markets and offer more specialty drugs.

The company, which is holding a meeting with investors on Friday, said it expected 2012 earnings per share to be at the high end of its forecast range of $5.85 to $5.95.

That is in line with analysts' expectations for earnings of $5.93 per share, according to Thomson Reuters I/B/E/S, and represents growth of 25% from 2011.