Watson Pharmaceuticals Renamed to Actavis and Announce Growth Strategy
Watson Pharmaceuticals, the third-biggest generics drugmaker, have changed their name to Actavis and set out their growth plans.
The company initially revealed intentions to change their name last year, succeeding the acquisition of the Actavis Group.
The company has begun a multi-year rebranding campaign that will guide the transition of their facilities, operations and commercial presence globally to the new company name and logo.
“With operations in more than 60 countries and a top 10 position in over 33 markets, Actavis is a dynamic global player that is recognized worldwide as a leader in providing high-quality pharmaceuticals,” chief executive, Paul Bisaro, claimed.
At an investor meeting in New York, the combined business commented that 2012 sales will be around $5.90 billion, an increase of 29% from last year, and earnings per share are expected to be between $5.85 and $5.95, an increase of 25%.
Bisaro noted that with a strengthened global commercial position the new Actavis should deliver double-digit growth in 2013 and beyond.
Siggi Olafsson, president of Actavis Pharma, the new organisation’s global generics business, added that 2012 saw over 30 new product launches in the USA, while European revenues grew by over 20%. He concluded that “our combined R&D organisation has delivered a world-class portfolio [and] we are also leaders in Paragraph IV filings, with 49 applications that we believe to be first-to-file.”
However the organisation’s estimates for this year disappointed analysts, even though the company predicts a healthy increase. Actavis has forecast EPS of $7.70-$8.10 on revenues of $8.10 billion.