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In early August, Sigurdur Olafsson joined the Company as Executive Vice President, Global Generics, effective September 1, 2010. He succeeds Thomas R. Russillo, who will retire at the end of 2010.
On August 5th, Watson reported second quarter 2010 net revenue grew 29 percent to $875.3 million; net income increased 22 percent to $102.8 million or $0.83 per share; and GAAP earnings were $0.57 per share.
In mid-August, HRA Pharma’s ella® was approved by the FDA as safe and effective in preventing unintended pregnancy for up to 120 hours - or five days - post-unprotected intercourse \(UPI\) or contraceptive failure. ella® will be exclusively distributed by Watson in the United States.
In early July, Watson announced that it had completed the acquisition of the U.S. rights to Columbia Laboratories\' Crinone® and PROCHIEVE® progesterone gel product line and 11,200,000 shares of Columbia common stock.
Crinone® is currently used for progesterone supplementation or replacement as part of an Assisted Reproductive Technology \(ART\) treatment for infertile women with a progesterone deficiency. The product is also available under the trade name PROCHIEVE® and available in both a 4% and 8% concentrations. PROCHIEVE® 4% is indicated for the treatment of secondary amenorrhea.
Watson intends to immediately begin marketing Crinone® and PROCHIEVE\(R\) in the U.S. to reproductive endocrinologists and Ob/Gyns through Watson\'s Brand Sales Forces as well as expanding its sales effort with the addition of approximately 19 sales representatives that marketed these products for Columbia.
Additionally, a Phase 3 clinical program called the PREGNANT \(PROCHIEVE® Extending Gestation A New Therapy\) Study is currently underway to evaluate the safety and efficacy of PROCHIEVE® 8% \(progesterone gel\) to reduce the risk of pre-term birth.
In June and July, Watson confirmed a patent challenge for Renvela® for Oral Suspension. The Company received FDA approval to launch its generic version of Prograf® and Exelon®; and received tentative approval for its Fentanyl Buccal Tablets.
In April, the U.S. FDA approved Watson’s ANDA for metoprolol succinate extended-release tablets USP in the 100 and 200 mg strengths, the generic equivalent to AstraZeneca\'s Toprol XL\(R\) tablets. Metoprolol succinate extended-release is a beta-blocker used to treat angina, heart failure and high blood pressure.In May, Watson reported a 28 percent increase in net revenue for the first quarter ended March 31, 2010 to $856.5 million, compared to $667.4 million in the first quarter 2009. On an adjusted cash basis, net income increased 25 percent to $100.3 million or $0.81 per share, compared to $80.2 million or $0.69 per share in the first quarter 2009. GAAP earnings for the first quarter 2010 were $0.57 per share, compared to $0.43 per share in the prior year period.
In May, Watson launched its 6-Month TRELSTAR® 22.5 mg formulation. TRELSTAR® 22.5 mg is the first and only six-month intramuscular \(IM\) GnRH agonist available for the palliative treatment of advanced prostate cancer. It is also the only six-month GnRH agonist that is stored at room temperature with no refrigeration required.
On May 19, Watson announced that its subsidiary Cobalt Pharmaceuticals had received a Notice of Compliance from Health Canada to market Atorvastatin Calcium Tablets in the 10, 20, 40 and 80 mg strengths.
Finally in May, Watson announced that it has signed a lease for a new Administrative Headquarters in New Jersey. The Company plans to relocate to the new site in Parsippany in late 2010 or early 2011. Watson, which currently employs approximately 250 people in New Jersey, expects total employment at the new facility could grow to approximately 500 over the next few years.
In April and May, Watson confirmed patent challenges for: Renvela®, Evista®, Simcor®, Trilipix®, Rapamune® and Cenestin®. The Company received FDA approval to launch its generic version of Valtrex®.
Watson completes the acquisition of Arrow, becoming a $3 billion global company with operations in many of the world\'s most established and growing international markets. The acquisition expands Watson’s commercial footprint, enhances its product portfolio and pipeline, and provides the Company with a stronger presence in the development of biologics.
Watson announces plans to acquire Arrow Group, one of the fastest growing generic pharmaceutical companies in the world.
GELNIQUE® is launched.
RAPAFLO® is launched.
Paul Bisaro named Vice Chairman of Generic Pharmaceutical Association \(GPhA\).
Watson receives FDA approval for GELNIQUE® \(oxybutynin chloride\) Gel 10%, the first and only topical gel for the treatment of overactive bladder with symptoms of urge urinary incontinence, urgency and frequency.
RAPAFLO® is approved by FDA in October 2008.
Watson’s New Drug Application \(NDA\) for a 6-month formulation of TRELSTAR®, is accepted by the FDA. The application is for a sustained-release formulation of the existing TRELSTAR® product that is designed to help suppress the production of testosterone in men with advanced prostate cancer over six months.
Watson’s New Drug Application \(NDA\) for oxybutynin topical gel, later named GELNIQUE®, was accepted by the FDA. The product is indicated for the treatment of OAB. GELNIQUE® is a gel that administers oxybutynin through the skin.
Dr. Allen Chao retires as Chairman of the Board of Directors.
Dr. Allen Chao retires as President and Chief Executive Officer of Watson. Paul Bisaro joins Watson as President and CEO.
Watson achieves $2 billion in revenues.
Watson’s New Drug Application \(NDA\) for silodosin, later named RAPAFLO®, is accepted by the FDA. The product is indicated for the treatment of the signs and symptoms associated with Benign Prostatic Hyperplasia \(BPH\).
Watson acquires Andrx Corporation, a Fort Lauderdale, FL - based pharmaceutical company. Watson becomes the third largest specialty pharmaceutical company in the United States based on total prescriptions dispensed. The acquisition also expands Watson\'s sustained release technology platform and adds a number of high-barrier-to-entry products to its pipeline. Additionally, the acquisition includes Andrx\'s Anda Distribution business and state-of-the-art distribution centers in Florida and Ohio.
Watson acquires an Active Pharmaceutical Ingredients \(API\) manufacturing facility in Mumbai, India. Built to meet Current Good Manufacturing Practices \(cGMP\), the facility is known for its development and manufacture of specialty and commodity API\'s and related intermediaries, as well as expertise in finished dosage form formulation development and manufacturing.
Watson acquires a solid dose manufacturing facility in Goa, India. This facility figures prominently in Watson’s future global supply chain initiative, with the ability to produce over 2 billion units by the end of 2009.
Watson opens a 272,000-square-foot distribution facility in Gurnee, Illinois, nearly doubling the Company\'s capacity.
Watson expands its presence in Urology by licensing and launching TRELSTAR®, a palliative treatment for advanced prostate cancer. Over the next several years, Urology becomes a major focus area for Watson, and new formulations of TRELSTAR® are introduced.
Watson receives FDA approval for OXYTROL®, the first and only transdermal therapy to treat overactive bladder \(OAB\). OXYTROL® is Watson\'s first internally developed branded product.
Watson expands its oral contraceptive portfolio with a supply agreement to launch three oral contraceptive brand equivalents: Necon® 7/7/7, MonoNessa® and TriNessa®.
Watson revenue tops $1 billion. \(December 2002\)
Watson acquires Makoff R&D Laboratories, Inc., a developer, licensor and marketer of pharmaceutical products and medical foods related to the management of kidney disease. The acquisition further strengthens Watson\'s presence in the nephrology \(kidney disease\) market.
Watson acquires Schein Pharmaceutical, Inc., a Florham Park, New Jersey firm with a broad line of generic products, as well as a focus on products for managing iron deficiency and anemia. The acquisition nearly doubles the size of the Watson organization, adds manufacturing capacity and brings to Watson state-of-the-art distribution capabilities.
Watson receives approval for Nicotine Polacrilex Gum, the first generic FDA-approved anti-smoking gum product in the marketplace.
Watson acquires Salt Lake City, Utah-based TheraTech, Inc., which specializes in the design and development of improved drug delivery systems for generic and proprietary pharmaceuticals.
Watson acquires Nicobrand, a manufacturer of nicotine active pharmaceutical ingredients \(API\), located in Coleraine, Northern Ireland. This is Watson’s first API manufacturing facility.
Watson acquires The Rugby Group, a Norcross, Georgia-based generic subsidiary of Hoechst Marion Roussel, Inc. In addition to numerous generic products, applications for new generic products, and sales and marketing capabilities , Watson gains Rugby’s product development group, Chelsea Laboratories, Inc.
Watson moves to the New York Stock Exchange \(NYSE\), trading under the ticker symbol WPI.
Watson acquires Royce Laboratories, Inc., a Miami, Florida-based generic pharmaceutical company that expands Watson’s development capabilities and product pipeline.
Watson acquires Oclassen Pharmaceuticals, Inc., a San Rafael, California-based pharmaceutical company specializing in prescription products for the treatment and prevention of skin disease. This acquisition brings five specialty dermatologic product lines and a seasoned sales team.
Watson breaks ground on its first Asia-based operation, in Changzhou, China. Following the construction of the manufacturing plant, sales offices were established in Shanghai.
Watson acquires the Sales and Marketing division of CoCensys, Inc., an Irvine, California-based pharmaceutical company. The acquisition brings new products and co-promotion agreements, plus a specialty sales and marketing team, many of whom/which are still with the company today.
Watson acquires Circa Pharmaceuticals, Inc., a Copiague, New York-based developer and manufacturer of generic and proprietary pharmaceuticals. Circa brings gum drug delivery technology to Watson, which later is the platform for the development of flavored, smoking cessation gum.
Watson announces its initial public offering \(IPO\) of shares of common stock. The Company is initially listed on the NASDAQ under the ticket symbol, WATS.
Watson acquires Zetachron, Inc., a State College, Pennsylvania-based drug delivery research and development company. This acquisition gives Watson encapsulation and injection-molding delivery capabilities, diversifying generic pharmaceuticals and drug delivery systems \(DDS\) development.
Watson breaks ground on Corona, California-based corporate headquarters.
Watson receives its first two product approvals: Indomethacin Capsules in October; Furosemide Tablets in November. Before the end of 1987, Watson receives approval on its first internally-developed generic oral contraceptive. Necon® 1/35 \(as it is known today\) is the first generic bioequivalent oral contraceptive product ever approved by the U.S. Food and Drug Administration \(FDA\).
Watson opens an initial product development and analytical laboratory with six employees in Libertyville, Illinois. Several months later, Watson moves its operations into a 25,000 square foot facility in Corona, California and begins the development and manufacturing of generic pharmaceuticals.
With funding from friends and family, entrepreneurs Allen Chao, Ph.D. and David Hsia, were determined to build a new kind of pharmaceutical operation - combining the best of innovative science with creative business acumen [combining innovative drug delivery technologies with non-patented pharmaceutical compounds]; never forgetting that their mission of improving the health and quality of patients lives.
As a tribute to his mother, who\'s maiden name was Hwa, Dr. Chao names the new pharmaceutical company after her. With a small concession to the English language, "Hwa\'s son" becomes Watson.