Published October 19, 2012
FRANKFURT – Actavis, the Swiss generic drugmaker that Watson Pharmaceuticals is taking over, said revenue would rise to more than 2 billion euros ($2.6 billion) this year, driven by patent expiries in Europe and strong demand in the United States.
Sales would increase by a double-digit percentage rate in 2012, Actavis Chief Executive Claudio Albrecht told Reuters late on Thursday, also citing growth in Far Eastern markets such as Indonesia.
"In terms of profits we are growing even faster than sales," he added.
Actavis posted 2011 sales of $2.5 billion, Watson said in April, when the tie-up was announced.
The combined group is on track to have pro-forma 2012 sales of 6 billion euros ($7.8 billion), Actavis said. This compares with pro-forma generic-drug sales of $5.7 billion in 2011, according to Watson.
The takeover deal, which Watson has said would make it the world's third-largest generics maker, has won antitrust approval in the United States and Europe and is set to be concluded next month.
Albrecht also said he would leave the company as soon as the tie-up, announced in April with a takeover price of at least $5.6 billion, is finalized next month.
The outgoing CEO, who oversaw a successful restructuring at Actavis including the relocation of headquarters to Switzerland from Iceland, said he did not have any specific plans for the future. But he indicated that he and a trusted team of top executives that is leaving the company with him would be up to new tasks.
"These are top professionals with whom I would tackle these kind of challenges again anywhere in the world," Albrecht said.
($1 = 0.7638 euros)
(Reporting by Ludwig Burger; Editing by Steve Orlofsky)