UPDATE: Watson Pharmaceuticals Posts Upbeat Q4 Profit, Lifts Forecast

Watson Pharmaceuticals Inc (NYSE: WPI) posted a rise in its fourth-quarter net profit and lifted its 2012 earnings outlook.

Watson Pharmaceuticals' quarterly net income climbed to $94.8 million, or $0.75 per share, versus $18.3 million, or $0.15 per share, in the year-ago period. Excluding items, Watson Pharmaceuticals earned $1.77 per share, versus analysts' estimates of $1.76 per share.

Watson Pharmaceuticals expects 2012 profit in a range of $5.50 to $5.80 per share, excluding items, versus its earlier forecast of $5.25 to $5.55 per share.

Watson Pharmaceuticals shares closed at $57.71 yesterday.