UPDATE: Watson Pharmaceuticals Q1 Profit Up 21%

Watson Pharmaceuticals Inc

reported a rise in its first-quarter profit. Watson Pharmaceuticals' quarterly profit climbed to $54.8 million, or $0.43 per share, versus $45.3 million, or $0.36 per share, in the year-earlier period. Its adjusted profit surged to $1.64 per share, from $0.89 per share. Watson Pharmaceuticals' revenue rose to $1.52 billion from $877 million. However, analysts were expecting earnings of $1.60 per share on revenue of $1.5 billion. Watson Pharma projects adjusted 2012 profit between $5.55 per share and $5.80 per share, versus analysts' estimates of $5.79 per share. Watson Pharmaceuticals shares closed at $76.20 on Friday.