Watson Profit Falls as Revenue Jumps 19%

Watson Pharmaceuticals Inc., the No. 2 U.S. maker of oral contraceptives, said profit fell 15% in the second quarter after a legal settlement boosted earnings in the same period of 2002.

Net income dropped to $50.7 million, or 47 cents a share, from $60 million, or 56 cents, the Corona-based firm said. Revenue jumped 19% to $355.9 million, helped by sales of generic drugs and the Oxytrol incontinence treatment.

Shares of Watson fell 64 cents to $38.95 on the NYSE.