Company name: Watson Pharma
Location: Corona, CA (corporate) and Morristown, NJ (commercial)
Annual sales (in millions): $2.000
Market share: 6.3%
CEO: Paul Bisaro
Allen Chao and David Hsia started Watson in 1984. Chao wanted to pay tribute to his mother, whose maiden name was Hwa. The new company was named in her honor--with a small concession to the English language--"Hwa's son" becomes Watson, the company's website notes.
Watson recently reported that during the second quarter, net revenue grew 29 percent ($875.3 million versus $677.8 million in the second quarter 2009). On an adjusted cash basis, net income increased 22 percent to $102.8 million or $0.83 per share, compared with $84.2 million or $0.73 per share in the second quarter 2009.
"We continue to emphasize growing our businesses through product development and portfolio and market expansion. In the U.S., we have launched five new generic products so far this year and announced twelve new patent challenges," says Paul Bisaro, Watson's president and CEO. "Outside the U.S., we continue to focus on enhancing our management structure, the profitability of our country operations, and expanding our presence in all of our markets including Finland, Poland and Turkey." In addition, the company announced that Sigurdur Oli Olafsson, who, until recently, was CEO of the Actavis group, is joining the company at the end of the year as VP of global generics.