PARSIPPANY, N.J. (AP) -- Generic drug developer Actavis Inc., formerly named Watson Pharmaceuticals, predicted profit growth for 2013 that was short of Wall Street's expectations.
The Parsippany, N.J., company changed its name to Actavis after buying Swiss drugmaker Actavis Group for about $5.6 billion in October.
Actavis' financial outlook for 2012 was in line with market predictions. The newly combined company said Friday before its investor meeting in New York that it expects 2012 adjusted earnings to be at the high end of a previously forecast range of $5.85 to $5.95, with revenue growing 29 percent to $5.9 billion.
Analysts polled by FactSet expect profit of $5.93 per share on revenue of $5.89 billion.
But its 2013 profit estimate fell short. For this year, Actavis predicted adjusted earnings of between $7.70 and $8.10 per share on about $8.1 billion in revenue.
Analysts expected profit of $8.19 per share on $8.09 billion in revenue.
As part of the name change, the company's New York Stock Exchange ticker symbol switched to "ACT" from "WPI."
The shares, which were inactive in premarket trading Friday, have gained 50 percent in the last 12 months.
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