Watson down on lowered guidance

WPI was off $4.80 (15%) to $27.49 on 17 million shares on Monday after lowering its second quarter and full year revenue and EPS guidance. The downward revisions in part reflect soft sales of its Oxytrol oxybutynin transdermal system for overactive bladder, lower-than-expected wholesaler purchases and a delay in the launch of an oral contraceptive. For the second quarter, the company expects EPS of $0.39-$0.41 on revenues of $400 million. Previously, the company expected $410 million in revenues and EPS of $0.50-$0.52. For the full year, WPI now expects revenues of $1.6 billion and EPS of $1.85-$1.90, down from $1.7 billion and $2.10-$2.20. ...