FILE - In this Tuesday, Sept. 25, 2012 file photo, a protester wears glasses with the euro and dollar symbols painted on the lenses before protesting the conservative government's handling of the economic crisis and to demand fresh elections, in Madrid. Many had hoped that 2012 would be the year when the global economy finally regained its vigor, but the three largest economies: The United States, China and Japan struggled, while the 17 countries that use euro endured a third painful year in their financial crisis and slid into recession, and emerging economies slowed. (AP Photo/Paul White, File)
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FILE - In this Tuesday, Sept. 25, 2012 file photo, a protester wears glasses with the euro and dollar symbols painted on the lenses before protesting the conservative government's handling of the economic crisis and to demand fresh elections, in Madrid. Many had hoped that 2012 would be the year when the global economy finally regained its vigor, but the three largest economies: The United States, China and Japan struggled, while the 17 countries that use euro endured a third painful year in their financial crisis and slid into recession, and emerging economies slowed. (AP Photo/Paul White, File)
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FILE - In this May 12, 21012 file photo, protesters pack the Puerta del Sol plaza in central Madrid. Worldwide growth was slack again in 2012. The global economy grew just 3.3 percent, down from 3.8 percent in 2011 and 5.1 percent in 2010, the International Monetary Fund estimates. (AP Photo/Paul White, File)
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FILE - In this Nov. 1, 2012 file photo, President Barack Obama speaks during a campaign event at Cheyenne Sports Complex in Las Vegas. In 2012, Obama vaulted to a re-election victory over Mitt Romney, who had staked his bid on the weakest U.S. economic rebound since the Great Depression and had pledged to slash taxes. Yet Obama won despite the highest unemployment rate of any president seeking re-election since World War II. (AP Photo/Pablo Martinez Monsivais, File)
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FILE - In this Nov. 16, 2012 file photo, President Barack Obama acknowledges House Speaker John Boehner of Ohio while speaking to reporters in the Roosevelt Room of the White House in Washington. A dreaded package of tax increases and deep spending cuts to domestic and defense programs loomed over the economy in 2012 as Congress and the White House negotiated the budgetary steps needed to avoid it. (AP Photo/Carolyn Kaster, File)
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FILE - In this May 18, 2012 file photo provided by Facebook, Facebook founder, Chairman and CEO Mark Zuckerberg, center, rings the Nasdaq opening bell from Facebook headquarters in Menlo Park, Calif. Years of anticipation led to Facebook's initial public offering of stock in 2012, the hottest Internet IPO since Google’s in 2004. Many of the 1 billion-plus users of the world’s largest online social network craved a chance to buy in early. On the eve of its first trading day, Facebook’s market value was $105 billion, yet the IPO bombed. (AP Photo/Nasdaq via Facebook, Zef Nikolla, File)
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FILE - In this May 16, 2012 file photo, construction workers wrap a home in protective sheeting as they frame a new home in Chester, Va. After a six-year slump that sent more than 4 million homes into foreclosure and shrank home prices about one-third nationwide, the U.S. housing market began to recover in 2012. Modest job gains and record-low mortgage rates fueled demand. (AP Photo/Steve Helbe, File)
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FILE - In this July 26, 2011 file photo, Austin Mitchell, left, and Ryan Lehto work on an oil derrick outside of Williston, N.D. In 2012, domestic crude oil production achieved its biggest one-year gain since 1951, driven by output in North Dakota and Texas. The United States is on pace to pass Saudi Arabia as the world’s top oil producer within two years. (AP Photo/Gregory Bull, File)
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FILE - In this June 13, 2012 file photo, JPMorgan Chase CEO Jamie Dimon, head of the largest bank in the United States, testifies on Capitol Hill in Washington, before the Senate Banking Committee about how his company recently lost more than $2 billion on risky trades. Throughout 2012, banks faced scrutiny as drama ensued. JPMorgan Chase lost $6 billion in a complex series of trades. (AP Photo/J. Scott Applewhite, File)
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FILE - In this Thursday, June 28, 2012 file photo, Rep. Tim Murphy, R-Pa., center, holds up a copy of the Supreme Court's health care ruling during a news conference by the GOP Doctors Caucus on Capitol Hill in Washington. The Supreme Court caught many by surprise when it backed the Obama administrationís health care reform in June 2012. The law requires Americans to buy insurance or pay a tax, while subsidizing the needy. (AP Photo/Cliff Owen, File)
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FILE - In this Aug. 8, 2012 file photo, dark clouds from a passing thunderstorm hang over a dry cornfield in Blair, Neb. In 2012, the nation suffered its worst drought since the 1950s, covering 80 percent of U.S. farmland. Grain and food prices soared. (AP Photo/Nati Harnik)
Actavis predicts 2013 profit growth short of St.
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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