A.H. Robins Co., which produces pharmaceutical and pet products, has sold its Quencher cosmetics line to Chattem Inc. of Chattanooga, the Richmond-based company said yesterday.

Terms of the agreement were not announced, but annual sales of the Quencher line have exceeded $10 million. Closing of the sale is anticipated on March 1, Robins spokesman Roscoe Puckett said.

Robins also reported yesterday that it had record sales and earnings for 1982. Profits increased 10 percent to $48.7 million ($1.98 a share) from $44.2 million ($1.77) in 1981. Sales grew to $482.3 million from $450.9 million.

Fourth-quarter profits increased to $13.8 million (56 cents) from $10.9 million (44 cents) in the similar period of 1981. Revenues for the period jumped to $130.8 million from $118.7 million.

President E. Claiborne Robins Jr. said strong sales of both prescription and over-the-counter health care products "provided the foundation for the 1982 results."

The company started the Quencher line of lipstick, lip gloss and nail gloss in 1976 through a subsidiary. A lipstick introduced last fall, Exelle, is also included in the sale. Robins Executive Vice President Robert Watts said that the firm was unable to realize fully its expectations for the line despite sizable product-development and promotion expenditures.

Also reporting earnings yesterday was First Women's Bank of Maryland, which said its fourth-quarter profits fell 36 percent to $54,338 (45 cents a share) from $84,955 (71 cents). For all of 1982, however, profits increased slightly to $310,104 ($2.58) from $306,875 ($2.56) in 1981.

Eve Grover, president and chief executive officer of the Rockville-based bank, said most of the decline in profits was due to the start-up costs involved with a branch that First Women's opened on Dec. 21 in Bethesda as well as the costs of setting up four automatic teller machines.

At the end of the year, the bank had assets of $23.4 million, a 43.5 percent increase over the $16.3 million in assets on Dec. 31, 1981. Deposits grew 48 percent to $20.2 million from $13.7 million at year-end 1981.

Grover said that the higher costs associated with the new money market accounts--which financial institutions were permitted to offer starting in early December--also contributed to the fourth-quarter decline in net income. She said the bank had no losses on securities transactions during the quarter or the year.

Madison National Bank, a subsidiary of James Madison Ltd., posted earnings of $2.9 million ($7 a share) in 1982 compared with $2.7 million ($6.59) in 1981. Fourth-quarter earnings slipped, however, to $615,713 ($1.50) from $791,752 ($1.93) in 1981.

Assets grew 7.9 percent to $207.5 million compared with $192.3 million. Deposits rose to $177.7 million from $161.3 million.