PARSIPPANY, N.J., April 27, 2011 /PRNewswire/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI) today reported net revenue of $876.5 million for the first quarter ended March 31, 2011, compared to $856.5 million in the first quarter 2010. On a non-GAAP basis, net income for the first quarter 2011 was $111.9 million or $0.89 per share, an increase of 12 percent, compared to $100.3 million or $0.81 per share in the first quarter 2010. GAAP diluted earnings per share for the first quarter 2011 were $0.36, compared to $0.57 in the prior year period. Refer to the attached reconciliation tables for adjustments to GAAP earnings.
For the first quarter 2011, adjusted EBITDA increased nine percent to $215.9 million, compared to $198.9 million for the first quarter 2010. Cash and marketable securities were $514.8 million as of March 31, 2011.
"As demonstrated by the first quarter results announced today, Watson had a very solid start to 2011," said Paul Bisaro, President and CEO. "In our Global Generics business, revenue grew 10 percent during the quarter reflecting strong organic growth, and we expanded our adjusted gross margin by 1.6 percentage points. Additionally, we received approval in the United States for two new generic products and initiated three new patent challenges, including a challenge on a generic version of OxyContin®. We won the appeal in our generic Seasonique® patent case and won the district court patent case for generic Mucinex®."
"In our Global Brands business, net revenue increased six percent, and we had adjusted gross margins of 81.6 percent. Perhaps the most significant development for our Global Brands business came just after the close of the quarter, when the positive results of the PROCHIEVE
SOURCE Watson Pharmaceuticals, Inc.
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