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Watson Fourth Quarter 2010 Net Revenue Increases 21% to $953 Million
Date:2/15/2011

MORRISTOWN, N.J., Feb. 15, 2011 /PRNewswire/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI) today reported net revenue increased 21 percent to $952.7 million for the fourth quarter ended December 31, 2010, compared to $785.7 million in the fourth quarter 2009. On a non-GAAP basis, net income for the fourth quarter 2010 was $116.5 million or $0.93 per share, an increase of 23 percent, compared to $94.4 million or $0.85 per share in the fourth quarter 2009.  GAAP earnings per share for the fourth quarter 2010 were $0.15, compared to $0.51 in the prior year period.

For the fourth quarter 2010, adjusted EBITDA increased 17 percent to $220.8 million, compared to $188.8 million for the fourth quarter 2009.  Cash and marketable securities were $293.9 million as of December 31, 2010. Refer to the attached reconciliation tables for adjustments to GAAP earnings.

Full Year 2010 ResultsFor the full year 2010, net revenue increased 28 percent to $3.6 billion, compared to net revenue of $2.8 billion for full year 2009.  On a non-GAAP basis, net income increased 22 percent to $425.4 million, or $3.42 per share for the full year 2010, compared to 2009 net income of $348.8 million, or $3.04 per share. GAAP earnings per share were $1.48 for the full year 2010, compared to $1.96 in 2009.

For the full year 2010, adjusted EBITDA was $838.2 million, an increase of 22 percent from the full year 2009. Cash flow from operations was $571.0 million.  

"2010 was an extremely successful year for Watson.  From a financial perspective, revenues grew by 28 percent and non-GAAP earnings per share increased by 13 percent. Additionally, strong cash flow from operations of over $570 million enabled us to reduce our debt to adjusted EBITDA ratio to approximately 1.2x, which provides us the flexibility to capitalize on future opportunities to grow the Company," said
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SOURCE Watson Pharmaceuticals, Inc.
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