60.353.7227.7194.6Selling and marketing
35.6%38.1%34.6%35.6%Adjusted gross profit (1)
,154.2Adjusted gross margin
43.8%50.6%46.2%49.9%(1) Adjusted gross profit represents adjusted net revenue less
adjusted cost of sales and excludes amortization of acquired
intangibles. Pro forma adjustments for the respective
periods include the following: Settlement of contingent asset acquired as part of a
business acquisition (other revenue)
-Net revenue from payment received relating to
previously divested business
--(2.4)-Operational Excellence Initiative
220.127.116.110.3Purchase accounting adjustments
(7.8)-2.211.9Acquisition and licensing adjustments (other revenue)-(25.0)-(27.5)Global Generics net revenue for the fourth quarter 2011 increased 81 percent to $1.2 billion as a result of the launch of a generic version of Lipitor® in November and the launch of a generic version of Concerta® in May. Fourth quarter international net revenue was $151.9 million, up 2 percent from the fourth quarter 2010. International net revenue in the prior year period includes $25 million received from a development partner, which is excluded from our non-GAAP results. Excluding this amount, international net revenue increased 23 percent primarily as a result of the addition of Specifar Pharmaceuticals in May.
Global Generics R&D investment for the fourth quarter 2011 increased 12 percent to $60.3 million, primarily due to an increase of international R&D investment resulting from the addition of Specifar, and higher clinical development costs for more complex products such as inhalation products, patches and gels.
For the full year 2011, Global Generics net reven
|SOURCE Watson Pharmaceuticals, Inc.|
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