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Watson Second Quarter 2011 Net Revenue Exceeds $1 Billion; Non-GAAP EPS of $1.01
Date:7/26/2011

in our Global Brands business, with R&D spending up 29 percent.  We also announced our acquisition of Specifar Pharmaceuticals, which brings not only additional earnings contribution, but also an expanded international platform for generic growth opportunities. In our Brand business, we announced an anticipated FDA action date for PROCHIEVE®, and shortly after the end of the quarter, entered into an exclusive licensing agreement with Antares Pharma, Inc. for a product that, if approved, will expand our position in the over-active bladder (OAB) market segment."

"We concluded the quarter with $245.0 million in borrowing capacity available on our revolving credit facility and our debt to adjusted EBITDA ratio remains favorable at 1.4x, affording us the ability to continue to pursue opportunities to expand Watson's businesses," concluded Bisaro. 

Business Segment ResultsGlobal Generics Segment InformationThree Months EndedJune 30,Six Months EndedJune 30,(Unaudited; $ in millions)

2011201020112010Product sales

$
781.5$
560.8$
,366.5$
,094.9Other revenue

10.910.226.019.9Net revenue

792.4571.01,392.51,114.8Operating expenses:Cost of sales

439.1305.9728.2593.4Research and development

58.344.6112.786.8Selling and marketing

37.727.568.354.4Segment contribution

$
257.3$
93.0$
483.3$
380.2Segment margin

32.5%33.8%34.7%34.1%Adjusted gross profit (1)

$
357.9$
277.3$
4.9$
550.4Adjusted gross margin

45.2%48.6%48.0%49.4%(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 combination

$
-$
-$
(7.4)$
-Operational Excellence Initiative

1.912.25.317.2Purchase accounting adjustments

2.7-2.7
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SOURCE Watson Pharmaceuticals, Inc.
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