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

NTS OF OPERATIONS(Unaudited; in millions, except per share amounts)Three Months EndedJune 30,Six Months EndedJune 30,2011201020112010Net revenues

$
,081.7$
875.3$
,958.2$
,731.8Operating expenses:Cost of sales (excludes amortization, presented below)

613.4498.01,069.01,002.7Research and development

80.561.8154.8121.3Selling, general and administrative

187.5156.6352.3308.6Amortization

74.643.1131.282.1Loss on asset sales and impairments

7.40.121.81.1Total operating expenses

963.4759.61,729.11,515.8Operating income

118.3115.7229.1216.0Non-operating income (expense):Interest income

0.50.31.30.7Interest expense

(22.9)(20.0)(44.7)(40.3)Other income

(0.3)2.5(4.0)28.6Total other income (expense), net

(22.7)(17.2)(47.4)(11.0)Income before income taxes and noncontrolling interest

95.698.5181.7205.0Provision for income taxes

43.227.984.564.6Net income

52.470.697.2140.4Loss attributable to noncontrolling interest

0.3-0.8-Net income attributable to common shareholders

$
52.7$
70.6$
98.0$
40.4Earnings per share:Basic

$
.42$
.58$
.79$
.15Diluted

$
.42$
.57$
.78$
.14Weighted average shares outstanding:Basic

124.5122.3124.1122.0Diluted

126.4124.0126.1123.7The following table presents Watson's Condensed Consolidated Balance Sheets as of June 30, 2011 and December 31, 2010:

Table 2WATSON PHARMACEUTICALS, INC.Condensed Consolidated  Balance Sheets(Unaudited; in millions)June 30,2011December 31,2010AssetsCash and cash equivalents

$
225.1$
282.8Marketable securities

8.911.1Accounts receivable, net

824.3560.9Inventories, net

627.8631.0Other current assets

319.3313.6Property and equipment, net

690.0642.3Investments and other assets

249.6225.5Product rights and other intangibles, net

1,975.41,632.0Goodwill

1,719.
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SOURCE Watson Pharmaceuticals, Inc.
Copyright©2010 PR Newswire.
All rights reserved

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