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Watson Third Quarter 2011 Net Revenue Climbs 23% to $1.1 Billion; Non-GAAP Diluted EPS of $1.09; GAAP Diluted EPS of $0.54
Date:11/1/2011

PARSIPPANY, N.J., Nov. 1, 2011 /PRNewswire/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI) today reported net revenue of $1.1 billion for the third quarter ended September 30, 2011, an increase of 23 percent when compared to $882.4 million in the third quarter 2010. On a non-GAAP basis, net income for the third quarter 2011 increased 31 percent to $138.7 million or $1.09 per diluted share, compared to $105.9 million or $0.85 per diluted share in the third quarter 2010.  GAAP diluted earnings per share for the third quarter 2011 were $0.54, compared to $0.21 in the prior year period. Refer to the attached reconciliation tables for adjustments to GAAP earnings.

For the third quarter 2011, adjusted EBITDA increased 22 percent to $258.2 million, compared to $211.1 million for the third quarter 2010.   Cash and marketable securities were $172.5 million as of September 30, 2011.

"Our exceptional performance in the third quarter, as measured by double-digit revenue and earnings growth, was driven once again by our focus on the execution of our business growth strategies in Global Generics and Brands and our continued focus on operational excellence," said Paul Bisaro, President and CEO. "Revenue growth of nearly 40 percent in our Global Generics segment came from sales of our extended release and oral contraceptive franchises in the US, and increased international product sales including the addition of Specifar. Growth in our Global Brands segment came from continued strong sales of our key promoted products including RAPAFLO®, which reached a milestone of more than 500,000 prescriptions dispensed since launch."

"With revenues exceeding $1 billion for the second consecutive quarter, we are utilizing our earnings and cash flow to continue our strategic investment into future growth drivers, while strengthening our balance sheet to drive further expansion. Our results have allowed for continued investments in R&D and in sales and marketing, including preparations for the launch of several of our brand products outside of the U.S., as well as continued investment in preparation for the anticipated February 2012 PDUFA date for our progesterone gel product for prevention of preterm birth for women with a shortened cervix."

"Cash from operations for the third quarter 2011 was $118.4 million and we ended the quarter with $172.5 million in cash and marketable securities and a debt to adjusted EBITDA ratio of just 1.2x.  This low level of debt provides us with a great deal of flexibility as we continue to pursue opportunities to expand Watson's businesses," concluded Bisaro. 

Business Segment ResultsGlobal Generics Segment InformationThree Months EndedNine Months EndedSeptember 30,September 30,(Unaudited; $ in millions)

2011201020112010Product sales

$
792.4$
566.1$
2,158.8$
,661.0Other revenue

10.111.536.131.4Net revenue

802.5577.62,194.91,692.4Operating expenses:Cost of sales

437.7290.21,165.8883.6Research and development

54.654.1167.4140.9Selling and marketing

45.326.5113.580.9Segment contribution

$
264.9$
206.8$
748.2$
587.0Segment margin

33.0%35.8%34.1%34.7%Adjusted gross profit (1)

$
372.4$
289.5$
,037.5$
839.9Adjusted gross margin

46.5%50.1%47.5%49.6%(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

$
-$
-$
(7.4)$
-Net revenue from payment received relating to

previously divested business

(2.4)-(2.4)-Operational Excellence Initiative

2.74.68.221.8Purchase accounting adjustments

7.3-10.011.8Acquisition and licensing

-(2.5)-(2.5)Global Generics net revenue increased 39 percent to $802.5 million in the third quarter.  Extended release product sales increased 89 percent to $341.7 million as a result of the launch of methylphenidate ER this year.  Third quarter international net revenue was $144.6 million, up 41 percent from the third quarter 2010, as a result of the addition of Specifar Pharmaceuticals in May and a larger number of product launches in key markets during the quarter.

Global Generics adjusted gross margin decreased 3.6 percentage points to 46.5 percent in the third quarter 2011 due to sales of methylphenidate ER at lower margins.

Global Generics R&D investment for third quarter 2011 was $54.6 million, consistent with prior year levels. Selling and marketing expenses for the third quarter 2011 increased $18.8 million to $45.3 million as a result of the addition of Specifar and higher selling and marketing expenses in certain other international markets.

Global Brands Segment InformationThree Months EndedNine Months EndedSeptember 30,September 30,(Unaudited; $ in millions)

2011201020112010Product sales

$
92.5$
82.4$
264.8$
231.7Other revenue

17.817.355.362.8Net revenue

110.399.7320.1294.5Operating expenses:Cost of sales

25.419.868.368.1Research and development

18.821.760.856.2Selling and marketing

40.834.3122.1102.2Segment contribution

$
25.3$
23.9$
8.9$
8.0Segment margin

22.9%24.0%21.5%23.1%Adjusted gross profit (1)

$
85.5$
79.9$
252.4$
226.4Adjusted gross margin

77.5%80.1%78.9%76.9%(1) Adjusted gross profit represents net revenue less

adjusted cost of sales and excludes amortization of

acquired intangibles. Pro forma adjustments for the

respective periods include the following: Acquisition and licensing

$
.6$
-$
.6$
-Global Brands net revenue increased 11 percent to $110.3 million in the third quarter 2011 as a result of increased sales of key promoted products, including RAPAFLO®, Gelnique®, Trelstar®,  Crinone®, and Generess™ Fe.  

Adjusted gross margin for the Global Brands segment decreased 2.6 percentage points in the third quarter to 77.5 percent as a result of product mix.

Shortly following the end of the quarter, Watson received approval for its 2 mg and 4 mg formulation of Androderm®. The new smaller size and lower-dose testosterone patch provides highly effective testosterone administration with a 20 percent reduction in the active ingredient from the original strength in a smaller patch size. Watson plans to launch the new Androderm® formulation in the fourth quarter.

Global Brands R&D investment decreased 13 percent to $18.8 million in the third quarter 2011 as a result lower contractual milestone payments when compared with the third quarter of 2010. The decrease was partially offset by increased biosimilar R&D investment and other costs.  Selling and marketing expenses increased 19 percent to $40.8 million as a result of increased field force and support costs, including expansion costs in Canada.

Distribution Segment InformationThree Months EndedNine Months EndedSeptember 30,September 30,(Unaudited; $ in millions)

2011201020112010Net revenue

$
8.8$
205.1$
524.8$
27.3Operating expenses:Cost of sales

140.1174.6438.1535.6Selling and marketing

18.317.356.453.3Segment contribution

$
.4$
3.2$
30.3$
38.4Segment margin

6.2%6.4%5.8%6.1%Gross profit

$
28.7$
30.5$
86.7$
91.7Gross margin

17.0%14.9%16.5%14.6%Distribution segment net revenue for the third quarter 2011 decreased 18 percent to $168.8 million due to fewer third-party product launches in the quarter.  Distribution revenue consists only of sales of third-party products.

Distribution segment gross margin increased 2.1 percentage points to 17.0 percent in the third quarter 2011, as the prior year margins were impacted by a number of product launches at lower margins.

During the quarter, Anda began construction of a 234,000 square foot state-of-the-art distribution facility in Olive Branch, MS, which more closely aligns with Anda's plans for the growth of this business in the future.

Other Operating ExpensesConsolidated general and administrative expenses were $85.2 million in the third quarter 2011 compared to $163.5 million in the third quarter 2010. The third quarter of 2010 included an $89.9 million charge associated with the Company's drug pricing litigation. Excluding this prior year charge, general and administrative expenses increased $11.6 million from the third quarter 2010, primarily as a result of higher legal fees and expenses associated with Specifar's operations that were not in the prior year period. Amortization expense for the third quarter 2011 was $71.8 million, compared to $45.9 million in third quarter 2010, due to amortization of intangible assets acquired in the Specifar acquisition, amortization on newly launched products, and higher amortization rates.

2011 Financial Outlook Watson's estimates are based on actual results for the nine months ended September 30, 2011 and management's current belief about prescription trends, pricing levels, inventory levels and the anticipated timing of future product launches and events.  A number of factors are reflected in the updated forecast, and management has sought to appropriately reflect the potential impact from these factors given current visibility into the complex market environment.

-- Watson estimates total net revenue for the full year ended December 31, 2011 at approximately $4.5 billion. -- Total Global Generic segment net revenue of approximately $3.3 billion-- Total Global Brand segment net revenue of approximately $445 million-- Total Distribution segment net revenue of approximately $770 million-- Adjusted EBITDA of approximately $1.1 billion -- Non-GAAP diluted earnings per share between $4.55 and $4.65Included in this forecast is the launch of Atorvastatin scheduled for November 30, 2011. We anticipate the fourth quarter contribution of the Atorvastatin launch to result in between $0.48 and $0.53 of diluted earnings per share for Watson.

Webcast and Conference Call DetailsWatson will host a conference call and webcast today at 8:30 a.m. Eastern Daylight Time to discuss third quarter 2011 financial results, the outlook for the remainder of the year and recent corporate developments.  The dial-in number to access the call is (877) 251-7980, or from international locations, (706) 643-1573.  A taped replay of the call will be available by calling (800) 642-1687 with access pass code 12286209.  The replay may be accessed from international locations by dialing (706) 645-9291 and using the same pass code.  This replay will remain in effect until midnight Eastern Standard Time, November 22, 2011.  To access the live webcast, go to Watson's Investor Relations Web site at http://ir.watson.com.

About Watson Pharmaceuticals, Inc.Watson Pharmaceuticals, Inc., is a leading integrated global pharmaceutical company. The Company is engaged in the development and distribution of generic pharmaceuticals and specialized branded pharmaceutical products focused on Urology and Women's Health. Watson has operations in many of the world's established and growing international markets.

For press release and other company information, visit Watson Pharmaceuticals' Web site at http://www.watson.com.

Forward-Looking StatementStatements contained in this press release that refer to Watson's estimated or anticipated future results or other non-historical facts are forward-looking statements that reflect Watson's current perspective of existing trends and information as of the date of this release.  For instance, any statements in this press release concerning prospects related to Watson's strategic initiatives, product introductions and anticipated financial performance are forward-looking statements.  It is important to note that Watson's goals and expectations are not predictions of actual performance.  Watson's performance, at times, will differ from its goals and expectations.  Actual results may differ materially from Watson's current expectations depending upon a number of factors affecting Watson's business.  These factors include, among others, the inherent uncertainty associated with financial projections; the impact of competitive products and pricing; timely and successful consummation of strategic transactions;  the difficulty of predicting the timing or outcome of litigation and risks that an adverse outcome in such litigation could render Watson liable for substantial financial damages; successful integration of strategic transactions including the acquisition of Specifar Pharmaceuticals; the ability to recognize the anticipated synergies and benefits of strategic transactions; variability of revenue mix between the Company's Brand, Generic and Distribution business units; periodic dependence on a small number of products for a material source of net revenue or income; variability of trade buying patterns; fluctuations in foreign currency exchange rates; changes in generally accepted accounting principles; risks that the carrying values of assets may be negatively impacted by future events and circumstances; the timing and success of product launches; the difficulty of predicting the timing or outcome of product development efforts and FDA or other regulatory agency approvals or actions; the uncertainty associated with the identification and successful consummation of external business development transactions; market acceptance of and continued demand for Watson's products; difficulties or delays in manufacturing; the availability and pricing of third party sourced products and materials; successful compliance with FDA and other governmental regulations applicable to Watson's and its third party manufacturers' facilities, products and/or businesses; changes in the laws and regulations, including Medicare, Medicaid, and similar laws in foreign countries affecting, among other things, pricing and reimbursement of pharmaceutical products and the settlement of patent litigation; and such other risks and uncertainties detailed in Watson's periodic public filings with the Securities and Exchange Commission, including but not limited to Watson's annual report on Form 10-K for the period ended December 31, 2010 and Watson's quarterly report on Form 10-Q for the period ended June 30, 2011. Except as expressly required by law, Watson disclaims any intent or obligation to update these forward-looking statements.  

All trademarks are the property of their respective owners.  

The following table presents Watson's results of operations for the three and nine months ended September 30, 2011 and 2010:

Table 1WATSON PHARMACEUTICALS, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited; in millions, except per share amounts)Three Months EndedNine Months EndedSeptember 30,September 30,2011201020112010Net revenues$
,081.6$
882.4$
3,039.8$
2,614.2Operating expenses:Cost of sales (excludes amortization, presented below)603.2484.61,672.21,487.3Research and development73.475.8228.2197.1Selling, general and administrative189.6241.6541.9550.2Amortization71.845.9203.0128.0Loss on asset sales and impairments, net3.80.125.61.2Total operating expenses941.8848.02,670.92,363.8Operating income 139.834.4368.9250.4Non-operating income (expense):Interest income0.30.31.61.0Interest expense(24.4)(21.4)(69.1)(61.7)Other income2.90.2(1.1)28.8Total other income (expense), net(21.2)(20.9)(68.6)(31.9)Income before income taxes and noncontrolling interest 118.613.5300.3218.5Provision (benefit) for income taxes50.9(12.2)135.452.4Net income67.725.7164.9166.1Loss attributable to noncontrolling interest0.4-1.2-Net income attributable to common shareholders$
8.1$
25.7$
.1$
.1Earnings per share attributable to common shareholders:Basic$
.55$
.21$
.34$
.36Diluted$
.54$
.21$
.31$
.34Weighted average shares outstanding:Basic124.9122.6124.4122.2Diluted126.9124.3126.4123.9The following table presents Watson's Condensed Consolidated Balance Sheets as of September 30, 2011 and December 31, 2010:

Table 2WATSON PHARMACEUTICALS, INC.Condensed Consolidated Balance Sheets(Unaudited; in millions)September 30,December 31,20112010AssetsCash and cash equivalents$
3.3$
282.8Marketable securities9.211.1Accounts receivable, net 700.5560.9Inventories, net679.4631.0Other current assets287.9313.6Property and equipment, net703.2642.3Investments and other assets243.2225.5Product rights and other intangibles, net1,867.21,632.0Goodwill1,709.61,528.1Total assets$
,363.5$
5,827.3Liabilities & EquityCurrent liabilities$
,017.4$
820.7Long-term debt1,152.31,016.1Deferred income taxes and other liabilities706.0707.9Total equity3,487.83,282.6Total liabilities and equity$
,363.5$
5,827.3The following table presents Watson's Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2011 and 2010:Table 3WATSON PHARMACEUTICALS, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited; in millions)Nine Months EndedSeptember 30,20112010CASH FLOWS FROM OPERATING ACTIVITIES:Net income$
4.9$
.1Reconciliation to net cash provided by operating activities:Depreciation70.476.4Amortization203.0128.0Deferred income tax benefit(51.2)(75.7)Provision for inventory reserve38.330.7Share based compensation25.617.4(Earnings) losses on equity method investments5.7(3.2)Gain on sale of securities(0.8)(26.5)Accretion of discount on preferred stock and contingent consideration obligation35.921.5Loss on asset sales and impairments25.60.5Excess tax benefit from stock-based compensation(13.7)-Other, net(0.1)0.9Changes in assets and liabilities:Accounts receivable, net(121.0)(12.2)Inventories(61.2)(16.3)Prepaid expenses and other current assets21.428.1Accounts payable and accrued expenses98.511.7Deferred revenue(7.1)(4.3)Income and other taxes payable(15.4)(25.2)Other assets and liabilities(8.6)4.7  Total adjustments245.3156.5Net cash provided by operating activities410.2322.6CASH FLOWS FROM INVESTING ACTIVITIES:Additions to property and equipment(87.9)(33.6)Acquisition of product rights(17.7)(7.4)Acquisition of business, net of cash acquired(571.6)(67.4)Proceeds from sale of fixed assets6.42.3Proceeds from sale of cost/equity investments0.894.7Proceeds from sale of marketable securities3.19.5Additions to marketable securities(2.0)(5.5)Additions to long-term investments(0.6)(13.7)Other investing activities, net0.61.0Net cash used in investing activities(668.9)(20.1)CASH FLOWS FROM FINANCING ACTIVITIES:Principal payments on debt and other long-term liabilities-(274.6)Principal payment on revolving credit facility and acquired debt (303.8)-Proceeds from borrowings on credit facility400.0-Repurchase of common stock(13.6)(5.7)Acquisition of noncontrolling interest(5.5)-Proceeds from stock plans53.632.5Payment of contingent consideration(4.5)-Excess tax benefit from stock-based compensation13.7-Net cash provided by (used in) financing activities139.9(247.8)Effect of currency exchange rate changes on cash and cash equivalents(0.7)(0.5)Net (decrease) increase in cash and cash equivalents(119.5)54.2Cash and cash equivalents at beginning of period282.8201.4Cash and cash equivalents at end of period$
3.3$
255.6The following table presents a reconciliation of reported net income and diluted earnings per share to non-GAAP net income for the three and nine months ended September 30, 2011 and 2010:Table 4Watson Pharmaceuticals, Inc.Reconciliation Table(Unaudited; in millions except per share amounts)Three Months EndedNine Months EndedSeptember 30,September 30,2011201020112010GAAP to non-GAAP net income calculationReported GAAP net income attributable to
 common shareholders$
8.1$
25.7$
.1$
.1Adjusted for:Amortization72.045.9204.0128.0Global supply chain initiative(1)3.39.015.129.7Acquisition and licensing charges9.52.422.923.8Interest accretion on contingent liabilities10.88.229.721.6Non-cash impairment charges3.80.125.61.2Non-recurring (gains) losses(5.1)(12.2)(24.8)Legal settlements-89.9-92.9Income taxes on items above(23.7)(75.3)(72.7)(129.6)Non-GAAP net income attributable to
 common shareholders$
38.7$
5.9$
378.5$
308.9Diluted earnings per share Diluted earnings per share - GAAP $
.54$
.21$
.31$
.34Diluted earnings per share - Non-GAAP$
.09$
.85$
2.99$
2.49Basic weighted average common shares outstanding124.9122.6124.4122.2Effect of dilutive securities:   Dilutive share-based compensation arrangements2.01.72.01.7Diluted weighted average common shares outstanding126.9124.3126.4123.9(1)

Includes accelerated depreciation charges.The following table presents a reconciliation of reported net income to adjusted EBITDA for the three and nine months ended September 30, 2011 and 2010:

Table 5Watson Pharmaceuticals, Inc.Adjusted EBITDA Reconciliation Table(Unaudited; in millions)Three Months EndedNine Months EndedSeptember 30,September 30,2011201020112010GAAP net income attributable to common shareholders

$
8.1$
25.7$
.1$
.1Plus:Interest expense

24.421.469.161.7Interest income

(0.3)(0.3)(1.6)(1.0)Provision for income taxes

50.9(12.2)135.452.4Depreciation (includes accelerated depreciation)

23.625.172.376.4Amortization(1)

72.045.9204.0128.0EBITDA238.7105.6645.3483.6Adjusted for:Global supply chain initiative

2.36.710.723.2Acquisition and licensing charges

9.52.422.923.9Non-cash impairment charges

3.80.125.61.2Non-recurring (gains) losses

(5.1)-(12.2)(24.8)Legal settlements

-89.9-92.9Accretion income

(0.2)-(0.2)-Share-based compensation

9.26.425.417.4Adjusted EBITDA

$
258.2$
211.1$
717.5$
7.4(1) Includes amortization of excess purchase price on equity method investment.The following table presents a reconciliation of forecasted net income for the twelve months ending December 31, 2011 to non-GAAP net income and non-GAAP earnings per diluted share:Table 6Watson Pharmaceuticals, Inc.Reconciliation Table - Forecasted Non-GAAP Earnings per Diluted Share(Unaudited; in millions except per share amounts)Forecast for Twelve MonthsEnding December 31, 2011LowHighGAAP to Non-GAAP net income calculationGAAP net income$
252$
265Adjusted for:Amortization 340340Global supply chain initiative1717Acquisition and licensing charges 2929Interest accretion on contingent liability 4141Non-cash impairment charges 2626Non-recurring (gains) losses (12)(12)Income taxes on items above(117)(117)Non-GAAP net income$
576$
589Diluted earnings per shareDiluted earnings per share - GAAP $
.99$
2.09Diluted earnings per share - Non-GAAP$
4.55$
4.65Diluted weighted average common shares outstanding126.6126.6The reconciliation table is based in part on management's estimate of non-GAAP net income for the year ending December 31, 2011.  Watson expects certain known GAAP charges for 2011, as presented in the schedule above.  Other GAAP charges that may be excluded from non-GAAP net income are possible, but their amounts are dependent on numerous factors that we currently cannot ascertain with sufficient certainty or are presently unknown.  These GAAP charges are dependent upon future events and valuations that have not yet been performed.

The following table presents a reconciliation of forecasted net income for the twelve months ending December 31, 2011 to adjusted EBITDA:Table 7Watson Pharmaceuticals, Inc.Reconciliation Table - Forecasted Adjusted EBITDA(Unaudited; in millions)Forecast for Twelve MonthsEnding December 31, 2011LowHighGAAP net income

$
252$
265Plus:Interest expense

9393Interest income

(2)(2)Provision for income taxes

211218Depreciation (includes accelerated depreciation)

100100Amortization

340340EBITDA

9941,014Adjusted for:Global supply chain initiative

1111Acquisition and licensing charges

2929Non-cash impairment charges

2525Non-recurring (gains) losses

(12)(12)Share-based compensation

3333Adjusted EBITDA

$
,080$
,100The reconciliation table is based in part on management's estimate of adjusted EBITDA for the year ending December 31, 2011.  Watson expects certain known GAAP charges for 2011, as presented in the schedule above.  Other GAAP charges that may be excluded from estimated EBITDA are possible, but their amounts are dependent on numerous factors that we currently cannot ascertain with sufficient certainty or are presently unknown.  These GAAP charges are dependent upon future events and valuations that have not yet been performed.

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CONTACTS:

Watson Pharmaceuticals, Inc.Patty Eisenhaur(862) 261-8141Charlie Mayr(862) 261-8030
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