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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

ion. 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

,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

587.0Segment margin

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

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

-Net revenue from payment received relating to

previously divested business

(2.4)-(2.4)-Operational Excellence Initiative accounting adjus

SOURCE Watson Pharmaceuticals, Inc.
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