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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


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

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

8.0Segment margin

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

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


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

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