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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

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

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