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Watson Third Quarter 2012 Non-GAAP Diluted EPS Increases 24% to $1.35; Net Revenue Increases 19% to $1.29 Billion
Date:11/1/2012

PARSIPPANY, N.J., Nov. 1, 2012 /PRNewswire/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI) today reported net income for the third quarter 2012 increased 24.2 percent to $172.3 million or $1.35 per diluted share on a non-GAAP basis, compared to $138.7 million or $1.09 per diluted share in the third quarter 2011.  Non-GAAP net income for the third quarter 2012 included $6.7 million or $0.05 per share related to the favorable settlement of a tax audit and other tax benefits realized in the quarter. Net revenue increased 18.8 percent to $1.29 billion, compared to $1.08 billion in the third quarter 2011. On a GAAP basis, net income increased by $8.6 million or 13 percent to $76.7 million or $0.60 per diluted share compared to earnings of $68.1 million or $0.54 per diluted share in the third quarter 2011. 

For the third quarter 2012, adjusted EBITDA increased 18 percent to $304.6 million, compared to $258.2 million in the third quarter 2011.  Refer to the attached reconciliation tables for adjustments to GAAP earnings.  Cash flow from operations was $145.9 million and cash and marketable securities were $234.4 million at September 30, 2012.

"Our third quarter 2012 double digit growth in global revenues, non-GAAP earnings and adjusted EBITDA represents another quarter of solid growth and strong execution at Watson," said Paul Bisaro, President and CEO. "We are very pleased that as we transition from Watson stand-alone to a larger company following the Actavis acquisition, we have demonstrated outstanding execution of our 2012 business plan. We delivered this performance while we simultaneously focused on integration planning and are now ready to capitalize on our objectives for uniting Watson and Actavis, and creating a larger, more powerful global competitor."

"During the quarter, Watson received a number of important FDA approvals including generic
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SOURCE Watson Pharmaceuticals, Inc.
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