PARSIPPANY, N.J., July 26, 2011 /PRNewswire/ — Watson
Pharmaceuticals, Inc. (NYSE:
WPI) today reported net revenue of $1.1 billion for the second
quarter ended June 30, 2011, an increase of 24 percent when
compared to $875.3 million in the second quarter 2010. On a
non-GAAP basis, net income for the second quarter 2011 increased 24
percent to $127.9 million or $1.01 per share, compared to $102.8
million or $0.83 per share in the second quarter 2010. GAAP
diluted earnings per share for the second quarter 2011 were $0.42,
compared to $0.57 in the prior year period. Watson’s results for
the second quarter include the results of Specifar Pharmaceuticals
since its acquisition on May 25, 2011. Refer to the attached
reconciliation tables for adjustments to GAAP earnings.
For the second quarter 2011, adjusted EBITDA increased 17
percent to $243.3 million, compared to $207.4 million for the
second quarter 2010. Cash and marketable securities were
$234.0 million as of June 30, 2011.
“Our record $1 billion in net revenues in the second quarter
demonstrates the strength of our combined Global Generics and
Global Brands strategies. Our May 2nd launch of
methylphenidate ER added significant additional earnings power to
our strong, sustained release base business and, combined with the
expansion of our international generics business, delivered 39
percent growth in Global Generics net revenues. Net revenue
growth of 9 percent in our Global Brands business, powered by the
addition of new products including Crinone® and Generess™
Fe and increased sales of RAPAFLO®, demonstrated that this
segment of our business continues to execute on its 2011 plan,”
said Paul Bisaro, President and CEO.
“We continued to invest in the growth of our Global Generics
business, increasing our R&D investment by 31 percent in the
quarter, as well as
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