PARSIPPANY, N.J., April 30, 2012 /PRNewswire/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI) today reported net income for the first quarter 2012 increased 87 percent to $208.8 million or $1.64 per diluted share on a non-GAAP basis, compared to $111.9 million or $0.89 per diluted share in the first quarter 2011. On a GAAP basis, net revenue increased 74 percent to $1.5 billion, compared to $876.5 million in the first quarter 2011. GAAP earnings per diluted share for the first quarter 2012 were $0.43, compared to $0.36 in the prior year period.
For the first quarter 2012, adjusted EBITDA increased 70 percent to $367.2 million, compared to $215.9 million for the first quarter 2011. Cash and marketable securities were $182.2 million as of March 31, 2012. Refer to the attached reconciliation tables for adjustments to GAAP earnings.
“Substantial double-digit revenue growth across our three businesses Global Generics, Global Brands and Anda distribution drove an 84 percent increase in non-GAAP earnings per share, and a $151 million increase in Adjusted EBITDA” said Paul Bisaro, President and CEO.
“In our Global Generics business, we launched more than 60 new products and filed 28 applications globally. We also expanded our presence in Australia and Southeast Asia with the acquisition of Ascent Pharmahealth Limited. In our Global Brands business, we initiated the phase III study in the U.S. for Esmya, launched a brand product portfolio in Canada and continued our biologics development efforts on rFSH and the Amgen portfolio of products,” Bisaro continued.
“Watson maintained its record of solid performance in 2012, performance that enables us to execute on our business strategies including increasing our Global Generics business presence with the acquisition of Actavis Group. We will continue to look for strategic opportunities to propel Global Brands and biologics growth and will remain focused on the expansion of our Anda business into specialty distribution,” concluded Bisaro.
Business Segment Results
