Watson Pharmaceuticals Reports Q4 EPS of $0.93 vs. $0.93

Watson Pharmaceuticals, Inc. WPI today reported net revenue increased 21 percent to $952.7 million for the fourth quarter ended December 31, 2010, compared to $785.7 million in the fourth quarter 2009. On a non-GAAP basis, net income for the fourth quarter 2010 was $116.5 million or $0.93 per share, an increase of 23 percent, compared to $94.4 million or $0.85 per share in the fourth quarter 2009. GAAP earnings per share for the fourth quarter 2010 were $0.15, compared to $0.51 in the prior year period. For the fourth quarter 2010, adjusted EBITDA increased 17 percent to $220.8 million, compared to $188.8 million for the fourth quarter 2009. Cash and marketable securities were $293.9 million as of December 31, 2010. Refer to the attached reconciliation tables for adjustments to GAAP earnings.