Watson Pharmaceuticals Inc (ACT) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2009

Actavis, Inc.

CIK: 884629

Watson Reports Net Revenue of $786 Million for the Fourth Quarter 2009

- Fourth Quarter 2009 GAAP EPS of $0.51; Adjusted Cash EPS $0.85

- Full Year 2009 Net Revenues of $2.8 Billion

- Full Year 2009 GAAP EPS of $1.96; Adjusted Cash EPS $3.04

- Company Affirms 2010 Outlook

MORRISTOWN, N.J., Feb. 23 /PRNewswire-FirstCall/ — Watson Pharmaceuticals, Inc. (NYSE: WPI) today reported net revenue for the fourth quarter ended December 31, 2009 climbed 22 percent to $785.7 million, compared to $645.2 million in the fourth quarter 2008. Watson's results include Arrow Group results since the acquisition on December 2, 2009.  On an adjusted cash basis, net income for the fourth quarter 2009 increased 28 percent to $94.4 million or $0.85 per share, compared to $73.7 million or $0.64 per share in the fourth quarter 2008.  GAAP earnings per share for the fourth quarter were $0.51, compared to $0.50 in the prior year period. The fourth quarter results are in-line with the Company's January 13, 2010 projection, after taking into account the exclusion of $22.2 million ($0.12 per share) in amortization expense for adjusted cash basis reporting purposes.

For the fourth quarter 2009, adjusted EBITDA increased 32 percent to $188.8 million, versus $143.2 million for the fourth quarter of 2008.   Cash and marketable securities were $215.0 million as of December 31, 2009. Refer to the attached reconciliation tables for adjustments to GAAP earnings.

Full Year 2009 Results
For the full year 2009, net revenue increased 10 percent to $2.8 billion, compared to net revenue of $2.5 billion for 2008.  On an adjusted cash basis, net income for 2009 increased 24 percent to $348.8 million, or $3.04 per share, compared to 2008 net income of $282.3 million, or $2.47 per share. GAAP earnings per share for the full year 2009 were $1.96, compared to $2.09 in 2008.

For the full year 2009, adjusted EBITDA was $689.3 million, and cash flow from operations was $376.8 million.

"Watson achieved strong results across all businesses, and against our aggressive corporate goals in a year that included the fundamental global reshaping of our company through the acquisition of the Arrow Group," said Paul Bisaro, President and CEO.  "We grew our generics business in the U.S. through the introduction of eight new products, and we increased our investment in new product development that resulted in a record filing of 36 Abbreviated New Drug Applications with the U.S. Food and Drug Administration (FDA).  We expanded our brand product portfolio with the back-to-back launches of two new products in urology – Rapaflo® and Gelnique®. We also realigned our brand sales and marketing activities to more closely focus on presenting our expanding urology and women's health portfolios to our targeted physician prescribers."

"To ensure long-term growth and increased shareholder return, we acquired the Arrow Group to expand globally, restructured our balance sheet to ensure cost effective funding of future expansion opportunities, and realigned our management team to support our global business, particularly with the addition of significant expertise in brands and operations.  We achieved an extraordinary number of goals that will enable our businesses to contribute to substantial and sustainable earnings per share growth for the Company," Bisaro added.  "We believe that these results provide a sound foundation upon which to deliver our goal of 10 percent compound annual growth over the next three years."

The following information was filed by Actavis, Inc. on Tuesday, February 23, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
CIK: 884629
Form Type: 10-K Annual Report
Accession Number: 0000950123-10-019241
Submitted to the SEC: Mon Mar 01 2010 3:40:34 PM EST
Accepted by the SEC: Mon Mar 01 2010
Period: Thursday, December 31, 2009
Industry: Pharmaceutical Preparations

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