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Watson Pharmaceuticals Inc (ACT) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2008

Actavis, Inc.

CIK: 884629
 
Exhibit 99.1

NEWS RELEASE

Watson Pharmaceuticals, Inc.
 
Patty Eisenhaur
 
(951) 493-5611

WATSON PHARMACEUTICALS REPORTS
 FOURTH QUARTER AND FULL YEAR 2008 RESULTS;
PROVIDES 2009 OUTLOOK

Fourth Quarter 2008 Total Net Revenue of $645.2 Million;
Adjusted EPS $0.53; GAAP EPS $0.50;

Full Year 2008 Total Net Revenue of $2.54 Billion
Adjusted EPS $2.03; GAAP EPS $2.09

CORONA, CA – February 19, 2009 – Watson Pharmaceuticals, Inc. (NYSE: WPI), a leader in generic and specialty branded pharmaceuticals, today reported financial results for its fourth quarter and fiscal year ended December 31, 2008.

Fourth Quarter 2008 Results
 
Net revenue for the fourth quarter 2008 increased $17.9 million or 3 percent from the fourth quarter 2007 to $645.2 million. Excluding special items as detailed in the reconciliation table below, adjusted net income for the fourth quarter was $60.6 million, or $0.53 per diluted share.  GAAP net income was $56.4 million, or $0.50 per diluted share. Adjusted EBITDA for the fourth quarter 2008 was $143.2 million and cash flow from operations was $176.3 million. Cash and marketable securities were $520.8 million as of December 31, 2008.
 
“This was a very positive quarter for Watson, capping off what proved to be a watershed year for the Company,” said Paul Bisaro, President and Chief Executive Officer of Watson.  “We demonstrated strong performance in all our divisions, delivered on the aggressive goals and strategic initiatives we set at the outset of 2008, and continued to provide shareholder value while building our pipelines, efficiencies and momentum for 2009 and beyond.”
 
“While we made significant progress on each of our initiatives and in each of our divisions, the biggest news of 2008 came from the Brand division where we received first cycle approvals on two new products and had one new NDA accepted by the FDA, putting us in the unique position to potentially introduce three new brand products in 2009 to treat the top three conditions in urology -- a specialty focus for Watson.  This accomplishment speaks volumes about the high quality and efficiency of our R&D and regulatory groups, and signals our ability and commitment to growing and expanding our business across divisions and around the globe,” concluded Mr. Bisaro.
 

The following information was filed by Actavis, Inc. on Thursday, February 19, 2009 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: 0000950134-09-003509
Submitted to the SEC: Mon Feb 23 2009 5:17:44 PM EST
Accepted by the SEC: Mon Feb 23 2009
Period: Wednesday, December 31, 2008
Industry: Pharmaceutical Preparations

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