Watson Pharmaceuticals Inc (ACT) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

Exhibit 99.1

NEWS RELEASE

Watson Full Year 2011 Net Revenue Increases 29% to $4.58 Billion;

- Full Year 2011 Non-GAAP EPS Increases 39% To $4.77 ; GAAP EPS $2.06 –

- Fourth Quarter 2011 Net Revenue $1.54 Billion –

- Fourth Quarter 2011 Non-GAAP EPS $1.77; GAAP EPS $0.75 –

PARSIPPANY, NJ – February 14, 2012 – Watson Pharmaceuticals, Inc. (NYSE: WPI) today reported net revenue increased 62 percent to $1.5 billion for the fourth quarter ended December 31, 2011, compared to $952.7 million in the fourth quarter 2010. On a non-GAAP basis, net income for the fourth quarter 2011 was $225.2 million or $1.77 per share, an increase of 93 percent, compared to $116.5 million or $0.93 per share in the fourth quarter 2010. GAAP earnings per share for the fourth quarter 2011 were $0.75, compared to $0.15 in the prior year period.

For the fourth quarter 2011, adjusted EBITDA increased 78 percent to $393.4 million, compared to $220.8 million for the fourth quarter 2010. Cash and marketable securities were $224.2 million as of December 31, 2011. Refer to the attached reconciliation tables for adjustments to GAAP earnings.

Full Year 2011 Results

For the full year 2011, net revenue increased 29 percent to $4.6 billion, compared to net revenue of $3.6 billion for full year 2010. On a non-GAAP basis, net income increased 42 percent to $603.8 million, or $4.77 per share for the full year 2011, compared to 2010 net income of $425.4 million, or $3.42 per share. GAAP earnings per share were $2.06 for the full year 2011, compared to $1.48 in 2010.

1