Watson Pharmaceuticals Inc (ACT) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2012

Exhibit 99.1

NEWS RELEASE

Watson Third Quarter 2012 Non-GAAP Diluted EPS Increases 24% to $1.35;

Net Revenue Increases 19% to $1.29 Billion

— GAAP Earnings of $0.60 per diluted share —

— 18% Increase in Adjusted EBITDA —

— Company Updates 2012 Forecast Including Actavis Acquisition —

— Company Provides Preliminary 2013 Outlook —

PARSIPPANY, NJ — November 1, 2012 — Watson Pharmaceuticals, Inc. (NYSE: WPI) today reported net income for the third quarter 2012 increased 24.2 percent to $172.3 million or $1.35 per diluted share on a non-GAAP basis, compared to $138.7 million or $1.09 per diluted share in the third quarter 2011. Non-GAAP net income for the third quarter 2012 included $6.7 million or $0.05 per share related to the favorable settlement of a tax audit and other tax benefits realized in the quarter. Net revenue increased 18.8 percent to $1.29 billion, compared to $1.08 billion in the third quarter 2011. On a GAAP basis, net income increased by $8.6 million or 13 percent to $76.7 million or $0.60 per diluted share compared to earnings of $68.1 million or $0.54 per diluted share in the third quarter 2011.

For the third quarter 2012, adjusted EBITDA increased 18 percent to $304.6 million, compared to $258.2 million in the third quarter 2011. Refer to the attached reconciliation tables for adjustments to GAAP earnings. Cash flow from operations was $145.9 million and cash and marketable securities were $234.4 million at September 30, 2012.

“Our third quarter 2012 double digit growth in global revenues, non-GAAP earnings and adjusted EBITDA represents another quarter of solid growth and strong execution at Watson,” said Paul Bisaro,

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