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.

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For the full year 2011, adjusted EBITDA was $1.1 billion, an increase of 33 percent from the full year 2010 adjusted EBITDA of $838.2 million. Cash flow from operations was $632.0 million.

“2011 continued a track record of success and growth for Watson. Revenues for the fourth quarter grew by 62 percent and non-GAAP earnings per share increased by 90 percent versus 2010. Additionally, strong cash flow from operations for the year of more than $630 million enabled us to reduce our debt to adjusted EBITDA ratio to below 1.0x at year end, putting us in a strong position to continue to execute on our strategies including investments in acquisitions that provide long-term growth for the Company and its shareholders,” said Paul Bisaro, President and CEO. “We saw continued growth in our Global Generics and Global Brands businesses, driven largely by key product launches throughout the year. In 2011, we launched 189 generic products globally, with significant revenue contributions from the U.S. launches of generic versions of Concerta^®, Seasonique^®, Kadian^® and Lipitor^®. Investments in our future growth resulted in the filing of 30 new Abbreviated New Drug Applications in the U.S. and more than 130 applications globally.”

“In our Global Brands business, we experienced growth from U.S. sales of Rapaflo^®, Gelnique^® and Crinone^®; launched Generess^® Fe and Androderm^® 2mg, 4mg in the U.S.; and focusing on the long-term future of this business, announced a collaboration with Amgen to develop a portfolio of biosimilar monoclonal antibody (mAb) oncology products,” Bisaro continued.

“In 2011, we also continued to utilize our strong balance sheet to expand our global footprint by investing in key growth markets with the expansion of our brand business in Canada and the addition of Specifar Pharmaceuticals to our European operations. We also realized significant enhancements to our global supply chain through our Operational Excellence framework and announced expansions to our Goa, Malta and Salt Lake City facilities,” concluded Bisaro.

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Fourth Quarter and Full Year 2011 Business Segment Results

Global Generics Segment Information

Global Generics net revenue for the fourth quarter 2011 increased 81 percent to $1.2 billion as a result of the launch of a generic version of Lipitor^® in November and the launch of a generic version of Concerta^® in May. Fourth quarter international net revenue was $151.9 million, up 2 percent from the fourth quarter 2010. International net revenue in the prior year period includes $25 million received from a development partner, which is excluded from our non-GAAP results. Excluding this amount, international net revenue increased 23 percent primarily as a result of the addition of Specifar Pharmaceuticals in May.

Global Generics R&D investment for the fourth quarter 2011 increased 12 percent to $60.3 million, primarily due to an increase of international R&D investment resulting from the addition of Specifar, and higher clinical development costs for more complex products such as inhalation products, patches and gels.

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For the full year 2011, Global Generics net revenue increased 44 percent to $3.4 billion, including product sales of $3.3 billion and other revenue of $47.0 million.

Adjusted Global Generics gross margin decreased from 49.9 percent in 2010 to 46.2 percent in 2011, due to sales of the authorized generic versions of Lipitor^® and Concerta^® at lower margins.

Global Brands Segment Information

Global Brands net revenue increased 17 percent to $120.9 million in the fourth quarter of 2011. The increase in revenue was primarily the result of increased sales of Rapaflo^® and Crinone^® and the addition of new products including Generess^® Fe.

Global Brands R&D investment decreased $38.4 million in the fourth quarter 2011 when compared to the fourth quarter 2010. The current year includes a $13.1 million reduction in expense due to the revaluation of contingent liabilities partially offset by licensing payments of $1.5 million and the prior year includes $24.9 million of additional expense associated with development milestone payments and revaluation of contingent liabilities.

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Global Brands selling and marketing expenses increased to $46.5 million, primarily as a result of the field force expansions in the U.S. and Canada.

For the full year 2011, Global Brands segment net revenue increased to $441.0 million.

Global Brands segment adjusted gross margin for the full year 2011 was 78.7 percent, compared to 77.8 percent in 2010.

Distribution Segment Information

Distribution segment net revenue for the fourth quarter 2011 increased 24 percent to $251.4 million compared to $203.4 million in the fourth quarter 2010. The increase was related to new third-party products launched during the fourth quarter. Distribution revenue consists only of sales of third-party products and excludes sales of Watson’s brand and generic products.

Distribution segment adjusted gross margin was 14.6 percent in the fourth quarter 2011.

For the full year 2011, Distribution segment net revenues decreased 7 percent or $776.2 million, compared to $830.7 million in 2010. This decrease resulted from fewer new third party product launches.

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Other Operating Expenses

Consolidated general and administrative expenses were $103.2 million in the fourth quarter 2011, a decrease of $19.2 million from the fourth quarter 2010. The prior year period includes a $40 million reserve associated with drug pricing litigation. Amortization expense for the fourth quarter 2011 was $151.3 million, compared to $52.0 million in fourth quarter 2010. The increase was primarily the result of the amortization of atorvastatin product rights acquired in the Arrow acquisition and product rights acquired in the Specifar acquisition.

For the full year 2011, consolidated general and administrative expenses were $353.1 million, compared to $436.1 million in the prior year, a decrease of $83.0 million. The prior year includes a $129.9 million reserve associated with drug pricing litigation. Amortization expense for the full year 2011 was $354.3 million, compared to $180.0 million in full year 2010.

2012 Financial Outlook

Watson’s estimates are based on actual results for 2011 and management’s current belief about prescription trends, pricing levels, inventory levels and the anticipated timing of future product launches and events.

–– Watson estimates total net revenue for 2012 will be approximately $5.4 billion.

Webcast and Conference Call Details

Watson will host a conference call and webcast today at 8:30 a.m. Eastern Standard Time to discuss fourth quarter and full year 2011 results, the outlook for 2012 and recent corporate developments. The dial-in number to access the call is (877) 251-7980, or from international locations, (706) 643-1573. The Conference ID is 44986086.

A taped replay of the conference call will also be available beginning approximately two hours after the call’s conclusion and will remain available through 12:00 midnight Eastern Time on February 28, 2012.

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The replay may be accessed by dialing (855) 859-2056 and entering the same Conference ID above. From international locations, the replay may be accessed by dialing (404) 537-3406. To access the webcast, go to Watson’s Investor Relations Web site at http://ir.watson.com.

About Watson Pharmaceuticals, Inc.

Watson Pharmaceuticals, Inc., is a leading integrated global pharmaceutical company. The Company is engaged in the development, manufacturing, and distribution of generic pharmaceuticals and specialized branded pharmaceutical products focused on Urology and Women’s Health. Watson has operations in many of the world’s established and growing international markets.

For press release and other company information, visit Watson Pharmaceuticals’ Web site at http://www.watson.com.

Forward-Looking Statement

Statements contained in this press release that refer to Watson’s estimated or anticipated future results or other non-historical facts are forward-looking statements that reflect Watson’s current perspective of existing trends and information as of the date of this release. For instance, any statements in this press release concerning prospects related to Watson’s strategic initiatives, product introductions and anticipated financial performance are forward-looking statements. It is important to note that Watson’s goals and expectations are not predictions of actual performance. Watson’s performance, at times, will differ from its goals and expectations. Actual results may differ materially from Watson’s current expectations depending upon a number of factors affecting Watson’s business. These factors include, among others, the inherent uncertainty associated with financial projections; successful integration of the Ascent acquisition and the ability to recognize the anticipated synergies and benefits of the Ascent acquisition; the difficulty of predicting the timing and outcome of pending litigation and risks that an adverse outcome in such litigation could render Watson liable for substantial damages; the impact of competitive products and pricing; risks related to fluctuations in foreign currency exchange rates; periodic dependence on a small number of products for a material source of net revenue or income; variability of trade buying patterns; changes in generally accepted accounting principles; risks that the carrying values of assets may be negatively impacted by future events and circumstances; the timing and success of product launches; the difficulty of predicting the timing or outcome of product development efforts and regulatory agency approvals or actions if any; market acceptance of and continued demand for Watson’s products; costs and efforts to defend or enforce intellectual property rights; difficulties or delays in manufacturing; the availability and pricing of third party sourced products and materials; successful compliance with governmental regulations applicable to Watson’s facilities, products and/or businesses; changes in the laws and regulations, including Medicare, Medicaid, and similar laws in foreign countries affecting, among other things, pricing and reimbursement of pharmaceutical products and the settlement of patent litigation; and such other risks and uncertainties detailed in Watson’s periodic public filings with the Securities and Exchange Commission, including but not limited to Watson’s Annual Report on form 10-K for the year ended December 31, 2010 and its Quarterly Report on Form 10-Q for the period ended September 30, 2011. Except as expressly required by law, Watson disclaims any intent or obligation to update these forward-looking statements.

All trademarks are the property of their respective owners.

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The following table presents Watson’s results of operations for the three and twelve months ended December 31, 2011 and 2010:

Table 1

Watson Pharmaceuticals, Inc.

Condensed Consolidated Statement of Operations

(Unaudited; in millions, except per share amounts)

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The following table presents Watson’s Condensed Consolidated Balance Sheets for the twelve months ended December 31, 2011 and 2010.

Table 2

Watson Pharmaceuticals, Inc.

Condensed Consolidated Balance Sheets

(Unaudited; in millions)

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The following table presents Watson’s Condensed Consolidated Statements of Cash Flows for the twelve months ended December 31, 2011 and 2010.

Table 3

Watson Pharmaceuticals, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited; in millions)

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The following table presents a reconciliation of reported net income and diluted earnings per share to non-GAAP net income for the three and twelve months ended December 31, 2011 and 2010:

Table 4

Watson Pharmaceuticals, Inc.

Reconciliation Table

(Unaudited; in millions except per share amounts)

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The following table presents a reconciliation of reported net income for the three and twelve months ended December 31, 2011 and 2010 to adjusted EBITDA:

Table 5

Watson Pharmaceuticals, Inc.

Adjusted EBITDA Reconciliation Table

(Unaudited; in millions)

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The following table presents a reconciliation of forecasted net income for the twelve months ending December 31, 2012 to non-GAAP net income and non-GAAP earnings per diluted share:

Table 6

Watson Pharmaceuticals, Inc.

Reconciliation Table

(Unaudited; in millions except per share amounts)

The reconciliation table is based in part on management’s estimate of non-GAAP net income for the year ending December 31, 2012. Watson expects certain known GAAP charges for 2012, as presented in the schedule above. Other GAAP charges that may be excluded from non-GAAP net income are possible, but their amounts are dependent on numerous factors that we currently cannot ascertain with sufficient certainty or are presently unknown. These GAAP charges are dependent upon future events and valuations that have not yet been performed.

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The following table presents a reconciliation of forecasted net income for the twelve months ending December 31, 2012 to adjusted EBITDA:

Table 7

Watson Pharmaceuticals, Inc.

Reconciliation Table – Forecasted Adjusted EBITDA

(Unaudited; in millions)

The reconciliation table is based in part on management’s estimate of adjusted EBITDA for the year ending December 31, 2012. Watson expects certain known GAAP charges for 2012, as presented in the schedule above. Other GAAP charges that may be excluded from estimated EBITDA are possible, but their amounts are dependent on numerous factors that we currently cannot ascertain with sufficient certainty or are presently unknown. These GAAP charges are dependent upon future events and valuations that have not yet been performed.

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