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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President and CEO. “We are very pleased that as we transition from Watson stand-alone to a larger company following the Actavis acquisition, we have demonstrated outstanding execution of our 2012 business plan. We delivered this performance while we simultaneously focused on integration planning and are now ready to capitalize on our objectives for uniting Watson and Actavis, and creating a larger, more powerful global competitor.”

“During the quarter, Watson received a number of important FDA approvals including generic versions of Lidoderm^®, Arthrotec^®, Pulmicort Respules^® and Watson’s Next Choice™ ONE DOSE. In addition, we launched an authorized generic version of Xopenex^® inhalation solution during the quarter and filed a number of new ANDAs containing Paragraph IV patent challenges, including a first-to-file opportunity for a generic version of Xopenex^® HFA, ” Bisaro continued.

“On October 2^nd, we completed the remaining financing necessary to fund the acquisition of Actavis at very favorable interest rates. We have already announced our new global management structure for the combined company. While we celebrate our stand-alone achievements for the third quarter of 2012, we now transition our focus to the seamless execution of our integration strategies and on maximizing the value of this acquisition to achieve strong growth in 2013 and beyond,” concluded Bisaro.

Business Segment Results

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Global Generics Segment Information

Global Generics net revenue for the third quarter 2012 increased 15 percent to $920.9 million as a result of new product launches including the launch of a generic version of Lovenox^® in January of 2012, a generic version of Vancocin^® in April of 2012, an authorized generic version of Xopenex^® in August of 2012, and higher international revenues. Third quarter 2012 international net revenue increased 37 percent to $198.1 million, when compared to the third quarter 2011. This increase was the result of the acquisition of Ascent in January of 2012 and higher sales in key markets including France, UK and Canada.

Global Generics R&D investment for the third quarter 2012 was $55.3 million. Global Generics selling and marketing expenses for the third quarter 2012 increased 15 percent to $51.9 million, primarily due to higher international selling and marketing expenses from the addition of Ascent.

Global Generics adjusted gross margin increased to 47.2 percent from 46.5 percent in the third quarter of 2011, as a result of higher share of profit from sales of the authorized generic version of Concerta^®.

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Global Brands Segment Information

Global Brands net revenue increased 10 percent to $121.3 million in the third quarter 2012, primarily the result of continued growth of our promoted products including Generess^® Fe, Crinone^® and Rapaflo^®. In addition, the establishment of our business in Canada also contributed to the revenue increase when compared to the third quarter 2011.

Global Brands R&D investment increased $38.4 million to $57.2 million in the third quarter 2012 compared to the third quarter 2011. The increase was primarily due to higher upfront and third party development milestone costs for biosimilars in our Global Brands segment, including in-licensing costs associated with the agreement with Synthon for a biosimilar to Herceptin, which we contributed to our biosimilars collaboration with Amgen. Global Brands selling and marketing expenses of $40.0 million in the third quarter of 2012 decreased by 2 percent relative to the prior year period.

Global Brands adjusted gross margin for the third quarter of 2012 was 75.0 percent, compared to 77.5 percent for third quarter of 2011 as a result of increased manufacturing costs and a more favorable product mix in the prior year period.

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Distribution Segment Information

Distribution segment net revenue increased 44 percent to $243.0 million for the third quarter 2012 compared to $168.8 million in the third quarter 2011. The increase was related to new third-party product launches during the third quarter. Distribution revenue consists only of sales of third-party products and excludes sales of Watson’s brand and generic products.

Selling and marketing expenses increased $4.5 million to $22.8 million, as a result of higher freight costs and expenses associated with relocating our Groveport, Ohio distribution operations to our Olive Branch, Mississippi facility and higher sales related expenses. Distribution segment gross margin decreased 1.9 percentage points to 15.1 percent in the third quarter 2012 as a result of higher sales to chain customers at lower margins.

Other Operating Expenses

Consolidated general and administrative expenses were $110.1 million in the third quarter 2012, an increase of 29.2 percent from the third quarter 2011. The increase was due to costs associated with the pending acquisition of Actavis, the addition of Ascent and higher legal expenses. Amortization expense for the third quarter 2012 was $95.2 million, compared to $71.8 million in third quarter 2011. The increase was due to the amortization of levalbuterol product rights acquired in the Arrow acquisition and product rights acquired in the Ascent acquisition.

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2012 Financial Outlook*

Watson’s estimates include the Actavis business as of November 1, 2012. Estimates are based on actual results for the first nine months of 2012 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 $5.9 billion.

2013 Financial Outlook*

Based on preliminary estimates Watson expects full year 2013 non-GAAP earnings per share will grow between 30 percent and 40 percent over the high-end of our estimated combined range for 2012.

Webcast and Conference Call Details

Watson will host a conference call and webcast today at 8:30 a.m. Eastern Time to discuss third quarter 2012 results, the outlook for 2012 and 2013 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 37197625.

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 November 15, 2012. 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. (NYSE: WPI) is a global, integrated specialty pharmaceutical company focused on developing, manufacturing and distributing generic, brand and biosimilar products. The Company has global and U.S. headquarters in Parsippany, New Jersey, USA, and international headquarters in Zug, Switzerland.

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Watson is the world’s third-largest generics manufacturer, with more than 750 products marketed globally through operations in more than 60 countries. Watson’s global branded pharmaceutical business develops and markets products principally in Urology and Women’s Health, and is committed to developing and marketing biosimilars products in Women’s Health, Oncology and other therapeutic categories. In addition, Watson is the fourth-largest U.S. generic pharmaceutical product distributor through its Anda, Inc. business, and also develops and out-licenses generic pharmaceutical products outside of the U.S. through its Medis third-party business.

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 Actavis acquisition and the ability to recognize the anticipated synergies and benefits of the Actavis acquisition; the difficulty of predicting the timing and outcome of pending or future litigation and government investigations and risks that an adverse outcome in such litigation or investigations could render Watson liable for substantial damages or penalties; risks that resolution of patent infringement litigation through settlement could result in investigations or actions by private parties or government authorities or agencies; 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; risks and uncertainties normally incident to the pharmaceutical industry, including product liability claims and the availability of product liability insurance on reasonable terms; market acceptance of and continued demand for Watson’s products; 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, 2011 and Watson’s Quarterly Report on Form 10-Q for the period June 30, 2012. Except as expressly required by law, Watson disclaims any intent or obligation to update these forward-looking statements.

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All trademarks are the property of their respective owners.

The following table presents Watson’s results of operations for the three and nine months ended September 30, 2012 and 2011:

Table 1

WATSON PHARMACEUTICALS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited; in millions, except per share amounts)

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The following table presents Watson’s Condensed Consolidated Balance Sheet at September 30, 2012 and December 31, 2011.

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 nine months ended September 30, 2012 and 2011.

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 nine months ended September 30, 2012 and 2011:

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 nine months ended September 30, 2012 and 2011 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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