Q1 2010 Earnings Call Transcript

Transcript Call Date 05/10/2010

Operator: Good morning, my name is Therese and I will be your conference operator today. At this time, I’d like to welcome everyone to the Watson Pharmaceuticals First Quarter 2010 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions).

I would now like to turn the call over to Ms. Patty Eisenhaur, Vice President of Investor Relations and Corporate Communications. You may begin, Patty.

Patricia Eisenhaur - VP IR and Corporate Communications: Thank you, Theresa and good morning, everyone. I’d like to welcome you to Watson’s first quarter 2010 earnings conference call.

Earlier this morning Watson issued a press release reporting its earnings for the first quarter 2010. The press release is available on our website at and includes a reconciliation of our GAAP and adjusted financial results and forecasts. Additionally, we are conducting a live webcast of this call, which will also be available on our website after the call's conclusion.

With us on today’s call is Paul Bisaro, President and CEO, who will provide an overview of the first quarter including highlights on the performance of our Global Generics, Global Brands and Distribution business segments; Todd Joyce, our Chief Financial Officer will then provide some additional details of our financial results for the quarter. Paul will conclude our presentation with our updated outlook for 2010. We’ll then open the call up for questions and answers.

Also on the call and available during the Q&A, are Tom Russillo, Executive Vice President of our Global Generics division; Fred Wilkinson, Executive Vice President of Global Brands; Bob Stewart, Senior Vice President of Global Operations and David Buchen, our General Counsel.

Please note that today’s call is copyrighted material of Watson Pharmaceuticals, Inc. and cannot be rebroadcast without the company’s express written consent.

I’d also like to remind you that during the course of this call, management will make projections or other forward-looking remarks regarding future events or the future financial performance of the company. It’s important to note that such statements about estimated or anticipated Watson results, prospects or other non-historical facts are forward-looking statements and reflect our current perspective of existing trends and information as of today’s date.

Watson disclaims any intent or obligation to update these forward-looking statements, except as expressly required by law. Actual results may differ materially from current expectations and projections depending on a number of factors affecting Watson’s business. These factors are detailed in our periodic public filings with the Securities and Exchange Commission, including but not limited to the Watson Form 10-K for the period ended December 31, 2009.

With that I'll turn the call over to Paul.

Paul M. Bisaro - President and CEO: Thank you, Patty and good morning, everyone. Thank you for joining us today. We began 2010 with an exceptionally strong performance across all of our businesses and we entered into the second quarter with a great deal of positive momentum. Our results also reflect the first full quarter of contributions from our newly acquired international businesses.

Read our Earnings Call Transcript disclaimer.
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