Exhibit 99.1

NEWS RELEASE

Watson Second Quarter 2012 Non-GAAP Diluted EPS Increases 41% to $1.42;

Net Revenue Increases 25% to Over $1.3 Billion

– GAAP Earnings (Loss) of $(0.49) per share on Acquisition Charges –

– 37% Increase in Adjusted EBITDA –

– Company Updates 2012 Forecast –

PARSIPPANY, NJ – July 26, 2012 – Watson Pharmaceuticals, Inc. (NYSE: WPI) today reported net income for the second quarter 2012 increased 42 percent to $181.4 million or $1.42 per diluted share on a non-GAAP basis, compared to $127.9 million or $1.01 per diluted share in the second quarter 2011. Net revenue increased 25 percent to $1.36 billion, compared to $1.08 billion in the second quarter 2011. On a GAAP basis, the Company recorded a loss of $62.2 million or $0.49 per share compared to earnings of $52.7 million or $0.42 per diluted share in the prior year period. The current quarter loss for GAAP purposes includes $183.2 million or $1.33 per share of charges related to the pending acquisition of Actavis. See Table 4 for a complete reconciliation of GAAP and Non-GAAP results.

For the second quarter 2012, adjusted EBITDA increased 37 percent to $333.0 million, compared to $243.3 million for the second quarter 2011. For the second quarter 2012, cash flow from operations was $199.7 million and cash and marketable securities were $225.0 million as of June 30, 2012. Refer to the attached reconciliation tables for adjustments to GAAP earnings.

“Double-digit growth of non-GAAP EPS, revenue and adjusted EBITDA resulted from solid execution across all three of our businesses,” said Paul Bisaro, President and CEO. “I’m pleased to report that at the half-way point of the year, we are executing well on our strategies to deliver on our stand-alone 2012 growth plan and to drive continued growth over the long-term.

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“Global Generics and Anda Distribution revenues increased 26 percent and 37 percent respectively, while our Global Brands business delivered $119 million in revenues, an increase of 6 percent. Looking beyond the numbers, we saw significant achievements against our integrated growth strategies,” Bisaro continued.

“Following the April 25^th announcement of the proposed acquisition of Actavis, we are making excellent progress in planning for a successful integration with an anticipated close in the fourth quarter, so that we can maximize the global value of this transformative transaction,” concluded Bisaro.

Business Segment Results

Global Generics Segment Information

Global Generics net revenue for the second quarter 2012 increased 26 percent to $995.0 million as a result

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of new product launches including the launch of a generic version of Lipitor^® in November of 2011 and a generic version of Lovenox^® in January of 2012, plus higher international net revenue. Second quarter 2012 international net revenue was $210.7 million, up 77 percent from the second quarter 2011. International net revenue increased as a result of the acquisition of Specifar in May of 2011 and Ascent in January of 2012 and new product launches in key markets.

Global Generics R&D investment for the second quarter 2012 decreased eight percent to $53.8 million. Global Generics selling and marketing expenses for the second quarter 2012 increased 40 percent to $52.6 million, primarily due to the addition of Specifar and Ascent.

Global Generics adjusted gross margin increased from 45.2 percent in the second quarter of 2011 to 47.6 percent in the second quarter of 2012, as a result of a contractually higher share of profit from sales of the authorized generic version of Concerta^® offset in part by lower than average margins from sales of the authorized generic version of Lipitor^®.

Global Brands Segment Information

Global Brands net revenue increased six percent to $119.3 million in the second quarter 2012. The increase in revenue was primarily the result of increased sales of Rapaflo^® and Crinone^® and the addition of new products including Generess^® Fe in the U.S. and Rapaflo^® and Gelnique^® in Canada, partially offset by lower sales of Androderm^®.

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Global Brands R&D investment increased 17 percent to $25.9 million in the second quarter 2012 compared to the second quarter 2011. The increase was a result of investments related to our biosimilars development initiatives, partially offset by lower licensing and regulatory fees in the second quarter of the prior year. Global Brands selling and marketing expenses decreased 5 percent to $42.5 million in the second quarter of 2012, due to lower U.S. promotional spend for new products compared to the prior year period, partially offset by higher field force and support costs related to the initiation of our selling efforts in Canada, in addition to expansion that occurred in the U.S. in the second half of 2011.

Global Brands segment gross margin for the second quarter of 2012 was 75.9 percent, compared to 77.8 percent for second quarter of 2011 as a result of a favorable product mix in the prior year period.

Distribution Segment Information

Distribution segment net revenue for the second quarter 2012 increased 37 percent to $240.9 million compared to $176.4 million in the second quarter 2011. The increase was related to new third-party product launches during the second quarter and higher base business sales. 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 $3.2 million to $22.8 million, due to additional 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 to 13.7 percent in the second quarter 2012 as a result of lower margins on higher sales to chain customers.

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Other Operating Expenses

Consolidated general and administrative expenses were $121.8 million in the second quarter 2012, an increase of 42.6 percent from the second quarter 2011. The increase was due to costs associated with the pending acquisition of Actavis, the addition of Specifar and Ascent and higher corporate and legal expenses. Amortization expense for the second quarter 2012 was $105.8 million, compared to $74.6 million in second quarter 2011. The increase was due to the amortization of atorvastatin product rights acquired in the Arrow acquisition and product rights acquired in the Specifar and Ascent acquisitions.

2012 Financial Outlook

Watson’s estimates are based on actual results for the first half 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’s forecast for 2012 excludes any impact from the pending acquisition of Actavis Group which is expected to close in the fourth quarter of 2012.

Watson estimates total net revenue for 2012 will be approximately $5.5 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 second quarter 2012 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 98104891.

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 August 9, 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.

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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 receipt of required regulatory approvals for the pending Actavis acquisition (including the approval of antitrust authorities necessary to complete the acquisition); successful close and subsequent integration of the Actavis acquisition and the ability to recognize the anticipated synergies and benefits of the Actavis acquisition; access to available financing (including financing for the Actavis acquisition) on a timely basis and on reasonable terms; 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; 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; the difficulty of predicting the timing or outcome of pending or future litigation or government investigations; 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, 2011 and Watson’s Quarterly Report on Form 10-Q for the period March 31, 2012. 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 six months ended June 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 June 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 six months ended June 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 six months ended June 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 six months ended June 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 - Forecasted Non-GAAP Earnings Per Diluted Share

(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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