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Watson Pharmaceuticals Reports Fourth Quarter and Full Year 2007 Results; Provides 2008 Outlook
Date:2/20/2008

Fourth Quarter 2007: Total Net Revenue of $627 Million; GAAP EPS $0.34;

Adjusted EPS $0.35 Fiscal Year 2007: Total Net Revenue Reaches $2.50 Billion; 2007 GAAP EPS

$1.27; 2007 Adjusted EPS $1.37

CORONA, Calif., Feb. 20 /PRNewswire-FirstCall/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI), a leading specialty pharmaceutical company, today reported fourth quarter and full year 2007 financial results for its fiscal year ended December 31, 2007 and provided an outlook on its business for 2008.

Fourth Quarter 2007 Results

Net revenue for the fourth quarter 2007 was $627.3 million and net income was $38.4 million, or $0.34 per diluted share. Excluding special items as detailed in the reconciliation table below, adjusted net income for the fourth quarter was $39.7 million, or $0.35 per diluted share. Adjusted EBITDA for the fourth quarter 2007 was $136.9 million and cash flow from operations was $171.5 million. Cash and marketable securities were $216.4 million as of December 31, 2007.

Full Year 2007 Results

For the year ended December 31, 2007, total net revenue increased to $2.50 billion, as compared to $1.98 billion for 2006. The company recorded net income for 2007 of $141.0 million, or $1.27 per diluted share, compared to a net loss of $445.0 million, or a loss of $4.37 per diluted share, for 2006. On an adjusted basis, as detailed in the attached reconciliation table, net income for 2007 was $152.0 million, or $1.37 per diluted share, as compared to adjusted net income of $111.0 million, or $1.02 per diluted share, for the same period of 2006. Watson's 2006 results include two months of contribution from Andrx, which was acquired in November 2006. Adjust
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SOURCE Watson Pharmaceuticals, Inc.
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