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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. Adjusts, except per share amounts)

Three Months Ended Twelve Months Ended

December 31, December 31,

2007 2006 2007 2006

Net revenues $627,335 $621,162 $2,496,651 $1,979,244

Cost of sales (excludes

amortization, presented

below) 373,178 409,973 1,504,756 1,233,483

Gross profit 254,157 211,189 991,895 745,761

Operating expenses:

Research and development 35,825 40,614 144,793 131,023

Selling, general and

administrative 108,284 103,069 421,151 305,060

Amortization 44,158 42,117 176,409 163,710

In-process research and

development - 497,800 - 497,800

Net loss (gain) on asset

sales and impairments - 3,283 (6,118) 70,264

Total operating expenses 188,267 686,883 736,235 1,167,857

Operating income (loss) 65,890 (475,694) 255,660 (422,096)

Non-operating (expense)

income, net:

Loss on early

extinguishment of debt (1,143) - (5,553) (525)

Interest income 2,190 5,652 8,886 28,418

Interest expense (8,997) (11,645) (44,473) (22,082)

Other income 1,878 485 9,764 5,336

Total non-operating

(expense) income, net (6,072) (5,508) (31,376) 11,147

Income (loss) before income

taxes 59,818 (481,202) 224,284 (410,949)

Provision for income taxes 21,415 7,759 83,254 34,056

Net income (loss) $38,403 $(488,961) $141,030 $(445,005)

Diluted earnings (loss) per

share $0.34 $(4.80) $1.27 $(4.37)

Diluted weighted average

shares outstanding 117,374 101,892 117,039 101,761

The following table presents Watson's Condensed Consolidated Balance Sheets as of December 31, 2007 and 2006:

Table 2

Watson Pharmaceuticals, Inc.

Condensed Consolidated Balance Sheets

(Unaudited; in thousands)

December 31, December 31,

2007 2006

Assets

Cash and cash equivalents $204,554 $154,171

Marketable securities 11,799 6,649

Accounts receivable, net 267,117 384,692

Inventories 490,601 517,236

Other current assets 199,705 198,928

Property and equipment, net 688,185 697,415

Investments and other assets 118,401 131,725

Product rights and other

intangibles, net 603,697 779,284

Goodwill 876,449 890,477

Total Assets $3,460,508 $3,760,577

Liabilities & Stockholders' Equity

Current liabilities $444,927 $689,929

Long-term debt 899,408 1,124,145

Deferred income taxes and other

liabilities 266,708 266,115

Stockholders' equity 1,849,465 1,680,388

Total liabilities and

stockholders' equity $3,460,508 $3,760,577

The following table presents Watson's Condensed Consolidated Statements of Cash Flows for the twelve months ended December 31, 2007 and 2006:

Table 3

Watson Pharmaceuticals, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited; in thousands)

Twelve Months Ended

December 31,

2007 2006

Cash Flows from Operating Activities:

Net income (loss) $141,030 $(445,005)

Reconciliation to net cash provided

by operating activities:

Depreciation and amortization 253,559 218,346

Non-cash impairment charges 4,499 70,264

Deferred income tax benefit (6,250) (24,688)

Provision for inventory reserve 46,853 29,777

Restricted stock and stock option

compensation 14,244 13,336

In-process research and development - 497,800

Other adjustments to reconcile net

income to net cash provided (9,010) (4,762)

Changes in assets and liabilities:

Accounts receivable, net 120,575 66,172

Inventories (25,093) (53,682)

Accounts payable and accrued expense (117,751) 116,709

Income taxes payable 7,703 (9,094)

Other assets and liabilities (3,181) (3,808)

Total adjustments 286,148 916,370

Net cash provided by

operating activities 427,178 471,365

Cash Flows from Investing Activities:

Additions to property, equipment and

product rights (75,870) (45,028)

Acquisition of business, net of cash

acquired - (1,558,322)

Additions to marketable securities

and long-term investments (8,451) (18,835)

Proceeds from sale of marketable

securities and investments 4,113 158,185

Other investing activities, net 15,916 44,581

Net cash used in investing

activities (64,292) (1,419,419)

Cash Flows from Financing Activities:

Proceeds from issuance of long-term debt - 650,000

Payments on term loan, current debt

and other long-term liabilities (329,532) (23,363)

Proceeds from stock plans 16,160 8,137

Other 869 -

Net cash (used in) provided

by financing activities (312,503) 634,774

Net increase (decrease) in

cash and cash equivalents 50,383 (313,280)

Cash and cash equivalents at

beginning of period 154,171 467,451

Cash and cash equivalents at end of

period $204,554 $154,171

The following table presents a reconciliation of reported net income and diluted earnings per diluted share to adjusted net income and earnings per share for the three and twelve months ended December 31, 2007 and 2006:

Table 4

Watson Pharmaceuticals, Inc.

Reconciliation Table

(Unaudited; in thousands except per share amounts)

Three Months Ended Twelve Months Ended

December 31, December 31,

2007 2006 2007 2006

GAAP to adjusted net income

calculation

Reported GAAP net income (loss) $38,403 $(488,961) $141,030 $(445,005)

Adjusted for:

In-process research

and development - 497,800 - 497,800

Acquisition charges 1,494 12,288 12,782 12,477

(Gain) loss on sale of

assets - 149 (13,089) (3,546)

Non-cash impairment

charges 132 3,283 4,631 70,264

Early extinguishment

of debt 1,143 - 5,553 525

Legal settlements (800) 10,250 7,858 10,250

Income taxes (704) (7,512) (6,716) (31,781)

Adjusted net income 39,668 27,297 152,049 110,984

Add: Interest expense on

CODES, net of tax 1,873 1,876 7,779 7,361

Adjusted net income, adjusted

for interest on CODES $41,541 $29,173 $159,828 $118,345

Diluted earnings per share - GAAP

Diluted earnings (loss)

per share - GAAP $0.34 $(4.80) $1.27 $(4.37)

Basic weighted average common

shares outstanding 102,608 101,892 102,273 101,761

Effect of dilutive securities:

Conversion of CODES 14,357 - 14,357 -

Dilutive stock options 409 - 409 -

Diluted weighted average common

shares outstanding 117,374 101,892 117,039 101,761

Diluted earnings per share - Adjusted

Diluted earnings per share -

Adjusted $0.35 $0.25 $1.37 $1.02

Basic weighted average common

shares outstanding 102,608 101,892 102,273 101,761

Effect of dilutive securities:

Conversion of CODES 14,357 14,357 14,357 14,357

Dilutive stock options 409 222 409 234

Diluted weighted average common

shares outstanding 117,374 116,471 117,039 116,352

The following table presents a reconciliation of reported net income for the three and twelve months ended December 31, 2007 and 2006 to adjusted EBITDA:

Table 5

Watson Pharmaceuticals, Inc.

Adjusted EBITDA Reconciliation Table

(Unaudited; in millions)

Three Months Twelve Months

Ended December 31, Ended December 31,

2007 2006 2007 2006

GAAP net income (loss) $38.4 $(489.0) $141.0 $(445.0)

Plus:

Interest expense 9.0 11.6 44.5 22.1

Interest income (2.2) (5.6) (8.9) (28.4)

Provision for income

taxes 21.4 7.8 83.2 34.1

Depreciation 20.2 17.6 77.2 54.6

Amortization 44.2 42.1 176.4 163.7

EBITDA 131.0 (415.5) 513.4 (198.9)

Adjusted for:

Non-cash impairment

charges 0.1 3.3 4.6 70.3

Share-based

compensation 3.9 3.6 14.2 13.3

Acquisition related

charges 1.5 12.3 12.8 12.4

Litigation charge (0.8) 10.3 7.9 10.3

Loss on early

extinguishment of

debt 1.2 - 5.6 0.5

In-process research

and development - 497.8 - 497.8

Loss (gain) on sales

of assets - 0.1 (13.1) (3.5)

Adjusted EBITDA $136.9 $111.9 $545.4 $402.2

The following table presents a reconciliation of forecasted net income for the 12 months ending December 31, 2008 to adjusted net income and adjusted earnings per diluted share:

Table 6

Watson Pharmaceuticals, Inc.

Reconciliation Table - Forecasted Adjusted Earnings per Diluted Share

(Unaudited; in millions except per share amounts)

Forecast for Twelve

Months Ending December 31, 2008

Low High

GAAP to adjusted net income

calculation

GAAP net income $190.3 $202.0

Adjusted for:

Licensing charges 6.0 6.0

Global supply chain initiative 34.0 34.0

Loss on early extinguishment of debt 1.9 1.9

Income taxes (16.2) (16.2)

Adjusted net income 216.0 227.8

Add: Interest expense on CODES,

net of tax 7.7 7.7

Adjusted net income, adjusted for

interest on CODES $223.8 $235.5

Diluted earnings per share

Diluted earnings per share - GAAP $1.68 $1.78

Diluted earnings per share - Adjusted $1.90 $2.00

Diluted weighted average common shares

outstanding 117.7 117.7

The reconciliation table is based in part on management's estimate of net income for the year ending December 31, 2008. Watson expects certain known GAAP charges for 2008, as presented in the schedule above. Other GAAP charges that may be excluded from adjusted 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, such as potential asset impairment charges, are dependent upon future events and valuations that have not yet been performed.

The following table presents a reconciliation of forecasted net income for the 12 months ending December 31, 2008 to adjusted EBITDA:

Table 7

Watson Pharmaceuticals, Inc.

Forecasted Adjusted EBITDA Reconciliation Table

(Unaudited; in millions)

Forecast for

Twelve Months

Ending December 31, 2008

Low High

GAAP net income $190.3 $202.0

Plus:

Interest expense 28.2 28.2

Interest income (7.5) (6.6)

Provision for income taxes 119.7 127.1

Depreciation (includes accelerated

depreciation) 95.6 95.6

Amortization 80.8 80.8

EBITDA 507.0 527.0

Adjusted for:

Global supply chain initiative 23.4 23.4

Share-based compensation 16.7 16.7

Licensing charges 6.0 6.0

Loss on early extinguishment of debt 1.9 1.9

Adjusted EBITDA $555.0 $575.0

The reconciliation table is based in part on management's estimate of adjusted EBITDA for the year ending December 31, 2008. Watson expects certain known GAAP charges for 2008, 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, such as potential asset impairment charges, are dependent upon future events and valuations that have not yet been performed.

(Logo: http://www.newscom.com/cgi-bin/prnh/20020214/WATSONLOGO)

ed EBITDA was $545.4 million and cash flow from operations was $427.2 million.

"We are pleased with the solid 2007 performance across all of Watson's divisions, particularly the progress made in expanding both our brand and generic product pipelines," began Paul Bisaro, Watson's President and Chief Executive Officer. "We filed 21 ANDAs with the FDA and completed pivotal studies on two exciting new brand products: silodosin for BPH and oxybutynin topical gel for overactive bladder. In addition, in early 2008, FDA accepted our NDA filing for silodosin."

"We continue to make strides on our strategic initiatives aimed at improving our overall cost structure and enhancing operating efficiencies," continued Mr. Bisaro. "In 2007, we achieved more than $30 million in cost savings which resulted from the closure and sale of our Puerto Rico and Phoenix manufacturing facilities, respectively. In addition, our Goa, India facility received FDA clearance to manufacture products for the U.S. market, and we recently shipped our first product made at that facility to the United States. These efforts to improve operating efficiencies will continue in 2008 and beyond, and include the decision to close our Carmel, New York manufacturing facilities by the end of 2010."

"We will continue to build on the momentum we have generated. Our management team and employees recognize the challenges and opportunities in front of us and are committed to drive earnings growth and maximize shareholder value for years to come," concluded Mr. Bisaro.

Fourth Quarter and Full Year 2007 Business Segment Results

Generic Segment Information

Three Months Ended Twelve Months Ended

December 31, December 31,

(Unaudited; $ in thousands) 2007 2006 2007 2006

Generic Segment Contribution

Product sales $343,733 $412,760 $1,408,885 $1,501,251

Other revenue 30,157 8,624 92,991 15,725

Net revenue 373,890 421,384 1,501,876 1,516,976

Cost of sales 223,967 300,313 917,863 1,059,234

Gross profit 149,923 121,071 584,013 457,742

Gross margin 40.1% 28.7% 38.9% 30.2%

Research and development 25,390 26,593 102,426 83,551

Selling and marketing 13,586 13,762 55,350 52,882

Segment contribution $110,947 $80,716 $426,237 $321,309

Segment margin 29.7% 19.2% 28.4% 21.2%

Generic product sales for the fourth quarter of 2007 decreased $69.0 million to $343.7 million, primarily related to the loss of revenue from oxycodone HCl controlled-release tablets. This was offset by new product launches in 2007 of bupropion hydrochloride extended-release 300mg, fentanyl transdermal patch, and Tilia(TM) Fe.

Generic other revenue increased $21.5 million to $30.2 million, due primarily to the addition of royalties from Sandoz's sales of metoprolol succinate extended-release tablets 50mg and GlaxoSmithKline's sales of Wellbutrin XLP(R) 150mg.

Gross margin for the Generic segment increased from 29 percent in the fourth quarter 2006 to 40 percent in the fourth quarter 2007 due to the increase in other revenue, an improvement in product mix and enhanced operational efficiencies.

For the full year 2007, Generic segment product sales decreased 6 percent or $92.4 million to $1.41 billion compared to $1.50 billion for 2006, due primarily to the loss of revenue from oxycodone HCl controlled-release tablets and lower sales of pravastatin sodium tablets.

Generic other revenue increased $77.3 million to $93.0 million for 2007, due primarily to the addition of royalties from Sandoz's sales of metoprolol succinate extended-release tablets and GlaxoSmithKline's sales of Wellbutrin XLP(R) 150mg.

Generic segment gross margin increased from 30 percent in 2006 to 39 percent in 2007, due to the increase in other revenue, improved product mix and enhanced operational efficiencies.

During 2007, Watson submitted 21 ANDAs with the U.S. Food and Drug Administration (FDA). Watson currently has approximately 60 ANDAs on file with the FDA.

Brand Segment Information

Three Months Ended Twelve Months Ended

December 31, December 31,

(Unaudited; $ in thousands) 2007 2006 2007 2006

Brand Segment Contribution

Product sales $94,106 $97,239 $375,202 $354,070

Other revenue 15,232 9,743 53,520 15,402

Net revenue 109,338 106,982 428,722 369,472

Cost of sales 25,814 27,595 99,913 92,184

Gross profit 83,524 79,387 328,809 277,288

Gross margin 76.4% 74.2% 76.7% 75.0%

Research and development 10,435 14,021 42,367 47,472

Selling and marketing 28,664 27,071 108,061 112,258

Segment contribution $44,425 $38,295 $178,381 $117,558

Segment margin 40.6% 35.8% 41.6% 31.8%

Brand product sales for the fourth quarter of 2007 decreased 3 percent or $3.1 million to $94.1 million, primarily due to lower sales of INFeD(R) and Ferrlecit(R). Other revenue increased $5.5 million to $15.2 million, due to increased revenue from the co-promotion of AndroGel(R) and other promoted products.

Gross margin for the Brand segment increased from 74 percent in the fourth quarter 2006 to 76 percent in the fourth quarter 2007, due to the increase in other revenue and improved manufacturing costs.

For the full year 2007, Brand product sales increased 6 percent or $21.1 million to $375.2 million compared to $354.1 million for 2006 due primarily to increased sales of Trelstar(R) and Androderm(R).

Brand other revenue increased $38.1 million to $53.5 million for 2007, due to increased revenue from the co-promotion of AndroGel(R) and other promoted products.

Brand segment gross margin for 2007 increased from 75 percent to 77 percent, due to the increase in other revenue and improved manufacturing costs.

During the fourth quarter 2007, Watson submitted a New Drug Application (NDA) with FDA for silodosin, a new chemical entity under development for the treatment of the signs and symptoms of benign prostatic hyperplasia. Watson's application was accepted for filing by FDA on February 11, 2008. The Company also recently completed the Phase 3 program on its topical gel formulation of oxybutynin for overactive bladder. Watson remains on track to submit an NDA to FDA in mid 2008. Finally, Debiopharm, Watson's development partner on Trelstar(R), completed the Phase 3 program for its six-month formulation of Trelstar(R), an investigational product for the treatment of advanced prostate cancer. Pending a final analysis of the data, Watson expects Debiopharm to file an NDA for the Trelstar(R) six-month formulation in the second half of 2008.

Distribution Segment Information

Three Months Ended Twelve Months Ended

December 31, December 31,

(Unaudited; $ in thousands) 2007 2006* 2007 2006*

Distribution Segment Contribution

Net revenue $144,107 $92,796 $566,053 $92,796

Cost of sales 123,397 82,065 486,980 82,065

Gross profit 20,710 10,731 79,073 10,731

Gross margin 14.4% 11.6% 14.0% 11.6%

Selling and marketing 12,777 8,409 52,023 8,409

Segment contribution $7,933 $2,322 $27,050 $2,322

Segment margin 5.5% 2.5% 4.8% 2.5%

* Represents two months of operations in 2006 following the acquisition

of Andrx.

Distribution segment net revenue for the fourth quarter of 2007 was $144.1 million, an increase of 11 percent from $129.9 million reported in the third quarter 2007. The increase was due primarily to the distribution of new products launched by generic companies, including the launch of a generic version of Wyeth's Protonix(R).

Gross margin for the Distribution segment increased from 13 percent in the third quarter 2007 to 14 percent in the fourth quarter 2007, reflecting an improved product mix.

For the full year 2007, Distribution segment net revenue was $566.1 million and segment gross margin for the full year was 14 percent.

2008 Financial Outlook

Watson's estimates are based on the Company's actual results for 2007, 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 the full year of 2008 at approximately $2.5 billion.

Net Revenue Estimates by Segment

For the Twelve Months Ending December 31, 2008

Generic Segment $1.45 - $1.55 Billion

Brand Segment $420 - $440 Million

Distribution Segment $580 - $610 Million

Research and development investment for 2008 is expected to be $160 to $170 million. Selling, general and administrative expenses for 2008 are expected to be $420 to $440 million. Amortization expense for 2008 is expected to be approximately $80 million.

In 2008, the Company expects to incur pre-tax costs associated with the planned closure of its Carmel, NY manufacturing facilities of approximately $34 million which includes accelerated depreciation, severance, retention and other related plant closure costs. The Company also expects to incur $8 million of licensing and debt repurchase charges. These charges are excluded from Watson's 2008 adjusted earnings per diluted share forecast as detailed in Table 6 below.

For 2008, the Company expects GAAP earnings per diluted share to be between $1.68 to $1.78 and adjusted earnings per diluted share to be between $1.90 and $2.00. Excluding special items as detailed in the EBITDA reconciliation table below, adjusted EBITDA is expected to be between $555 and $575 million.

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 2007 results, projections for 2008 and recent corporate developments. The dial-in number to access the call is (877) 251-7980, or from international locations, (706) 643-1573. A taped replay of the call will be available by calling (800) 642-1687 with access pass code 32008884. The replay may be accessed from international locations by dialing (706) 645-9291 and using the same pass code. This replay will remain in effect until midnight Eastern Standard Time, February 29, 2008. To access the live webcast, go to Watson's Investor Relations website at http://ir.watson.com.

About Watson Pharmaceuticals, Inc.

Watson Pharmaceuticals, Inc., headquartered in Corona, California, is a leading specialty pharmaceutical company that develops, manufactures, markets, sells and distributes brand and generic pharmaceutical products. Watson pursues a growth strategy combining internal product development, strategic alliances and collaborations and synergistic acquisitions of products and businesses.

For press release and other company information, visit Watson Pharmaceuticals' website 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; the impact of competitive products and pricing; successful integration of strategic transactions; the ability to timely resolve with FDA the pending Official Action Indicated status of the Davie, Florida manufacturing facility; the ability to recognize the anticipated synergies and benefits of strategic transactions; variability of revenue mix between the Company's Brand, Generic and Distribution business units; 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; timely and successful consummation and implementation of strategic initiatives; the timing and success of product launches; the difficulty of predicting the timing or outcome of product development efforts and FDA or other regulatory agency approvals or actions; the uncertainty associated with the identification and successful consummation of external business development transactions; 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 FDA and other governmental regulations applicable to Watson's and its third party manufacturers' facilities, products and/or businesses; uncertainties related to the timing and outcome of litigation and other claims; changes in the laws and regulations, including Medicare and Medicaid, affecting among other things, pricing and reimbursement of pharmaceutical products; 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, 2006. Except as expressly required by law, Watson disclaims any intent or obligation to update these forward-looking statements.

Wellbutrin XLP(R)P is a registered trademark of GlaxoSmithKline.

AndroGel(R) is a registered trademark of Unimed Pharmaceuticals, Inc., a

wholly-owned subsidiary of Solvay Pharmaceuticals, Inc.

Protonix(R) is a registered trademark of Wyeth Pharmaceuticals Inc.

The following table presents Watson's results of operations for the three and twelve months ended December 31, 2007 and 2006:

Table 1

Watson Pharmaceuticals, Inc.

Condensed Consolidated Statements of Operations

(Unaudited; in thousand
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SOURCE Watson Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
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