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.
|SOURCE Watson Pharmaceuticals, Inc.|
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