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

s, 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 $(488,9
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SOURCE Watson Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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