Watson Pharmaceuticals Reports Fourth Quarter and Full Year 2007 Results; Provides 20... (to adjusted net income and earningsper s...)

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Watson Pharmaceuticals Reports Fourth Quarter and Full Year 2007 Results; Provides 2008 Outlook

Date:2/20/2008

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
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SOURCE Watson Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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Watson Pharmaceuticals Reports Fourth Quarter and Full Year 2007 Results; Provides 20...(to adjusted net income and earningsper s...)