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

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
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SOURCE Watson Pharmaceuticals, Inc.
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