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

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
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SOURCE Watson Pharmaceuticals, Inc.
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