Watson Pharmaceuticals Reports Fourth Quarter and Full Year 2007 Results; Provides 20... (ed EBITDA was $545.4 million and cash fl...)

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

Date:2/20/2008

ed EBITDA was $545.4 million and cash flow from operations was $427.2 million.

"We are pleased with the solid 2007 performance across all of Watson's divisions, particularly the progress made in expanding both our brand and generic product pipelines," began Paul Bisaro, Watson's President and Chief Executive Officer. "We filed 21 ANDAs with the FDA and completed pivotal studies on two exciting new brand products: silodosin for BPH and oxybutynin topical gel for overactive bladder. In addition, in early 2008, FDA accepted our NDA filing for silodosin."

"We continue to make strides on our strategic initiatives aimed at improving our overall cost structure and enhancing operating efficiencies," continued Mr. Bisaro. "In 2007, we achieved more than $30 million in cost savings which resulted from the closure and sale of our Puerto Rico and Phoenix manufacturing facilities, respectively. In addition, our Goa, India facility received FDA clearance to manufacture products for the U.S. market, and we recently shipped our first product made at that facility to the United States. These efforts to improve operating efficiencies will continue in 2008 and beyond, and include the decision to close our Carmel, New York manufacturing facilities by the end of 2010."

"We will continue to build on the momentum we have generated. Our management team and employees recognize the challenges and opportunities in front of us and are committed to drive earnings growth and maximize shareholder value for years to come," concluded Mr. Bisaro.

Fourth Quarter and Full Year 2007 Business Segment Results

Generic Segment Information

Three Months Ended Twelve Months Ended

December 31, December 31,

(Unaudited; $ in thousands) 2007 2006 2007 2006

Generic Segment Contribution

Product sales $343,733 $412,760 $1,408
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Watson Pharmaceuticals Reports Fourth Quarter and Full Year 2007 Results; Provides 20...(ed EBITDA was $545.4 million and cash fl...)