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