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

,885 $1,501,251

Other revenue 30,157 8,624 92,991 15,725

Net revenue 373,890 421,384 1,501,876 1,516,976

Cost of sales 223,967 300,313 917,863 1,059,234

Gross profit 149,923 121,071 584,013 457,742

Gross margin 40.1% 28.7% 38.9% 30.2%

Research and development 25,390 26,593 102,426 83,551

Selling and marketing 13,586 13,762 55,350 52,882

Segment contribution $110,947 $80,716 $426,237 $321,309

Segment margin 29.7% 19.2% 28.4% 21.2%

Generic product sales for the fourth quarter of 2007 decreased $69.0 million to $343.7 million, primarily related to the loss of revenue from oxycodone HCl controlled-release tablets. This was offset by new product launches in 2007 of bupropion hydrochloride extended-release 300mg, fentanyl transdermal patch, and Tilia(TM) Fe.

Generic other revenue increased $21.5 million to $30.2 million, due primarily to the addition of royalties from Sandoz's sales of metoprolol succinate extended-release tablets 50mg and GlaxoSmithKline's sales of Wellbutrin XLP(R) 150mg.

Gross margin for the Generic segment increased from 29 percent in the fourth quarter 2006 to 40 percent in the fourth quarter 2007 due to the increase in other revenue, an improvement in product mix and enhanced operational efficiencies.

For the full year 2007, Generic segment product sales decreased 6 percent or $92.4 million to $1.41 billion compared to $1.50 billion for 2006, due primarily to the loss of revenue from oxycodone HCl controlled-release tablets and lower sales of pravastatin sodium tablets.

Generic other revenue increased $77.3 million to $93.0 million for 2007, due primarily to the addition of royalties from Sandoz's sales of metoprolo
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SOURCE Watson Pharmaceuticals, Inc.
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