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Watson Pharmaceuticals Reports Second Quarter 2008 Results
Date:8/6/2008

Total Net Revenue of $623 Million; GAAP EPS $0.53; Adjusted EPS $0.48

CORONA, Calif., Aug. 6 /PRNewswire-FirstCall/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI), a leading specialty pharmaceutical company, today reported financial results for its second quarter ended June 30, 2008.

Second Quarter 2008 Results

Net revenue for the second quarter 2008 was $622.6 million and net income was $60.3 million, or $0.53 per diluted share. Net income for the second quarter 2008 included a gain related to a milestone payment and charges related to the Company's Global Supply Chain Initiative. Excluding special items as detailed in the reconciliation table below, adjusted net income for the second quarter was $54.6 million, or $0.48 per diluted share. Adjusted EBITDA for the second quarter 2008 was $137.5 million and cash flow from operations was $99.6 million. Cash and marketable securities were $278.2 million as of June 30, 2008.

"We are pleased with the financial results we delivered this quarter, driven by a strong performance in our Brand division which posted more than $100 million in product sales, a first in recent years," stated Paul Bisaro, Watson's President and Chief Executive Officer. "Our pipeline products oxybutynin topical gel for overactive bladder and silodosin for BPH were well received at data presentations at the recent American Urological Association meeting. Additionally, the FDA accepted our New Drug Application for our topical oxybutynin gel product and we successfully launched MixJect(TM), our new delivery system for Trelstar(R)."

"We continue to make progress on our near and long term strategic goals in the Generics Division, as evidenced by the recent product approvals and launches out of our
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SOURCE Watson Pharmaceuticals, Inc.
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