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

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Three Months Ended Six Months Ended

June 30, June 30,

2008 2007 2008 2007

GAAP net income $60.3 $36.4 $110.9 $68.0

Plus:

Interest expense 6.9 11.5 13.7 25.4

Interest income (1.7) (1.8) (4.0) (4.7)

Provision for income taxes 35.6 21.0 66.7 41.0

Depreciation (2008 includes

accelerated depreciation) 22.4 19.5 44.2 37.5

Amortization 20.2 44.1 40.4 88.1

EBITDA 143.7 130.7 271.9 255.3

Adjusted for:

Share-based compensation 4.9 3.5 9.3 6.9

Acquisition and licensing charges 0.5 2.2 5.5 9.6

Legal settlement (15.0) (0.8) (15.0) 0.2

Loss on early extinguishment of

debt - 1.7 1.1 4.4

Global supply chain initiative 3.4 - 15.4 -

Gain on sale of assets - (0.7) (1.4) (2.5)

Adjusted EBITDA $137.5 $136.6 $286.8 $273.9

The following table presents a reconciliation of forecasted net income for the 12 months ending December 31, 2008 to adjusted net income and adjusted earnings per diluted share:

Table 6

Watson Pharmaceuticals, Inc.

Reconciliation Table - Forecasted Adjusted Earnings per Diluted Share

(Unaudited; in millions except per share amounts)

Forecast for Twelve M
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SOURCE Watson Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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