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

Davie, Florida manufacturing facility. These new generic products will provide important new revenue, leverage our manufacturing capacity and allow us to build on our number three position within the U.S. Generics prescription marketplace," continued Mr. Bisaro. "We are also seeing improved margins within our Anda distribution division, as recent initiatives to enhance efficiencies are already making an impact," Mr. Bisaro said.

Six Month 2008 Results

For the six months ended June 30, 2008, net revenue was $1,249.6 million, as compared to $1,274.6 million for the first six months of 2007. Net income for the first six months of 2008 was $110.9 million, or $0.98 per diluted share, as compared to net income of $68.0 million, or $0.62 per diluted share, for the same period of 2007. On an adjusted basis, as detailed in the attached reconciliation table, net income for the first six months of 2008 was $116.7 million, or $1.03 per diluted share, as compared to adjusted net income of $75.2 million, or $0.68 per diluted share, for the same period of 2007.

Second Quarter 2008 Business Segment Results

Generic Segment Information

Three Months Ended Six Months Ended

June 30, June 30,

(Unaudited; $ in thousands) 2008 2007 2008 2007

Generic Segment Contribution

Product sales $344,289 $327,446 $686,748 $738,921

Other revenue 32,359 18,195 56,656 31,345

Net revenue 376,648 345,641 743,404 770,266

Cost of sales 227,586 210,342 457,309 482,965

Gross profit 149,062 135,299 286,095 287,301

Gross margin 39.6% 39.1% 38.5% 37.3%

Research and development 29,125 23,968 51,722 50,4
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SOURCE Watson Pharmaceuticals, Inc.
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