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Watson Pharmaceuticals Reports Second Quarter 2008 Results


Selling and marketing 13,825 13,197 27,878 27,746

Segment contribution $106,112 $98,134 $206,495 $209,074

Segment margin 28.2% 28.4% 27.8% 27.1%

Generic product sales for the second quarter of 2008 increased $16.8 million to $344.3 million, reflecting the addition of new products which were offset in part by price erosion in the base business.

Generic other revenue increased $14.2 million to $32.4 million. Generic other revenue includes a $15 million sales milestone from Barr Pharmaceuticals, Inc. following a 1999 legal settlement, and reflects the addition of royalties from Sandoz's sales of metoprolol succinate extended-release tablets 50mg.

Generic gross profit was $149.1 million in the second quarter of 2008, compared to $135.3 million in the second quarter of 2007 and $137.0 million in the first quarter 2008. Generic gross profit for the second quarter 2008 reflects the sales milestone and approximately $4.5 million in costs related to Watson's Global Supply Chain Initiative. Excluding these items, Generic gross profit was $138.5 million, or 38.3 percent of revenue in the second quarter 2008.

Generic research and development expense increased 22 percent or $5.2 million to $29.1 million. Watson currently has approximately 60 ANDAs on file with the FDA.

Brand Segment Information

Three Months Ended Six Months Ended

June 30, June 30,

(Unaudited; $ in thousands) 2008 2007 2008 2007

Brand Segment Contribution

Product sales $101,466 $96,924 $200,458 $187,562

Other revenue 16,535 13,809 32,834 24,711

Net revenue 118,001 110,733 233,292 212,273

Cost of sales 24,

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

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