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

417 26,795 51,943 52,010

Gross profit 93,584 83,938 181,349 160,263

Gross margin 79.3% 75.8% 77.7% 75.5%

Research and development 10,091 11,535 25,509 22,830

Selling and marketing 29,574 26,373 57,569 52,784

Segment contribution $53,919 $46,030 $98,271 $84,649

Segment margin 45.7% 41.6% 42.1% 39.9%

Brand product sales for the second quarter of 2008 increased five percent or $4.5 million to $101.5 million, primarily due to higher sales of Trelstar(R). Brand other revenue increased $2.7 million to $16.5 million, due primarily to increased revenue from the Company's licensing arrangements.

Gross margin for the Brand segment increased from 75.8 percent in the second quarter 2007 to 79.3 percent in the second quarter 2008, due to product mix and the increase in other revenue.

During the second quarter 2008, Watson's New Drug Application (NDA) for oxybutynin gel, under development for the treatment of overactive bladder, was accepted for filing by FDA. In the second half of 2008, Watson expects to submit a supplemental NDA for its six-month formulation of Trelstar(R), a product for the treatment of advanced prostate cancer.

Distribution Segment Information

Three Months Ended Six Months Ended

June 30, June 30,

(Unaudited; $ in thousands) 2008 2007 2008 2007

Distribution Segment Contribution

Net revenue $127,987 $146,631 $272,889 $292,071

Cost of sales 107,895 123,301 230,748 250,183

Gross profit 20,092 23,330 42,141 41,888

Gross margin 15.7% 15.9% 15
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SOURCE Watson Pharmaceuticals, Inc.
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