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Watson Pharmaceuticals Reports Second Quarter 2008 Results

.4% 14.3%

Selling and marketing 14,105 12,327 28,137 26,530

Segment contribution $5,987 $11,003 $14,004 $15,358

Segment margin 4.7% 7.5% 5.1% 5.3%

Distribution segment net revenue for the second quarter of 2008 declined 13 percent or $18.6 million to $128.0 million. Fewer new product launches in the quarter contributed to the year over year decline in revenue. Distribution revenue excludes sales of Watson products.

Distribution segment gross margin was 15.7 percent in the second quarter of 2008 compared to 15.9 percent in the second quarter 2007 and 15.2 percent in first quarter 2008.

Other Operating Expenses

Consolidated general and administrative expenses for the second quarter of 2008 increased $1.5 million to $46.8 million.

Amortization expense for the second quarter 2008 declined $24.0 million to $20.2 million, reflecting the full amortization of Ferrlecit(R) product rights as of December 31, 2007.

2008 Financial Outlook

Based on actual results for the first half of 2008 and its forecast for the remainder of the year, Watson is adjusting its estimates for the full year 2008. Watson's estimates are based on the Company's actual results for the first half of 2008, and management's current belief about prescription trends, pricing levels, inventory levels and the anticipated timing of future product launches and events.

Watson estimates total net revenue for the full year of 2008 at approximately $2.5 billion.

Net Revenue Estimates by Segment

For the Twelve Months Ending December 31, 2008

Generic Segment $1.40 - $1.50 Billion

Brand Segment $450 - $470 Million

Distribution Segment $580 - $610 Million

The Company has revised its revenue estimates for the Generic and Brand segments to reflect actual results through the first half of 200

SOURCE Watson Pharmaceuticals, Inc.
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