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

8. Estimates for the Distribution segment remain unchanged.

Research and development investment for 2008 is expected to be approximately $160 million. Selling, general and administrative expenses for 2008 are expected to be between $420 and $440 million. Amortization expense for 2008 is expected to be approximately $80 million.

Watson estimates adjusted earnings per diluted share will be between $1.90 and $2.00 and has increased its estimates for GAAP earnings per diluted share to between $1.90 and $2.00.

In 2008, the Company expects to incur pre-tax costs associated with the planned closure of its Carmel, NY manufacturing facilities of approximately $30 million which includes accelerated depreciation, severance, retention and other related plant closure costs. The Company also expects to incur $8.5 million of licensing costs. These and other charges are offset by the sales milestone from Barr Pharmaceuticals, the divestiture of the Company's interest in Somerset Pharmaceuticals, Inc. and the resolution of an Internal Revenue Service audit, and are excluded from Watson's 2008 adjusted earnings per diluted share forecast as detailed in Table 6 below.

Excluding special items as detailed in the EBITDA reconciliation Table 7 below, adjusted EBITDA is expected to be between $551 and $571 million.

Webcast and Conference Call Details

Watson will host a conference call and webcast today at 8:30 a.m. Eastern Daylight Time to discuss second quarter 2008 results, the outlook for 2008 and recent corporate developments. The dial-in number to access the call is (877) 251-7980, or from international locations, (706) 643-1573. A taped replay of the call will be available by calling (800) 642-1687 with access pass code 56190878. The replay may be accessed from international locations by dialing (706) 645-9291 and using the same pass code. This replay will remain in effect until midnight Eastern Daylight Time, August 15, 2008. To access the l
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SOURCE Watson Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
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