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

Watson Pharmaceuticals, Inc.

Condensed Consolidated Statements of Operations

(Unaudited; in thousands, except per share amounts)

Three Months Ended Six Months Ended

June 30, June 30,

2008 2007 2008 2007

Net revenues $622,636 $603,005 $1,249,585 $1,274,610

Cost of sales (excludes

amortization, presented below) 359,898 360,438 740,000 785,158

Gross profit 262,738 242,567 509,585 489,452

Operating expenses:

Research and development 39,216 35,503 77,231 73,311

Selling, general and

administrative 104,295 97,158 210,928 200,376

Amortization 20,190 44,159 40,369 88,092

Total operating expenses 163,701 176,820 328,528 361,779

Operating income 99,037 65,747 181,057 127,673

Non-operating (expense)

income, net:

Loss on early extinguishment

of debt - (1,681) (1,095) (4,410)

Interest income 1,685 1,803 3,994 4,732

Interest expense (6,931) (11,475) (13,727) (25,351)

Other income 2,080 3,034 7,433 6,437

Total non-operating expense,

net (3,166) (8,319) (3,395) (18,592)

Income before income taxes 95,871 57,428 177,662 109,081

Provision for income taxes 35,568 21,019 66,730 41,060

Net income $60,303 $36,409 $110,932 $68,021

Diluted earnings per share $0.53 $0.33 $0.98 $0.62

Diluted weighted a
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SOURCE Watson Pharmaceuticals, Inc.
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