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Watson Pharmaceuticals Reports First Quarter 2009 Results; Raises 2009 Outlook
Date:4/30/2009

Record Total Net Revenue of $667 Million;

GAAP EPS $0.43; Adjusted EPS $0.58

CORONA, Calif., April 30 /PRNewswire-FirstCall/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI), a leading specialty pharmaceutical company, today reported financial results for its first quarter ended March 31, 2009.

First Quarter 2009 Results

Net revenue for the first quarter 2009 increased $40.4 million or six percent from the first quarter 2008 to a record $667.4 million, and net income was $49.1 million, or $0.43 per diluted share. Excluding special items as detailed in the reconciliation tables below, adjusted net income for the first quarter was $66.5 million, or $0.58 per diluted share. Adjusted EBITDA for the first quarter 2009 was $158.0 million and cash flow from operations was $69.5 million. Cash and marketable securities were $570.8 million as of March 31, 2009.

"This was another solid quarter for Watson, as we maintained the positive momentum from 2008," began Paul Bisaro, Watson's President and Chief Executive Officer. "Our record breaking revenue was generated by strong performance within our Generics division, primarily as a result of increased revenue from our potassium chloride extended-release product. In addition, our Brand division achieved another milestone with the launch of Rapaflo(TM) (silodosin), our new selective alpha-blocker that provides rapid and sustained relief of the signs and symptoms of benign prostatic hyperplasia (BPH)."

"Based on our first quarter results and our view for the remainder of the year, we are raising our outlook for 2009, a clear signal that we remain confident in the growth prospects of each of our divisions, and are optimistic that execution on our business plans will continue to generate increasing value for shareholders," concluded Mr
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SOURCE Watson Pharmaceuticals, Inc.
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