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

2009, compared to $137.0 million in the first quarter of 2008 and $153.0 million in the fourth quarter of 2008. Generic gross profit was positively influenced by the launch of new products and product mix. Generic gross profit for the first quarter 2009 reflects approximately $7.3 million in costs related to Watson's Global Supply Chain Initiative. Excluding this item, Generic gross profit was $170.5 million, or 42.4 percent of revenue in the first quarter 2009.

Generic research and development expense increased $7.5 million or 33 percent to $30.1 million, reflecting an acceleration of generic research and development activities. Watson currently has approximately 60 ANDAs on file with the Food and Drug Administration (FDA). 

     Brand Segment Information

                                 Three Months Ended
                                      March 31,
                                     -----------
    (Unaudited; $ in
     millions)                       2009   2008
                                     ----   ----
    Brand Segment Contribution
        Product sales               $98.2  $99.0
        Other revenue                13.8   16.3
                                     ----   ----
      Net revenue                   112.0  115.3
      Cost of sales                  24.2   27.5
                                     ----   ----
        Gross profit                 87.8   87.8
                                     ----   ----
        Gross margin                 78.4%  76.1%

      Research and
       development                   12.2   15.4
      Selling and
       marketing                     36.9   28.0
                                     ----   ----
        Segment
         contribution               $38.7  $44.4
                                    =====  =====
        Segment margin               34.6%  38.5%

Brand product sales for the first quarter of 200
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SOURCE Watson Pharmaceuticals, Inc.
Copyright©2009 PR Newswire.
All rights reserved

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