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

arily related to changes in market conditions for certain products.

Other Operating Expenses

Consolidated general and administrative expenses for the first quarter 2009 increased $18.4 million to $68.9 million, and includes $18.0 million related to a legal settlement with Elan Corporation, PLC related to naproxen sodium.

Amortization expense for the first quarter 2009 increased $1.6 million to $21.8 million, reflecting the addition of product rights acquired from Teva Pharmaceutical Industries, Ltd.

2009 Financial Outlook

Based on actual results for the first three months of 2009 and the forecast for the remainder of the year, Watson is adjusting its estimates for the full year 2009. Watson's estimates are based on the Company's actual results for the first three months of 2009, 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 2009 at approximately $2.65 billion. Estimates for segment revenue are as follows:

          -- Total Generic segment revenue between $1.50 billion and $1.60
             billion.
          -- Total Brand segment revenue between $445 million and $470
             million.
          -- Total Distribution segment revenue between $660 million and $710
             million.

Watson has increased its estimates for GAAP earnings per diluted share to between $2.15 and $2.27, and as detailed in reconciliation Table 6, adjusted earnings per diluted share is now estimated to be between $2.40 and $2.52.

Excluding special items as detailed in the EBITDA reconciliation Table 7 below, adjusted EBITDA is now estimated to be between $650 and $672 million.

Webcast and Conference Call Details

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SOURCE Watson Pharmaceuticals, Inc.
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