Navigation Links
Watson Pharmaceuticals Reports Fourth Quarter and Full Year 2008 Results; Provides 2009 Outlook
Date:2/19/2009

CORONA, Calif., Feb. 19 /PRNewswire-FirstCall/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI), a leader in generic and specialty branded pharmaceuticals, today reported financial results for its fourth quarter and fiscal year ended December 31, 2008.

Fourth Quarter 2008 Results

Net revenue for the fourth quarter 2008 increased $17.9 million or 3 percent from the fourth quarter 2007 to $645.2 million. Excluding special items as detailed in the reconciliation table below, adjusted net income for the fourth quarter was $60.6 million, or $0.53 per diluted share. GAAP net income was $56.4 million, or $0.50 per diluted share. Adjusted EBITDA for the fourth quarter 2008 was $143.2 million and cash flow from operations was $176.3 million. Cash and marketable securities were $520.8 million as of December 31, 2008.

"This was a very positive quarter for Watson, capping off what proved to be a watershed year for the Company," said Paul Bisaro, President and Chief Executive Officer of Watson. "We demonstrated strong performance in all our divisions, delivered on the aggressive goals and strategic initiatives we set at the outset of 2008, and continued to provide shareholder value while building our pipelines, efficiencies and momentum for 2009 and beyond."

"While we made significant progress on each of our initiatives and in each of our divisions, the biggest news of 2008 came from the Brand division where we received first cycle approvals on two new products and had one new NDA accepted by the FDA, putting us in the unique position to potentially introduce three new brand products in 2009 to treat the top three conditions in urology -- a specialty focus for Watson. This accomplishment speaks volumes about the high quality and efficiency of our R&D and regulatory groups, and signals our ability and commitment to growing and expanding our business across divisions and around the globe," concluded Mr. Bisaro.

Full Year 2008 Results

For the full year ended December 31, 2008, net revenue was a record $2.54 billion, as compared to $2.50 billion for fiscal year 2007. On an adjusted basis, as detailed in the attached reconciliation table, net income for 2008 was $231.2 million, or $2.03 per diluted share, as compared to adjusted net income of $152.0 million, or $1.37 per diluted share, for the same period of 2007. GAAP net income for 2008 was $238.4 million, or $2.09 per diluted share, as compared to GAAP net income of $141.0 million, or $1.27 per diluted share, for 2007.

    Fourth Quarter and Full Year 2008 Business Segment Results

    Generic Segment Information

                                   Three Months Ended   Twelve Months Ended
                                      December 31,          December 31,
    (Unaudited; $ in thousands)      2008      2007        2008        2007
    Generic Segment Contribution
        Product sales              $365,037  $343,733  $1,403,975  $1,408,885
        Other revenue                 2,109    30,157      70,358      92,991
      Net revenue                   367,146   373,890   1,474,333   1,501,876
      Cost of sales                 214,156   223,967     883,832     917,863
        Gross profit                152,990   149,923     590,501     584,013
        Gross margin                  41.7%     40.1%       40.1%       38.9%

      Research and development       35,760    25,390     119,218     102,426
      Selling and marketing          13,362    13,586      55,230      55,350
        Segment contribution       $103,868  $110,947    $416,053    $426,237
        Segment margin                28.3%     29.7%       28.2%       28.4%

Generic product sales for the fourth quarter of 2008 increased $21.3 million to $365.0 million, reflecting the launch of new products. Generic other revenue decreased $28.0 million to $2.1 million, due primarily to a decline in royalties related to Sandoz's sales of metoprolol succinate extended-release tablets 50mg.

Generic gross profit was $153.0 million, or 41.7 percent of revenue, in the fourth quarter of 2008, compared to $149.9 million in the fourth quarter of 2007 and $151.4 million in the third quarter of 2008. Generic gross profit was positively influenced by certain new products, including omeprazole delayed-release capsules 40mg and transdermal fentanyl, which was offset by lower other revenue. Generic gross profit for the fourth quarter 2008 reflects approximately $6.0 million in costs related to Watson's Global Supply Chain Initiative. Excluding this item, Generic gross profit was $159.0 million, or 43.3 percent of revenue in the fourth quarter 2008.

Generic research and development expense increased $10.4 million to $35.8 million, reflecting an acceleration in activities following rationalization of the development portfolio. Watson currently has approximately 60 ANDAs on file, including tentative approvals.

For the full year 2008, Generic product sales were essentially unchanged at $1.40 billion. An increase of new product launches, including the launch of omeprazole delayed-release capsules 40mg and increased sales of transdermal fentanyl was offset by a loss in revenue from oxycodone HCl extended-release tablets. Generic other revenue decreased $22.6 million to $70.4 million due primarily to a decline in royalties related to Sandoz's sales of metoprolol succinate extended-release tablets 50mg.

Generic gross margin increased from 38.9 percent in 2007 to 40.1 percent in 2008, due to enhanced operational efficiencies and an improved product mix. Generic gross profit for 2008 reflects approximately $27.8 million in costs related to Watson's Global Supply Chain Initiative. Excluding this item, Generic gross profit was $618.3 million, or 41.9 percent of revenue in 2008.


    Brand Segment Information

                                       Three Months Ended  Twelve Months Ended
                                           December 31,       December 31,
    (Unaudited; $ in thousands)           2008     2007      2008      2007
    Brand Segment Contribution
        Product sales                   $102,269  $94,106  $397,025  $375,202
        Other revenue                     13,442   15,232    57,953    53,520
      Net revenue                        115,711  109,338   454,978   428,722
      Cost of sales                       24,912   25,814   107,079    99,913
        Gross profit                      90,799   83,524   347,899   328,809
        Gross margin                       78.5%    76.4%     76.5%     76.7%

      Research and development            11,809   10,435    50,904    42,367
      Selling and marketing               31,605   28,664   118,198   108,061
        Segment contribution             $47,385  $44,425  $178,797  $178,381
        Segment margin                     41.0%    40.6%     39.3%     41.6%

Brand product sales for the fourth quarter of 2008 increased $8.2 million or 9 percent to $102.3 million, primarily due to increased sales of Specialty products. Brand other revenue decreased $1.8 million to $13.4 million.

Gross margin for the Brand segment increased from 76.4 percent in the fourth quarter 2007 to 78.5 percent in the fourth quarter 2008, reflecting a more favorable product mix.

For the full year 2008, Brand segment product sales increased 6 percent or $21.8 million to $397.0 million, compared to $375.2 million for 2007, due primarily to increased sales of Trelstar(R). Brand other revenue increased $4.4 million to $58.0 million.

Brand segment gross margin for 2008 was 76.5%, consistent with 2007 levels.

Brand research and development increased 20 percent or $8.5 million to $50.9 million, due primarily to milestone payments made following the Rapaflo(TM) and Trelstar(R) New Drug Application (NDA) filings. The Company recently received FDA approval for Rapaflo(TM) (silodosin), its alpha blocker for the treatment of the signs and symptoms of benign prostatic hyperplasia. The Company plans to launch Rapaflo(TM) in late March. Additionally, the Company recently received FDA approval for Gelnique(TM) (oxybutynin chloride) Gel 10%, its topical gel for the treatment of overactive bladder. Watson plans to launch Gelnique(TM) in late April. Also, during the fourth quarter 2008, Watson filed an NDA with FDA for its six month formulation of Trelstar(R) (triptorelin pamoate for injection suspension). The Company anticipates that FDA will take action on the Trelstar(R) application in the third quarter of 2009.


    Distribution Segment Information

                                       Three Months Ended  Twelve Months Ended
                                           December 31,       December 31,
    (Unaudited; $ in thousands)          2008      2007      2008      2007
    Distribution Segment Contribution
      Net revenue                      $162,368  $144,107  $606,190  $566,053
      Cost of sales                     137,099   123,397   511,911   486,980
        Gross profit                     25,269    20,710    94,279    79,073
        Gross margin                      15.6%     14.4%     15.6%     14.0%
      Selling and marketing              15,819    12,777    59,514    52,023
        Segment contribution             $9,450    $7,933   $34,765   $27,050
        Segment margin                     5.8%      5.5%      5.7%      4.8%

Distribution segment net revenue for the fourth quarter of 2008 increased 13 percent or $18.3 million to $162.4 million. The increase was primarily due to new product launches. Distribution revenue excludes sales of Watson products.

Distribution segment gross margin increased to 15.6 percent in the fourth quarter 2008, compared to 14.4 percent in the fourth quarter 2007, due primarily to recent cost savings initiatives.

For the full year 2008, Distribution segment net revenues increased seven percent or $40.1 million to $606.2 million, compared to $566.1 million in 2007. This increase was largely driven by new product launches.

Other Operating Expenses

Amortization expense declined $24.0 million to $20.1 million for the fourth quarter 2008 and declined $95.7 million to $80.7 million for the full year 2008, reflecting the full amortization of Ferrlecit(R) product rights as of December 31, 2007.

2009 Financial Outlook

Watson's estimates are based on actual results for 2008 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:

-- Total Generic segment revenue between $1.45 billion and $1.55 billion.

-- Total Brand segment revenue between $445 million and $470 million.

-- Total Distribution segment revenue between $660 and $710 million.

Research and development investment for 2009 is expected to be $180 to $190 million. Selling, general and administrative expenses for 2009 are expected to be $450 to $470 million. Amortization expense for 2009 is expected to be approximately $88 million.

In 2009, the Company expects to incur pre-tax costs associated with the planned closure of its Carmel, NY manufacturing facilities of approximately $23 million which includes accelerated depreciation, severance, retention and other related plant closure costs. These charges and other items are excluded from Watson's 2009 adjusted EBITDA and earnings per diluted share forecasts as detailed in Table 6 and 7 below.

For 2009, the Company expects adjusted diluted earnings per share to be between $2.18 and $2.28 and GAAP earnings per diluted share between $2.03 and $2.13. Adjusted EBITDA is expected to be between $600 million and $620 million.

This forecast includes only a modest contribution from Watson's sales of generic Micro-K(R) and generic Toprol XL(R). Due to production issues experienced by certain competitors, there is currently a supply disruption for these products. If the current competitive landscape for these two products does not change significantly and we are able to obtain timely approval for our generic Toprol XL(R) product, it is likely that the Company will significantly exceed its current earnings per share forecast.

Webcast and Conference Call Details

Watson will host a conference call and webcast today at 8:30 a.m. Eastern Standard Time to discuss fourth quarter 2008 results, the outlook for 2009 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 82174623. 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 Standard Time, February 27, 2009. To access the live webcast, go to Watson Investor Relations Web site at http://ir.watson.com.

About Watson Pharmaceuticals, Inc.

Watson Pharmaceuticals, Inc. is a global leader in the development and distribution of pharmaceuticals with a broad portfolio of generic products and a specialized portfolio of branded pharmaceuticals focused on Urology, Gynecology and Nephrology/Medical. Watson pursues a growth strategy combining internal product development, strategic alliances and collaborations, and synergistic acquisitions of products and businesses.

For press release and other company information, visit the Watson Pharmaceuticals Web site at http://www.watson.com.

Forward-Looking Statement

Statements contained in this press release that refer to Watson's estimated or anticipated future results or other non-historical facts are forward-looking statements that reflect Watson's current perspective of existing trends and information as of the date of this release. For instance, any statements in this press release concerning prospects related to Watson's strategic initiatives, product introductions and anticipated financial performance are forward-looking statements. It is important to note that Watson's goals and expectations are not predictions of actual performance. Watson's performance, at times, will differ from its goals and expectations. Actual results may differ materially from Watson's current expectations depending upon a number of factors affecting Watson's business. These factors include, among others, the inherent uncertainty associated with financial projections; the impact of competitive products and pricing; the difficulty of predicting the timing or outcome of litigation; successful integration of strategic transactions; the ability to recognize the anticipated synergies and benefits of strategic transactions; variability of revenue mix between the Company's Brand, Generic and Distribution business units; periodic dependence on a small number of products for a material source of net revenue or income; variability of trade buying patterns; changes in generally accepted accounting principles; risks that the carrying values of assets may be negatively impacted by future events and circumstances; timely and successful consummation and implementation of strategic initiatives; the timing and success of product launches; the difficulty of predicting the timing or outcome of product development efforts and FDA or other regulatory agency approvals or actions; the uncertainty associated with the identification and successful consummation of external business development transactions; market acceptance of and continued demand for Watson's products; costs and efforts to defend or enforce intellectual property rights; difficulties or delays in manufacturing; the availability and pricing of third party sourced products and materials; successful compliance with FDA and other governmental regulations applicable to Watson's and its third party manufacturers' facilities, products and/or businesses; uncertainties related to the timing and outcome of litigation and other claims; changes in the laws and regulations, including Medicare and Medicaid, affecting among other things, pricing and reimbursement of pharmaceutical products; and such other risks and uncertainties detailed in Watson's periodic public filings with the Securities and Exchange Commission, including but not limited to Watson's Annual Report. Except as expressly required by law, Watson disclaims any intent or obligation to update these forward-looking statements.

Toprol XL(R) and Micro-K(R) trademarks are the property of their registered owners.

The following table presents Watson's results of operations for the three and twelve months ended December 31, 2008 and 2007:

                                                                       Table 1

                         Watson Pharmaceuticals, Inc.
               Condensed Consolidated Statements of Operations
             (Unaudited; in thousands, except per share amounts)

                                   Three Months Ended   Twelve Months Ended
                                      December 31,          December 31,
                                     2008      2007       2008        2007


    Net revenues                   $645,225  $627,335  $2,535,501  $2,496,651
    Cost of sales (excludes
     amortization, presented
     below)                         376,167   373,178   1,502,822   1,504,756
    Gross profit                    269,058   254,157   1,032,679     991,895

    Operating expenses:
      Research and development       47,569    35,825     170,122     144,793
      Selling, general and
       administrative               111,231   108,284     423,428     421,151
      Amortization                   20,121    44,158      80,690     176,409
      Loss (gain) on asset
       sales/impairments                  8       -           311      (6,118)
       Total operating expenses     178,929   188,267     674,551     736,235
    Operating income                 90,129    65,890     358,128     255,660

    Non-operating (expense)
     income, net:
      Loss on early extinguishment
       of debt                          -      (1,143)     (1,095)     (5,553)
      Interest income                 2,904     2,190       9,055       8,886
      Interest expense               (7,452)   (8,997)    (28,184)    (44,473)
      Other income                    1,034     1,878      20,409       9,764
       Total non-operating
        (expense) income, net        (3,514)   (6,072)        185     (31,376)


    Income before income taxes       86,615    59,818     358,313     224,284
    Provision for income taxes       30,229    21,415     119,934      83,254
    Net income                      $56,386   $38,403    $238,379    $141,030

    Diluted earnings per share        $0.50     $0.34       $2.09       $1.27

    Diluted weighted average
     shares outstanding             117,997   117,374     117,723     117,039

The following table presents Watson's Condensed Consolidated Balance Sheets as of December 31, 2008 and 2007.

                                                           Table 2

                         Watson Pharmaceuticals, Inc.
                    Condensed Consolidated Balance Sheets
                          (Unaudited; in thousands)

                                                December 31,      December 31,
                                                    2008               2007

    Assets
     Cash and cash equivalents                    $507,578           $204,554
     Marketable securities                          13,202             11,799
     Accounts receivable, net                      305,009            267,117
     Inventories                                   473,127            490,601
     Other current assets                          159,501            199,705
     Property and equipment, net                   658,465            688,185
     Investments and other assets                  132,897            129,920
     Product rights and other
      intangibles, net                             560,023            603,697
     Goodwill                                      868,085            876,449
      Total assets                              $3,677,887         $3,472,027

    Liabilities & Stockholders' Equity
     Current liabilities                          $481,995           $444,927
     Long-term debt                                824,678            899,408
     Deferred income taxes and other
      liabilities                                  262,629            278,227
     Stockholders' equity                        2,108,585          1,849,465
      Total liabilities and
       stockholders' equity                     $3,677,887         $3,472,027

The following table presents Watson's Condensed Consolidated Statements of Cash Flows for the twelve months ended December 31, 2008 and 2007.

                                                                      Table 3

                         Watson Pharmaceuticals, Inc.
               Condensed Consolidated Statements of Cash Flows
                          (Unaudited; in thousands)

                                                    Twelve Months Ended
                                                         December 31,
                                                    2008              2007

    Cash Flows from Operating Activities:
    Net income                                    $238,379          $141,030
    Reconciliation to net cash provided
     by operating activities:
     Depreciation and amortization                 170,737           253,559
     Deferred income tax provision (benefit)         3,513            (6,250)
     Provision for inventory reserve                45,693            46,853
     Restricted stock and stock option
      compensation                                  18,537            14,244
     Other adjustments                             (22,987)           (4,511)
    Changes in assets and liabilities:
     Accounts receivable, net                      (37,892)          120,575
     Inventories                                   (28,219)          (25,093)
     Accounts payable and accrued expenses         (17,658)         (117,751)
     Income taxes payable                           24,393             7,703
     Other assets and liabilities                   22,058            (3,181)
        Total adjustments                          178,175           286,148
            Net cash provided by operating
             activities                            416,554           427,178
    Cash Flows from Investing Activities:
    Additions to property, equipment and
     product rights                               (100,488)          (75,870)
    Additions to marketable securities
     and long-term investments                      (8,202)           (8,451)
    Proceeds from sale of marketable
     securities and investments                     14,933             4,113
    Other investing activities, net                    400            15,916
            Net cash used in investing
             activities                            (93,357)          (64,292)

    Cash Flows from Financing Activities:
    Payments on term loan, current debt
     and other long-term liabilities               (95,635)         (329,532)
    Proceeds from issuance of short-term debt       67,909             2,645
    Proceeds from stock plans                        8,438            16,160
    Repurchase of common stock                        (885)           (1,776)
            Net cash used in financing activities  (20,173)         (312,503)
            Net increase in cash and cash
             equivalents                           303,024            50,383
    Cash and cash equivalents at beginning of
     period                                        204,554           154,171
    Cash and cash equivalents at end of period    $507,578          $204,554

The following table presents a reconciliation of reported net income and diluted earnings per share to adjusted net income and diluted earnings per share for the three and nine months ended December 31, 2008 and 2007:

                                                                       Table 4

                         Watson Pharmaceuticals, Inc.
                             Reconciliation Table
              (Unaudited; in thousands except per share amounts)

                                       Three Months Ended  Twelve Months Ended
                                            December 31,       December 31,
                                           2008     2007      2008      2007


    GAAP to adjusted net income
     calculation

       Reported GAAP net income          $56,386  $38,403  $238,379  $141,030
       Adjusted for:
                Global supply chain
                 initiative(1)             6,532      -      30,436       -
                Acquisition and
                 licensing charges           -      1,494     6,500    12,782
                Gain on sale of assets       -        -      (9,605)  (13,089)
                Loss on asset sales and
                 impairments                   8      132       311     4,631
                Favorable settlement of
                 tax related liability       -        -      (5,928)      -
                Loss on debt repurchases     -      1,143     1,095     5,553
                Legal settlements            -       (800)  (15,000)    7,858
                Income taxes              (2,282)    (704)  (14,955)   (6,716)
       Adjusted net income                60,644   39,668   231,233   152,049
       Add:  Interest expense on CODES,
        net of tax                         2,029    1,873     7,939     7,779
       Adjusted net income, adjusted for
        interest on CODES                $62,673  $41,541  $239,172  $159,828

    Diluted earnings per share

       Diluted earnings per share - GAAP   $0.50    $0.34     $2.09     $1.27

       Diluted earnings per
        share - Adjusted                   $0.53    $0.35     $2.03     $1.37

       Basic weighted average common
        shares outstanding               103,035  102,608   102,821   102,273
       Effect of dilutive securities:
          Conversion of CODES             14,357   14,357    14,357    14,357
          Dilutive share-based
           compensation arrangements         605      409       545       409
       Diluted weighted average common
        shares outstanding               117,997  117,374   117,723   117,039

    (1)  For the three months ended December 31, 2008, global supply chain
         initiative charges of $6,532 were represented within cost of sales
         ($6,045), research and development ($406) and selling, general and
         administrative ($81). For the twelve months ended December 31, 2008,
         global supply chain initiative charges of $30,436 were represented
         within cost of sales ($28,049), research and development ($1,444) and
         selling, general and administrative ($943). For the three and twelve
         months ended 2008, cost of sales included accelerated depreciation
         charges of $1,807 and $7,407, respectively.


    The following table presents a reconciliation of reported net income for
the three and twelve months ended December 31, 2008 and 2007 to adjusted
EBITDA:

                                                                     Table 5

                         Watson Pharmaceuticals, Inc.
                     Adjusted EBITDA Reconciliation Table
                           (Unaudited; in millions)

                                        Three Months Ended Twelve Months Ended
                                             December 31,      December 31,
                                             2008     2007     2008     2007

    GAAP net income                         $56.4    $38.4   $238.4   $141.0
    Plus:
         Interest expense                     7.4      9.0     28.2     44.5
         Interest income                     (2.9)    (2.2)    (9.0)    (8.9)
         Provision for income taxes          30.2     21.4    119.9     83.2
         Depreciation (2008 includes
          accelerated depreciation)          22.7     20.2     90.0     77.2
         Amortization                        20.1     44.2     80.7    176.4
    EBITDA                                  133.9    131.0    548.2    513.4
    Adjusted for:
         Global supply chain initiative       4.7      -       23.0      -
         Acquisition and licensing charges    -        1.5      6.5     12.8
         Gain on sale of assets               -        -       (9.6)   (13.1)
         Loss on asset sales and
          impairments                         -        0.1      0.3      4.6
         Favorable settlement of tax
          related liability                   -        -       (5.9)     -
         Loss on early extinguishment of
          debt                                -        1.2      1.1      5.6
         Legal settlements                    -       (0.8)   (15.0)     7.9
         Share-based compensation             4.5      3.9     18.5     14.2
    Adjusted EBITDA                        $143.1   $136.9   $567.1   $545.4

The following table presents a reconciliation of forecasted net income for the 12 months ending December 31, 2009 to adjusted net income and adjusted earnings per diluted share:

                                                                      Table 6

                         Watson Pharmaceuticals, Inc.
    Reconciliation Table - Forecasted Adjusted Earnings per Diluted Share
              (Unaudited; in millions except per share amounts)

                                             Forecast for Twelve Months Ending
                                                      December 31, 2009
                                                     Low               High

    GAAP to adjusted net income calculation

         GAAP net income                            $233.2            $245.3
         Adjusted for:
                  Licensing charges                    4.3               4.3
                  Global supply chain initiative      22.7              22.7
                  Income taxes                       (10.0)            (10.0)
         Adjusted net income                         250.2             262.3
         Add:  Interest expense on CODES, net of tax   7.9               7.9
         Adjusted net income, adjusted for interest
          on CODES                                  $258.1            $270.2

    Diluted earnings per share

         Diluted earnings per share - GAAP           $2.03             $2.14

         Diluted earnings per share - Adjusted       $2.18             $2.28

         Diluted weighted average common shares
          outstanding                                118.6             118.6

The reconciliation table is based in part on management's estimate of net income for the year ending December 31, 2009. Watson expects certain known GAAP charges for 2009, as presented in the schedule above. Other GAAP charges that may be excluded from adjusted net income are possible, but their amounts are dependent on numerous factors that we currently cannot ascertain with sufficient certainty or are presently unknown. These GAAP charges, such as potential asset impairment charges, are dependent upon future events and valuations that have not yet been performed.

The following table presents a reconciliation of forecasted net income for the 12 months ending December 31, 2009 to adjusted EBITDA:

                                                                 Table 7

                         Watson Pharmaceuticals, Inc.
              Reconciliation Table - Forecasted Adjusted EBITDA
                           (Unaudited; in millions)

                                             Forecast for Twelve Months Ending
                                                       December 31, 2009
                                                     Low               High

    GAAP net income                                 $233.2             $245.3
    Plus:
          Interest expense                            21.1               21.1
          Interest income                            (13.3)             (12.5)
          Provision for income taxes                 137.0              144.1
          Depreciation (includes accelerated
           depreciation)                              97.5               97.5
          Amortization                                87.8               87.8
    EBITDA                                           563.3              583.3
    Adjusted for:
          Share-based compensation                    16.9               16.9
          Global supply chain initiative              15.5               15.5
          Licensing charges                            4.3                4.3

    Adjusted EBITDA                                 $600.0             $620.0

The reconciliation table is based in part on management's estimate of adjusted EBITDA for the year ending December 31, 2009. Watson expects certain known GAAP charges for 2009, as presented in the schedule above. Other GAAP charges that may be excluded from estimated EBITDA are possible, but their amounts are dependent on numerous factors that we currently cannot ascertain with sufficient certainty or are presently unknown. These GAAP charges, such as potential asset impairment charges, are dependent upon future events and valuations that have not yet been performed.

(Logo: http://www.newscom.com/cgi-bin/prnh/20020214/WATSONLOGO)


'/>"/>
SOURCE Watson Pharmaceuticals, Inc.
Copyright©2009 PR Newswire.
All rights reserved


Related medicine news :

1. Watson Acknowledges Federal Trade Commission Action Regarding AndroGel Patent Settlement
2. Warner Chilcott and Watson Pharmaceuticals Announce Agreements on Loestrin(R) 24 and Femcon(R) Fe Patent Litigation
3. Watson Pharmaceuticals Receives FDA Approval for Mint Coated Nicotine Gum
4. Watson Pharmaceuticals Receives FDA Final Approval for Generic Mircette(R)
5. U.S. Workers Taking Steps to Lower Medical Costs, Watson Wyatt Survey Finds
6. China Shenghuo Announces Additional Roll-Out of 12 Ways Cosmetics Products to Watsons Stores
7. Driving Consumer Engagement Is Focus of Address by Healthfitness Chief Medical Officer at Watson Wyatt Health Care Solutions Event
8. Watson Pharmaceuticals Receives FDA Final Approval for Generic Wellbutrin XL(R) 150 mg
9. Watson Enters Into Agreement to Acquire Products Related to Tevas Proposed Acquisition of Barr
10. Watson Announces the NDA for a 6-Month Formulation of TRELSTAR(R) Accepted for Filing by FDA for the Treatment of Advanced Prostate Cancer
11. Watson Pharmaceuticals Reports Third Quarter 2008 Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/12/2016)... ... 12, 2016 , ... Erlanger Agency has announced a new partnership in its ... campaign focuses on the fight against breast cancer, fundraising for a local woman named ... . , Carmen is a loving single mother of two boys who also serves ...
(Date:2/12/2016)... , ... February 12, 2016 , ... Donor Network West, ... California and Nevada, announced a partnership with San Ramon Regional Medical Center. Under the ... hospital’s facilities as a way to accommodate a more certain time frame for donor ...
(Date:2/12/2016)... ... ... For Coast Dental dentist Everet Lake, DDS, the smiles began at dawn. ... before 7 a.m. to volunteer at Friday’s Dentistry from the Heart event in New ... help hundreds of uninsured and underinsured people receive much-needed dental care. , This ...
(Date:2/12/2016)... ... February 12, 2016 , ... Mediaplanet today announces the ... print component of “Revolutionizing Cancer Care” is distributed within the February 12 issue ... with a circulation of approximately 250,000 copies and an estimated readership of 750,000 ...
(Date:2/12/2016)... , ... February 12, 2016 , ... ... Drug Categories: Strategies for Health Plans and PBMs,” an upcoming Feb. 24 webinar ... affordability and access in big-dollar therapeutic categories, such as the $1,000-per-pill hepatitis C ...
Breaking Medicine News(10 mins):
(Date:2/12/2016)... 2016 (Kanadische ... http://www.sedar.com ) und der Website ... --> http://www.sedar.com ) und ... abrufbar.    --> Telesta ... Konzernabschluss des zweiten Quartals und die ...
(Date:2/12/2016)... 2016  Sequent Medical, Inc. gab heute bekannt, ... eine Studie zur Sicherheit und Wirksamkeit des WEB™-Systems ... Behandlung von rupturierten intrakraniellen Aneurysmen begonnen hat. Prof. ... an der Universitätsklinik Bicètre in Paris ... den ersten Patienten aufgenommen. Im Rahmen ...
(Date:2/12/2016)... AUSTIN, Texas , Feb. 12, 2016 ... Institute for Robotic Surgery at St. David,s North Austin ... the da Vinci ® Xi ® Surgical ... ® 7000dV. Thiru Lakshman , M.D., ... performed a total proctocolectomy utilizing Integrated Table Motion technology, ...
Breaking Medicine Technology: