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Watson Pharmaceuticals Reports Fourth Quarter and Full Year 2008 Results; Provides 2009 Outlook

ty 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

SOURCE Watson Pharmaceuticals, Inc.
Copyright©2009 PR Newswire.
All rights reserved

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