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

.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 Supp
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SOURCE Watson Pharmaceuticals, Inc.
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