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

as 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, sev
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SOURCE Watson Pharmaceuticals, Inc.
Copyright©2009 PR Newswire.
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