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

erance, 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
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SOURCE Watson Pharmaceuticals, Inc.
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