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Watson Pharmaceuticals Reports Second Quarter 2009 GAAP EPS of $0.46; Adjusted EPS $0.61; Company Raises 2009 Outlook
Date:7/29/2009

MORRISTOWN, N.J., July 29 /PRNewswire-FirstCall/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI), a leader in generic and specialty branded pharmaceuticals, today reported net income of $53.0 million, or $0.46 per diluted share. Excluding special items as detailed in the reconciliation table below, adjusted net income for the second quarter was $70.4 million, or $0.61 per diluted share, an increase of $15.8 million or 29 percent. Adjusted EBITDA for the second quarter 2009 was $164.1 million.

Net revenue for the second quarter 2009 was a record $677.8 million, an increase of $55.1 million or nine percent from the second quarter 2008. Cash flow from operations was $91.7 million and cash and marketable securities were $650.9 million as of June 30, 2009.

"Fourteen percent growth in Generic product sales and the launches of Rapaflo(TM) and Gelnique(TM) in our Brand business were among the key highlights of our second quarter," said Paul Bisaro, Watson's President and Chief Executive Officer. "Based on our performance in the first six months of 2009 and our expectations for the remainder of the year, we are again raising our full-year 2009 outlook to an adjusted diluted EPS range of $2.50 to $2.58."

"During the quarter, we also took important strategic steps to further position Watson for long-term success, which culminated in the announcement of our intent to acquire the Arrow Group," Mr. Bisaro continued. "With the completion of this transaction anticipated later this year, Arrow will expand our global footprint and leverage our assets across many developed and emerging markets around the world."

    Second Quarter 2009 Business Segment Results


    Generic Segment Information

                                  Three Months Ended      Six Month
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SOURCE Watson Pharmaceuticals, Inc.
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