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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

ribution Net revenue $161.3 $128.0 $315.0 $272.9 Operating expenses: Cost of sales 137.0 107.9 263.0 230.8 Selling and marketing 15.7 14.1 31.8 28.1 ---- ---- ---- ---- Segment contribution $8.6 $6.0 $20.2 $14.0 ==== ==== ===== ===== Segment margin 5.3% 4.7% 6.4% 5.1% Adjusted gross profit (1) $24.3 $20.1 $52.0 $42.1 Adjusted gross margin 15.1% 15.7% 16.5% 15.4% (1) Adjusted gross profit represents net revenue less cost of sales and excludes amortization of acquired intangibles.

Distribution segment net revenue increased 26 percent or $33.3 million to $161.3 million for the second quarter of 2009. The increase was primarily due to higher brand sales and new products launched in the second quarter, including the launch of a generic version of Adderall(R) XR. Distribution revenue excludes sales of Watson products.

Distribution segment adjusted gross margin was 15.1 percent in the second quarter of 2009 compared to 15.7 percent in the second quarter 2008.

Other Operating Expenses

Consolidated general and administrative expenses for the second quarter 2009 increased $15.3 million to $62.1 million, primarily reflecting the inclusion of $11.9 million of expenses related to the acquisition of Arrow Group.

Amortization expense for the second quarter 2009 increased $1.9 million to $22.1 million, reflecting the addition of product rights acquired from Teva Pharmaceutical Industries, Ltd.

2009 Financial Outlook

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SOURCE Watson Pharmaceuticals, Inc.
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