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Watson Pharmaceuticals Reports Third Quarter 2008 Results
Date:10/29/2008

Total Net Revenue of $641 Million; GAAP EPS $0.62; Adjusted EPS $0.47

CORONA, Calif., Oct. 29 /PRNewswire-FirstCall/ -- Watson Pharmaceuticals, Inc. (NYSE: WPI), a leading specialty pharmaceutical company, today reported financial results for its third quarter ended September 30, 2008.

Third Quarter 2008 Results

Net revenue for the third quarter 2008 increased $46.0 million or 8 percent from the third quarter 2007 to $640.7 million, and net income was $71.1 million, or $0.62 per diluted share. Excluding special items as detailed in the reconciliation table below, adjusted net income for the third quarter was $53.9 million, or $0.47 per diluted share. Adjusted EBITDA for the third quarter 2008 was $137.2 million and cash flow from operations was $74.0 million. Cash and marketable securities were $352.0 million as of September 30, 2008.

"This has been a positive quarter for Watson, and one that continues to demonstrate the strength and financial health of the Company," began Paul Bisaro, Watson's President and Chief Executive Officer. "Importantly, our performance strength was spread across all of our divisions. The launch of omeprazole 40mg contributed to solid results in our Generics division and two new product launches contributed to a strong performance in our Anda distribution division."

"By far, the biggest news we had this quarter was the approval of RAPAFLO(TM) (silodosin), our new alpha blocker for BPH," continued Mr. Bisaro. "RAPAFLO is the first of three new brand products we expect to introduce in 2009 and will help strengthen the foundation for our future growth in the Urology specialty area. We are committed to achieving strong performances in all of our businesses and remain very optimistic i
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SOURCE Watson Pharmaceuticals, Inc.
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