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

ion of new products which were offset in part by price erosion on the base business.

Generic other revenue decreased $19.9 million to $11.6 million due to a decline in royalties from Sandoz's sales of metoprolol succinate extended-release tablets 50mg.

Generic gross profit was $151.4 million in the third quarter of 2008, compared to $146.8 million in the third quarter of 2007 and $149.1 million in the second quarter 2008. Generic gross profit was positively influenced by the launch of new products, including the launch of omeprazole delayed-release capsules 40mg. Generic gross profit for the third quarter 2008 reflects approximately $4.4 million in costs related to Watson's Global Supply Chain Initiative. Excluding this item, Generic gross profit was $155.9 million, or 43 percent of revenue in the third quarter 2008.

Generic research and development expense increased $5.2 million to $31.7 million, reflecting an acceleration of generic research and development pipeline activities. Watson currently has approximately 60 ANDAs on file with the Food and Drug Administration (FDA).

Brand Segment Information

Three Months Ended Nine Months Ended

September 30, September 30,

(Unaudited; $ in thousands) 2008 2007 2008 2007

Brand Segment Contribution

Product sales $94,298 $93,534 $294,756 $281,096

Other revenue 11,677 13,577 44,511 38,288

Net revenue 105,975 107,111 339,267 319,384

Cost of sales 30,224 22,089 82,167 74,099

Gross profit 75,751 85,022 257,100 245,285

Gross margin 71.5% 79.4% 75.8% 76.8%

Research and development 13,586 9,102 39,095 31,932

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SOURCE Watson Pharmaceuticals, Inc.
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