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WATSON PHARMACEUTICALS REPORTS RECORD FIRST QUARTER RESULTS

 CORONA, Calif., April 20 /PRNewswire/ -- Watson Pharmaceuticals (NASDAQ: WATS) today reported record results for the first quarter ended March 31, 1993. Revenues for the period were $14,726,251, a 93-percent increase over revenues of 7,640,492 in the comparable 1992 period. Net income for the quarter increased sharply to $2,345,107, or 15 cents per share, from $573,170, or 4 cents per share, in last year's first quarter. Average shares outstanding for the quarter were 15,202,603, compared with 13,860,632 in the year-earlier period.
 "We were most encouraged by the sales of products that have been on the market for a year or more," said Dr. Allen Chao, president and chief executive officer. "For this product category, the revenue gain of four percent over last year's first quarter sales reflects the success of our strategy to focus on the technically difficult products and specialized products," noted Chao.
 Chao attributed the bulk of the sales increase in the first quarter to new products introduced since last October. Sales of these new products exceeded management's goals, totaling $6.8 million, or 46 percent of first quarter revenues. "The reception of our new products in the first quarter was much stronger than anticipated," continued Chao. "We expect that sales of these products will account for a significant increase in revenues for 1993 and demand for established as well as new products remains strong.
 "Programs to develop new off-patent products and drug delivery systems continued on schedule during the first quarter, as research and development expenditures approached 16 percent of revenues. Furthermore, the recent expansion into the new 96,000 square-foot facility in Corona is allowing us to increase manufacturing capacities and R&D activities," added Chao.
 Watson Pharmaceuticals manufactures and distributes off-patent pharmaceuticals and is developing advanced drug delivery systems designed to enhance the therapeutic benefits of pharmaceutical compounds.
 WATSON PHARMACEUTICALS AND SUBSIDIARIES
 CONSOLIDATED STATEMENT OF INCOME
 (Unaudited, in thousands, except per share data)
 For the three months ended March 31
 1993 1992
 Revenues $ 14,726 $ 7,640
 Cost of revenues 6,945 4,551
 Gross profit 7,781 3,089
 Costs and expenses:
 Research and development 2,389 1,127
 Selling, general and
 administrative 1,386 956
 Total 3,775 2,083
 Operating income 4,006 1,006
 Interest and other income 51 1
 Interest expense (149) (67)
 Income before provision
 for income taxes 3,908 940
 Provision for income taxes 1,563 367
 Net income $ 2,345 $ 573
 Per share data:
 Earnings per common and
 common equivalent share $ 0.15 $ 0.04
 Weighted average number of
 common and common equivalent
 shares outstanding 15,202,603 13,860,632
 -0- 4/20/93
 /CONTACT: Douglas Sherk or Ken Dennard, 415-296-7383, or David Walke, June Filingeri or Miriam Adler, 212-986-5900, all of Morgen-Walke Associates, for Watson Pharmaceuticals/
 (WATS)


CO: Watson Pharmaceuticals ST: California IN: MTC SU: ERN

LH-SG -- SF002 -- 7708 04/20/93 06:31 EDT
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Publication:PR Newswire
Date:Apr 20, 1993
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