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WATSON PHARMACEUTICALS ANNOUNCES RECORD SECOND QUARTER AND SIX-MONTH RESULTS

 CORONA, Calif., July 29 /PRNewswire/ -- Watson Pharmaceuticals (NASDAQ: WATS) today reported record results for the second quarter ended June 30, 1993. Revenue for the period was $16,340,803, a 113-percent increase over revenue of $7,681,706 in the year-earlier period. Net income for the quarter also increased dramatically to $3,019,685 or 18 cents per share, from $447,115 or 3 cents per share in the comparable 1992 quarter. Weighted average shares outstanding were 16,649,064, versus 13,761,177 in last year's second quarter.
 Revenue for the six months ended June 30, 1993 increased approximately 103 percent to $31,067,054 from $15,322,198 in the similar 1992 period. Net income for the first half of 1993 rose over 400 percent to $5,364,792 or 34 cents per share, from $1,020,285 or 7 cents per share in the first six months of last year. Weighted average shares outstanding for the period were 15,900,067 versus 13,743,291 for the first half of 1992.
 "Sales of products that have been on the market for a year or more, when compared to year-earlier levels, increased 10 percent during the second quarter and accounted for approximately 50 percent of total revenues for the period," said Dr. Allen Chao, president and chief executive officer. "For the first six months, sales of these products increased eight percent over last year's second quarter and represented approximately 51 percent of total revenues. This strong performance of products in the market for a year or greater continues to illustrate the success of our off-patent pharmaceuticals development strategy.
 "During the quarter, Watson received ANDA approvals for Albuterol Sulfate syrup, Loperamide Hydrochloride oral solution and Verapamil Hydrochloride 40 mg. tablet. Our goal is to begin launching these products by the end of 1993. In addition, the company spend 14 percent of revenue on R&D during the quarter, maintaining its strong commitment to new product development," said Chao.
 "Looking forward, we are working to accelerate the development of two recently re-acquired proprietary drug delivery systems-based products. Prochlorperazine and Buprenorphine, and we continue to focus on developing technically difficult-to-produce off-patent pharmaceuticals," Chao noted.
 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 INC. AND SUBSIDIARIES
 Consolidated Statement of Income
 (Unaudited, in thousands, except per-share data)
 Three Months Six Months
 Ended June 30: 1993 1992 1993 1992
 Revenues $16,341 $ 7,682 $31,067 $15,322
 Cost of revenues 7,906 4,776 14,851 9,326
 Gross profit 8,435 2,906 16,216 5,996
 Costs and Expenses
 Research and development 2,303 1,252 4,692 2,379
 Selling, general and
 administrative 1,213 814 2,599 1,770
 Total 3,516 2,066 7,291 4,149
 Operating income 4,919 840 8,925 1,847
 Interest and other income 162 4 213 22
 Interest expense (48) (109) (197) (194)
 Income before provision for
 income taxes 5,033 735 8,941 1,675
 Provision for income taxes 2,013 288 3,576 655
 Net income $ 3,020 $ 447 $ 5,365 $ 1,020
 Per-Share Data
 Earnings per common and
 common equivalent share $ 0.18 $ 0.03 $ 0.34 $ 0.07
 Weighted average number of
 common and common equivalent
 shares outstanding 16,649,064 13,761,177 15,900,067 13,743,291
 Condensed Consolidated Balance Sheet
 (Unaudited, in thousands)
 June 30, Dec. 31,
 1993 1992
 Total current assets $42,374 $15,983
 Property and equipment, net 20,325 13,968
 Other assets 1,234 1,263
 Total assets $63,933 $31,214
 Total current liabilities $ 9,545 $ 7,655
 Long-term debt 2,489 3,800
 Total liabilities 12,034 11,455
 Stockholders' equity 51,899 19,759
 Total liabilities and
 stockholders' equity $63,933 $31,214
 -0- 7/29/93
 /CONTACT: Doug Sherk or Stu Brunet, 415-296-7383, or June Filingeri or Miriam Adler, 212-850-5600, all of Morgen-Walke, for Watson Pharmaceuticals/
 (WATS)


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

GT-TM -- SF001 -- 7058 07/29/93 06:30 EDT
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Date:Jul 29, 1993
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