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Business Description
Watson Pharmaceuticals, Inc. is primarily engaged in the development, manufacture, marketing and distribution of branded and off-patent (generic) pharmaceutical products. Through internal product development and synergistic acquisitions of products and businesses, the Company has grown into a diversified specialty pharmaceutical company. As of December 31, 2001, Watson marketed more than 30 branded pharmaceutical product lines and approximately 140 off-patent pharmaceutical products. The Company also develops advanced drug delivery systems designed to enhance the therapeutic benefits of existing drug forms.

Financial Information
Watson Pharmaceuticals is engaged in the development, production, marketing and distribution of both branded and off-patent pharmaceutical products. For the six months ended 6/30/02, revenues fell 2% to $585.8 million. Net income declined 28% to $92 million. Revenues reflect lower generic pharmaceutical product sales due to lower sales prices and decreased sales volume. Earnings also reflect a $13.7 million loss on the disposition of assets held.