Barr Reports First Quarter 2008 GAAP Earnings of $0.21 Per Share; Adjusted Earnings of $0.57...(in proprietary sales was primarily attri...)

Date:5/8/2008

in proprietary sales was primarily attributable to increased sales of SEASONIQUE extended cycle oral contraceptive, Plan B Over-the-Counter/Rx and the ParaGard(R) IUC, which more than offset the expected decrease in sales of our SEASONALE extended-cycle oral contraceptive, which has faced generic competition since September 2006, and decreased sales of Adderall(R) IR.

Alliance and Development Revenue

During the first quarter of 2008, the Company reported alliance and development revenue of $32 million, up from $25 million in the prior year period. The increase reflects higher royalties earned from the Company's agreement with Teva Pharmaceuticals on fexofenadine hydrochloride tablets, the generic version of Allegra(R) tablets, and higher reimbursements under its Shire development agreement, which more than offset lower reimbursements under its Adenovirus agreement with the Department of Defense, as the Company completed Phase III clinical trial for Adenovirus during the quarter.

Other Revenue

Other revenue primarily includes revenue from the Company's non-core operations, including the agrochemicals business and the diagnostic, disinfectants, dialysis and infusions (DDD&I) business. Other revenue totaled $11 million for the first quarter of 2008, compared to $12 million in the prior year period.

Margins

Generic: Margins in the generic segment were 50% for the first quarter of 2008, up from 44% in the prior year period. Last year's margins were negatively impacted by a charge of approximately $32 million related to the step-up of inventory acquired from PLIVA and sold in the period.

Proprietary: Margins in the proprietary segment were 68% for the first quarter of 2008, up from 66% in the prior year period.

Update on R&D Activities

Research and development expenses totaled $64 million for the first quarter of 2008, compared to $62 million in the prior year period.

Generic Products

At March 31
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SOURCE Barr Pharmaceuticals, Inc. Copyright©2008 PR Newswire. All rights reserved

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