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Barr Reports First Quarter 2008 GAAP Earnings of $0.21 Per Share; Adjusted Earnings of $0.57 Per Share
Date:5/8/2008

, 2008, the Company had approximately 70 Abbreviated New Drug Applications, including tentatively approved applications, pending at the U.S. Food and Drug Administration (FDA) targeting branded pharmaceutical products with an estimated $30 billion in sales. The Company also had approximately 300 product registrations, representing 79 molecules, pending with regulatory bodies in Europe and ROW.

During the first quarter of 2008, the Company received three generic product approvals in the U.S. from the FDA, and approximately 35 approvals, representing 24 molecules, from regulatory bodies in Europe and ROW.

Proprietary Products

The Company currently has an extensive proprietary clinical development program that includes three products in Phase III studies and four New Drug Applications pending at the FDA.

Selling, General and Administrative

The Company's SG&A expenses totaled $194 million during the first quarter of 2008, up from $179 million in the prior year period. The year over year increase in SG&A was primarily related to increased sales and marketing costs related to the promotion of the Company's branded generic products in Europe and ROW.

Interest Expense/Income and Other (Expense) Income

During the first quarter of 2008, the Company recorded $32 million of interest expense, almost all of which is related to interest on the debt incurred in connection with the Company's acquisition of PLIVA in October 2006. In addition, during the first quarter of 2008, the Company recorded interest income of $5 million and other expense of $8 million.

Tax Rate

The Company's tax rate for first quarter of 2008 was 42%, compared to 42% for the prior year period. The effective tax rate for adjusted earnings for the first quarter of 2008 was 33%.

Balance Sheet

The Company's cash, cash equivalents and short-term marketable securities totaled approximately $505 million at March 31, 2008. In addition, the Com
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SOURCE Barr Pharmaceuticals, Inc.
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