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Barr Reports Second Quarter 2008 GAAP Earnings of $0.52 Per Share; Adjusted Earnings of $0.64 Per Share
Date:8/7/2008

- Launch of Generic Yasmin(R) Oral Contraceptive Contributes to Higher U.S.

Generic Sales

- Continued Strong European and Rest of the World Sales

- Increased Proprietary Product Sales

- Company Reiterates 2008 Adjusted EPS Guidance of $2.75 - $3.05

MONTVALE, N.J., Aug. 7 /PRNewswire-FirstCall/ -- Barr Pharmaceuticals, Inc. (NYSE: BRL) today reported net earnings of $57 million, or $0.52 per share, on revenues of $779 million for the quarter ended June 30, 2008. The current quarter results compare with prior year net earnings of $45 million, or $0.41 per share, on revenues of $634 million. On a non-GAAP basis, adjusted earnings per share were $0.64 for the second quarter of 2008, as compared to $0.77 for the prior year period. A reconciliation of GAAP-based earnings per share to adjusted earnings per share is presented in the table at the end of this press release.

For the six months ended June 30, 2008, net earnings were $80 million, or $0.73 per share, compared to $57 million, or $0.52 per share, in the prior year period. Revenues for the first six months of 2008 totaled $1.4 billion, compared to $1.2 billion for the same period last year. Adjusted earnings per share were $1.22 for the six months ended June 30, 2008, compared to adjusted earnings per share of $1.52 in the prior year period.

"Our second quarter results reflect higher generic product sales, driven by the June launch of our generic Yasmin(R) product under the tradename Ocella(TM), as well as higher sales for our proprietary products business," said Bruce L. Downey, Barr's Chairman and CEO. "Substitution rates on Ocella have started off strong and, as a result, we expect to record stron
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SOURCE Barr Pharmaceuticals, Inc.
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