Revises 2008 Financial Guidance
New Launches Should Contribute Significantly in Second Half
WOODCLIFF LAKE, N.J., Aug. 7 /PRNewswire-FirstCall/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) today announced results for the second quarter ended June 28, 2008.
Second Quarter and Six Month Results
For the second quarter ended June 28, 2008, Par reported total revenues of $112.9 million and a net loss of $20.1 million, or $0.60 per diluted share. This is compared with reported revenues of $167.6 and net income of $2.8 million, or $0.08 per diluted share, for the same period in 2007. For the six months ended June 28, 2008, Par reported total revenues of $267.9 million and a net loss of $17.5 million, or $0.53 per diluted share. This is compared with reported revenues of $401.9 million and net income of $44.3 million, or $1.27 per diluted share, for 2007.
Patrick G. LePore, chairman, president and chief executive officer of Par said, "Contributing to the Company's disappointing financial results in the second quarter was the lack of new product launches, which is the life-line of the U.S. generics industry. However, I am still confident in our strategy and the outlook for the remainder of 2008 and beyond." Mr. LePore continued, "Our third quarter launches of dronabinol and meclizine, potential additional launches later in the year, strong pipeline of first-to-file products, and progress made in building Strativa's portfolio of innovative branded products positions the Company for long term success."
Second Quarter Financial Review
For the second quarter ended June 28, 2008, total revenues decreased
32.6% compared with the same period a year earlier as a result of increased
|SOURCE Par Pharmaceutical Companies, Inc.|
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