KV Pharmaceutical Company Completes Unaudited Fiscal 2007 Results; Receives Trading Extension...(to fiscal 2006 net revenues of $203.8 mi...),Health

Date:2/15/2008

to fiscal 2006 net revenues of $203.8 million. Results for fiscal 2007 were attributable to continued growth in ETHEX's existing product lines, with particular contribution from the cardiovascular, pain management and cough/cold lines, as well as from net revenue contribution from the ANDA approval received for Diltiazem HCl extended release capsules (generic alternative to Tiazac(R), Forest Laboratories) which was launched late in the second quarter. Even though it was not the first generic to market, ETHEX has already captured 17.9% market share by the end of fiscal 2007 with above- average gross margins and has continued market share gains throughout the first half of fiscal 2008. The increase in net revenues at ETHEX Corporation was reported despite the adverse effect of routine volume and price deterioration on certain products.

ETHEX's operating performance remained strong as measured by gross profit margins. Fiscal 2007 gross margin was 58.7%, up from 54.9% in fiscal 2006. The Company believes its gross margins remain significantly higher than average gross margins in the generic drug industry segment and that trend has continued with the subsequent approval and launch after fiscal 2007 year-end of metoprolol succinate extended release tablets (generic alternative to Toprol-XL(R), AstraZeneca), 100 mg and 200 mg strengths for which the Company was granted a first-to-file approval and a six-months exclusivity period in the marketplace.

The approval of metoprolol succinate extended release tablets was received during the first quarter of fiscal 2008. The 100 mg and 200 mg strengths of metropolol succinate extended release tablets were launched during the second quarter of the Company's current fiscal year, contributing $50.4 million in net revenues to ETHEX Corporation during the second quarter launch period. The Company has applications pending approval at the FDA for the two additional strengths of metoprolol succinate 25 mg and 50 mg. The appro
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SOURCE KV Pharmaceutical Company Copyright©2008 PR Newswire. All rights reserved

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