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Par Pharmaceutical Files Form 10-K for 2006 -- Company to Hold First Analysts' Meeting September 28, 2007
Date:9/6/2007

ce the fourth quarter of 2005, fluticasone nasal spray achieved sales of $50.5 million, amoxicillin added $15.1 million and metoprolol extended release (ER) 25 mg tablets contributed sales of $8.3 million in the fourth quarter of 2006. Sales of cabergoline, introduced in December 2005, increased by $8.4 million from the fourth quarter of 2005. Par markets fluticasone and the amoxicillin products in the U.S. through supply and distribution agreements with GlaxoSmithKline. Par markets metoprolol ER in the U.S. through a supply and distribution agreement with AstraZeneca. Sales of Megace(R) ES (megestrol acetate) oral suspension, the company's first branded product, increased 174 percent to $14.4 million in the fourth quarter. Partially offsetting these increases were reduced sales of paroxetine, which declined by $6.2 million from the fourth quarter of 2005, and tramadol HCl and acetaminophen tablets, which decreased by $4.1 million from the prior-year quarter, due to competitive pressures.

Par's fourth-quarter gross margin was 32 percent of sales, compared to 21 percent in 2005. The increase in the company's gross margin resulted primarily from a $9.2 million asset impairment charge related to Par's purchase of the NDA for Isoptin(R) SR, which was recorded in cost of goods sold in the fourth quarter of 2005.

Research and development expense rose 27 percent to $18.5 million in the fourth quarter of 2006. This resulted primarily from increased spending on biostudies and higher outside development costs.

Fourth-quarter selling, general and administrative (SG&A) expense increased 53 percent to $37.2 million. In the fourth quarter of 2006, Par entered into separation and release agreements with certain executive officers of the company and also restructured certain business operations, resulting in an approximate 10 percent workforce reduction. In connection with these actions, the company recorded severance expenses of $5.2 million in the fourth quarter
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SOURCE Par Pharmaceutical Companies, Inc.
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