Par Pharmaceutical Provides Summary of Analyst/In...( Announces Expansion of ...),Health

Announces Expansion of Share Repurchase Program

Launches Strativa, Proprietary Division of Par Pharmaceutical, Inc. Expects First Six Months of 2007 Fully-Diluted EPS of $1.09 to $1.15, or,

Excluding Certain Items, Adjusted EPS of $0.91 to $0.97 Expects 2007 Fully-Diluted EPS of $0.95 to $1.10, or, Excluding Certain

Items, Adjusted EPS of $1.05 to $1.20

WOODCLIFF LAKE, N.J., Sept. 28 /PRNewswire-FirstCall/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) provided a summary of the Analyst/Investor Day it hosted today in New York. The attendees heard presentations from senior members of Par's management team including, Patrick G. LePore, Chairman, Chief Executive Officer and President, Gerard A. Martino, Executive Vice President and Chief Operating Officer, Paul Campanelli, Executive Vice President and President, Generics Division, and John A. MacPhee, Executive Vice President and President, Branded Products Division.

The company also announced today that its Board of Directors has approved an expansion of its share repurchase program allowing for the repurchase of up to $75 million of the company's common stock, representing approximately 10% of its outstanding shares at today's stock price.

"Today's announced repurchase program demonstrates the Board's confidence in Par's long-term outlook," said Mr. Patrick G. LePore, Chairman, Chief Executive Officer and President.

At today's meeting, the company's management team unveiled its refocused strategic direction for the entire business as well as its individual businesses -- generics and proprietary. They discussed the company's transformation into a longer term, more sustainable company with a f
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