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Par Pharmaceutical Reports Adjusted EPS of $0.49 for First Quarter 2009
Date:5/6/2009

Strong Quarter Driven by Improved Margins and Higher Sales of Select Generic Products

WOODCLIFF LAKE, N.J., May 6 /PRNewswire-FirstCall/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) today reported results for the first quarter ended March 28, 2009.

Par reported total revenues of $204.0 million and net income of $16.1 million, or $0.48 per diluted share, which included a change in estimate relating to the final Pentech settlement agreement, restructuring-related costs, a milestone payment to MonoSol Rx, and a required change in accounting principle that results in non-cash interest expense (FSP APB 14-1). Adjusting for these items, earnings per diluted share were $0.49 for the three month period ended March 28, 2009. This is compared to reported revenues of $154.9 million and net income of $1.4 million, or $0.04 per diluted share for the same period in 2008 as adjusted for the adoption of FSP APB 14-1, which became effective January 1, 2009. Adjusting for one-time items, earnings per diluted share were $0.17 in the first quarter of 2008.

First Quarter Highlights

Key Product Sales (Net sales comparisons at the product level are to fourth quarter 2008)

  • Metoprolol: For the quarter ended March 28, 2009, net sales of metoprolol succinate reached $112.2 million, an increase of 127% from the fourth quarter 2008. Commencing in the first quarter of 2009, Par became the exclusive supplier of metoprolol succinate resulting in increased volume and price. Par is the authorized generic for all strengths of AstraZeneca's Toprol(R) XL.

  • Sumatriptan: Net sales of sumatriptan injection were $16.0 million for the quarter ended March 28, 2009 compared to $18.1 million in the fourth quarter when t
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SOURCE Par Pharmaceutical Companies, Inc.
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