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

njection, dronabinol, and meclizine, tempered by declines in fluticasone and Megace(R) ES.

Gross margin for the first quarter 2009 was $64.1 million, or 31.4% of total revenue, an increase of $14.5 million from the comparable period in 2008. Total generic gross margin in the first quarter 2009 was $52.0 million, or 27.7% of total generic revenue, compared to $30.1 million, or 23.2% of total generic revenue. This increase is due primarily to the launches of sumatriptan and dronabinal and higher sales of metoprolol and meclizine. These four products contributed $29.3 million of gross margin, or 20.2% of such generic revenue. Gross margin of all other generic products was approximately $22.7 million, or 52.9% of other generic revenue. The improvement in total generic gross margin percentage was due primarily to higher sales of sumatriptan, meclizine and dronabinal, and the discontinuation of lower margin generic products as part of the generic division's restructuring announced in the fourth quarter of 2008. Strativa's gross margin of $12.0 million, or 75.4% of total Strativa revenue, decreased compared to the first quarter of 2008 due to lower sales of Megace ES and increased rebates.

Research and Development (R&D) expenses decreased 58.2% to $7.2 million in the first quarter of 2009 compared to the first quarter 2008 due to the resizing of the generic division, which included a headcount reduction and lower development and biostudy costs, as well as decreased expenses related to Strativa milestone payments.

Selling, general and administrative (SG&A) expenses for the first quarter 2009 increased 5.1% to $33.0 million compared to the first quarter 2008. The increase is due to an increase in employment costs and higher legal fees. Branded sales and marketing expenses were essentially flat as increased pre-launch costs behind products currently being developed were tempered by l
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SOURCE Par Pharmaceutical Companies, Inc.
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