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

set forth in Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2008, in other of the Company's filings with the SEC from time to time, including Current Reports on Form 8-K, and on general industry and economic conditions. Any forward-looking statements included in this news release are made as of the date hereof only, based on information available to the Company as of the date hereof, and, subject to any applicable law to the contrary, the Company assumes no obligation to update any forward-looking statements.

                        PAR PHARMACEUTICAL COMPANIES, INC.
                       CONDENSED CONSOLIDATED BALANCE SHEETS
                         (In Thousands, Except Share Data)
                                    (Unaudited)

                                                    March 28,  December 31,
                                                      2009         2008
          ASSETS
          ------
    Current assets:
       Cash and cash equivalents                    $133,773     $170,629
       Available for sale debt and marketable
        equity securities                             70,813       93,097
       Accounts receivable, net                      131,658       83,408
       Inventories                                    48,720       42,504
       Prepaid expenses and other current assets      19,064       20,040
       Deferred income tax assets                     35,941       53,060
       Income taxes receivable                        39,856       35,397
       Total current assets                          479,825      498,135

       Property, plant and equipment, at cost
        less accumulated depreciation and
         amortization                                 79,319       79,439
       Available for sale debt and marketable
        equity securities                                375        1,949
       Intangible assets, net           
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SOURCE Par Pharmaceutical Companies, Inc.
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