Par Pharmaceutical Reports EPS of $0.71 for Second Qu...( WOODCLIFF LAKE N.J....),Health

WOODCLIFF LAKE, N.J., Aug. 4 /PRNewswire-FirstCall/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) today reported results for the second quarter ended June 27, 2009.

For the second quarter ended June 27, 2009, Par reported total revenues of $404.0 million and net income of $23.8 million, or $0.71 per diluted share, which included a one-time gain related to the acquisition of certain assets of MDRNA's Hauppauge, NY facility. Adjusting for this item, earnings per diluted share were $0.65 for the three month period ended June 27, 2009. This is compared to reported revenues of $112.9 million and a net loss of $21.2 million, or $0.64 loss per diluted share for the same period in 2008, which included a one-time development milestone payment to a partner. Adjusting for this item, loss per diluted share was $0.61 for the three month period ended June 28, 2008.

For the six months ended June 27, 2009, total revenue was $608.0 million with net income of $39.9 million, or $1.18 per diluted share. This is compared to total revenues of $267.9 million and a net loss of $19.8 million, or $0.60 per diluted share in the same period of 2008.

Second Quarter Highlights

Key Product Sales (Net sales comparisons at the product level are to first quarter 2009)

• Metoprolol: For the quarter ended June 27, 2009, net sales of metoprolol succinate reached $306 million, an increase of 173% from the first quarter 2009. The increase was driven by market exclusivity and additional product supply which led to increased volume and price. Par remained the exclusive supplier of metoprolol succinate through the second quarter. Par is the authorized generic for all strengths of AstraZeneca's Toprol(R) XL.
  

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