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Par Pharmaceutical Reports First Quarter 2008 Results
Date:5/8/2008

period in 2007 primarily due to competitive pressures in the following products: fluticasone, propranolol, various amoxicillin products, tramadol HCl and acetaminophen tablets, glyburide/metformin, cabergoline, ranitidine syrup, as well as lower royalties. Partially offsetting these decreases were increased sales of metoprolol resulting from the launch of additional strengths in the third quarter of 2007.

Par's first quarter gross margin was 32.0% of total revenues compared to 37.4% in 2007. The decrease in the Company's gross margin resulted primarily from the non-recurrence of the 2007 launch of propranolol and decreased sales of certain existing generic products and lower royalty income both resulting from competitive pressure, tempered by higher gross margin contribution from Strativa's net sales of Megace(R) ES.

Research and development (R&D) expenses increased 22.2% for the first quarter 2008 compared with the first quarter 2007, which was primarily attributed to the initial $5.0 million payment to Alfacell Corporation for an exclusive licensing agreement to acquire the commercialization rights to ONCONASE(R).

Selling, general and administrative (SG&A) expenses for the first quarter 2008 decreased 3.7% from first quarter 2007. The decrease is due to lower expenses related to the sales and marketing of Megace(R) ES, lower finance and accounting costs, and lower stock-based compensation employment costs.

During the first quarter of 2008, the Company recognized a gain on the sale of product rights of $1.0 million related to the sale of two non-core ANDAs. In addition, the Company recognized a gain of $0.6 million related to providing certain information and other deliverables related to Megace(R) ES to a third party that is seeking to commercialize Megace(R) ES outside of the U.S..

Year-to-date Accomplishments

Patrick G. LePore, chairman, president and chief executive officer, states, "2008 is the year to execute on our s
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SOURCE Par Pharmaceutical Companies, Inc.
Copyright©2008 PR Newswire.
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