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Par Pharmaceutical Reports Fourth Quarter and Full Year 2007 Results
Date:2/29/2008

inuing operations for the year ended December 31, 2007, included a $20.0 million gain on the sale to Optimer of marketing rights to the investigational drug Difimicin (Par 101), a $4.5 million investment gain on the sale of shares of Optimer common stock, and net settlement gains of $0.6 million. These benefits were tempered by $19.2 million of costs related to business development activities in support of Strativa, the Company's branded division, a $6.0 million loss on investment, $1.6 million of severance costs, as well as the aforementioned $4.6 million of additional share-based compensation expense recorded in the fourth quarter. Adjusting for these items, income from continuing operations for the full year ended December 31, 2007 was $55.1 million, or $1.59 per diluted share. By comparison, and in addition to the fourth quarter 2006 events cited above, reported GAAP income from continuing operations for the full year ended December 31, 2006 included a write-off of approximately $10.0 million in bad debts for invalid customer deductions that the Company determined would not be pursued for collection, full year severance costs of $12.4 million, the write- down of an equity investment, an arbitration settlement, and an asset impairment. Finally, reported income from continuing operations for 2006 also included a $3.1 million gain related to a settlement agreement and a $1.9 million loss on the return of inventory related to the same agreement. After adjusting for these items, income from continuing operations for 2006 was $21.5 million, or $0.62 per diluted share. See reconciliation between reported (GAAP) and adjusted income from continuing operations at the end of this press release.

Full Year 2007 Review

Total revenues of $769.7 million for the year ended December 31, 2007 increased 6.1% compared with the year ago period, driven by gains from Strativa, the Company's branded division. Strativa revenues increased 72.1% from the prior year to $84.7 m
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SOURCE Par Pharmaceutical Companies, Inc.
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