Par Pharmaceutical Reports Fourth Quarter and Full Year 20...(illion driven by increased sales of Mega...),Health

Date:2/29/2008

illion driven by increased sales of Megace(R) ES and fees related to the co-promotion of Androgel(R). Revenues from the Company's generic segment grew 1.3% to $684.9 million, as gains from 2007 launches were essentially offset by competitive pressures that adversely affected the volume and pricing of certain existing products. The third quarter 2007 launch of three additional strengths of metoprolol succinate ER (50mg, 100mg, and 200mg), coupled with the fourth quarter 2006 launch of the 25mg strength, drove $141.9 million of sales and $133.6 million of year-over- year gains. Par markets metoprolol in the U.S. through supply and distribution agreements with AstraZeneca Plc. In addition, the first quarter 2007 introductions of propranolol HCl extended release (ER) capsules and ranitidine HCl syrup benefited the full year by $57.5 million and $12.2 million, respectively. Products which experienced significant volume and pricing declines included fluticasone, various amoxicillin products, quinapril, cefprozil, tramadol HCl and acetaminophen tablets, lovastatin, and paroxetine.

Par's 2007 gross margin represented 34.9% of total revenues, an increase of 4.8 points from 30.1% in 2006, driven by increased contribution of higher margin revenues from Strativa, the branded division, including Megace(R) ES and co-promotion fees for Androgel(R). Revenues from Strativa represented 11.0% of total revenues, as compared to 6.8% in 2007. Gross margin also benefited from gains in the Company's generic division, principally reflective of the launch of higher margin propranolol HCl, lower inventory write-offs, lower sales of lower margin existing products, including fluticasone, and royalties earned from the sales of ondansetron tablets. These gains were somewhat tempered by increased metoprolol succinate ER sales, which have significantly lower gross margins than many of the other products sold by the Company.

Research and development (R&D) expense rose 24.4% from the ye
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SOURCE Par Pharmaceutical Companies, Inc. Copyright©2008 PR Newswire. All rights reserved

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