Par Pharmaceutical Reports Fourth Quarter and Full Year 20...(2006 due tocompetitive pressures in the ...),Health

Date:2/29/2008

2006 due to competitive pressures in the Company's generic segment, where revenues decreased 18.2% to $136.0 million, as sales declines in fluticasone and amoxicillin were somewhat tempered by gains from the 2007 launch of additional strengths of metoprolol succinate ER and propranolol HCl ER. Strativa revenues increased 10.7% from the prior year to $19.1 million driven by increased sales of Megace(R) ES, which grew by 19.3%.

The Company's fourth quarter 2007 gross margin of $57.8 million decreased 1.9% as lower Generic segment margin was tempered by increased gross margin from the Strativa branded division on increased sales of Megace(R) ES.

R&D expense decreased 10.5% from the fourth quarter 2006 to $16.5 million, driven by the non-recurrence of Difimicin (Par 101) development costs and lower overall development costs related to generic R&D projects.

SG&A expense for the fourth quarter of 2007 increased 1.6% to $37.8 million, driven by higher other compensation costs, including costs associated with the tender offer to repurchase certain unvested stock options, and increased legal costs, somewhat tempered by lower severance related expense.

Restatement of 2005 and 2006 Discontinued Operations and Net Loss

In preparing its consolidated financial statements for year ended December 31, 2007, the Company identified accounting errors related to its discontinued operations reported in the Company's 2006 and 2005 financial information contained in its Annual Report on Form 10-K for the year ended December 31, 2006 and filed on September 6, 2007. Management determined that the benefit for income taxes on discontinued operations for the year ended December 31, 2005 was overstated because the Company did not properly determine the income tax benefits from discontinued operations, which resulted in the understatement of the Company's net loss for 2005 by $19 million. Management also determined that the 2006 provision for income taxes from d
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SOURCE Par Pharmaceutical Companies, Inc. Copyright©2008 PR Newswire. All rights reserved

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