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Par Pharmaceutical Reports Third-Quarter 2007 Results
Date:12/20/2007

arter of 2006.

In addition, Par's reported, or GAAP, results for the first nine months of 2007, included a $20.0 million gain on the sale to Optimer Pharmaceutical, Inc. of marketing rights to the investigational drug Difimicin, a $1.4 million investment gain on the sale of shares of Optimer common stock, and net settlement gains of $0.6 million, tempered by a $6.0 million loss on investment, a $3.0 million license fee paid to Immtech Pharmaceuticals for commercialization rights to the developmental drug pafuramidine and $1.6 million of severance costs. Adjusting for these items, net income for the nine months ended September 29, 2007 was $48.5 million, or $1.39 per diluted share. By comparison, reported GAAP results for the nine months ended September 30, 2006 also included a write-off of approximately $10.0 million of accounts receivable relating to invalid customer deductions, the collection of which the Company determined that it would no longer pursue, severance costs, and net investment and arbitration settlement losses. Adjusting for these items, net income for the first nine months of 2006 was $14.6 million, or $0.42 per diluted share (see reconciliation between reported (GAAP) and adjusted net income at the end of this press release).

Third-Quarter Review

For the third quarter ended September 29, 2007, total revenues increased 22.2 percent compared with the same period in 2006 due primarily to new product introductions. The third quarter 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 $71.7 million of sales and corresponding 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 third-quarter by $12.1 million and $4.4 mill
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SOURCE Par Pharmaceutical Companies, Inc.
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