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

ion, respectively. Partially offsetting the increases were lower sales of certain existing products due to competitive pressures, including fluticasone, various amoxicillin products, quinapril, megestrol oral suspension, and doxycycline. Revenues of branded products for the third quarter of 2007 of $24.6 million, an increase of 72.5 percent over the prior year period, were driven by increased sales of Megace(R) ES (megestrol acetate) oral suspension, and fees related to the co-promotion of AndroGel(R).

Par's third-quarter gross margin was 31.2 percent of sales, compared to 31.6 percent in 2006. The Company's gross margin reflects the impact of increased metoprolol succinate ER sales, which have significantly lower gross margin percentages than many of the other products sold by the Company. This impact was offset by increased sales of higher margin products such as propranolol ER and Megace ES, lower inventory write-offs and reduced sales on other lower margin products, including fluticasone.

Research and development (R&D) expenses increased 161.0 percent for the third quarter 2007 compared with the third quarter 2006. The increase was due primarily to costs associated with the in-license of two Phase III products in support of the Company's branded division, Strativa. In July, the Company paid $15 million to BioAlliance Pharma for the US commercialization rights to Loramyc. In August, the Company acquired the North American commercial rights from Hana Biosciences, Inc. ("HANA") for Zensana(TM), at which time the Company made a $5.0 million equity investment in Hana at a contractually agreed premium. Of this amount, $1.2 million representing the premium paid was charged to R&D expense in the quarter. In support of the Company's generic business, Par made a $5.0 million equity investment in IntelliPharmaCeutics Ltd. (IPC), a privately held corporation, to develop and market four controlled release generic drug products. Of this amount, approximately $2.
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SOURCE Par Pharmaceutical Companies, Inc.
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