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

5 million, representing the premium paid, was charged to R&D in the third quarter.

Third-quarter selling, general and administrative (SG&A) expense decreased 15.3 percent to $33.9 million. The decrease in 2007 SG&A expense was primarily due to the non-recurrence of severance costs incurred in 2006 for executives of $7.1 million, partially offset by increased costs associated with the expansion of finance and accounting functions and increased professional costs related to the Company's restatement of prior periods.

2007 Financial Outlook

Par has adjusted its previously announced guidance for full-year 2007 earnings per diluted share of $1.45-$1.50 from $1.35-$1.50. Total net revenue is expected to be between $760-$780 million. SG&A is expected to be $130-$133 million, including approximately $2 million in severance costs. Research and development cost is projected to be in the range of $75-$80 million, including approximately $19 million in branded milestone payments. Total projected expenses for the full-year include approximately $18-20 million of share-based compensation and $24-$26 million of depreciation and amortization expenses. Adjusting for non-GAAP items highlighted on the summary of estimated operating results for full year 2007 at the end of this press release, full year earnings per diluted share is projected to be $1.50-$1.55.

Stock Repurchase Program

Since October 1, 2007, Par has repurchased 1,643,094 shares of its common stock at a total cost of $31.5 million. On September 28, 2007, Par announced that its Board of Directors had authorized the repurchase of up to $75 million of the Company's common stock.

Conference Call

Par has scheduled a conference call for Thursday, December 20, 2007 at 9:00 am EST to discuss results for the third quarter of 2007. Par invites investors and the general public to listen to a webcast of the conference call. Access to the live webcast can be made via the Company's webs
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SOURCE Par Pharmaceutical Companies, Inc.
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