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Par Pharmaceutical Reports Third Quarter 2008 Results
Date:11/6/2008

Reports Adjusted EPS of $0.26

WOODCLIFF LAKE, N.J., Nov. 6 /PRNewswire-FirstCall/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) today announced results for the third quarter ended Sept 27, 2008.

Third Quarter and Nine Month Results

For the third quarter ended September 27, 2008, Par reported total revenues of $149.0 million and net income of $1.7 million, or $0.05 per diluted share. This is compared with reported revenues of $212.7 million and net income of $1.3 million, or $0.04 per diluted share, for the same period in 2007. For the nine months ended September 27, 2008, Par reported total revenues of $416.8 million and a net loss of $15.8 million, or $0.47 per diluted share. This is compared with reported revenues of $614.5 million and net income of $45.6 million, or $1.30 per diluted share, for 2007.

Third quarter 2008 reported net income included the write-off of an intangible asset and certain inventories related to the trimming of its current generic product portfolio of $5.4 million, a charge relating to a government pricing contingency of $4.6 million, a $2.5 million impairment charge on an investment due to the downturn in the financial markets, a $1.25 million development milestone payment to MonoSol Rx, and a $2.2 million gain from the sale of non-core ANDAs. Adjusting for these one-time items, net income for the third quarter 2008 was $8.8 million, or $0.26 per diluted share. By comparison, net income in the third quarter 2007 included $16.2 million of costs related to business development activities in support of Strativa Pharmaceuticals. Adjusting for this one-time item, net income for the third quarter 2007 was $11.1 million, or $0.32 per diluted share.

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SOURCE Par Pharmaceutical Companies, Inc.
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