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

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For the third quarter ended September 27, 2008, total revenues decreased 30.0% compared with the same period a year earlier as a result of increased competition on the Company's generic products and decreased net sales of Megace(R) ES.

Revenues for the generic products division during the three month period decreased 31.2% to $129.4 million compared with the same period in 2007. Lower generic revenues in 2008 were primarily due to pricing pressure, including for metoprolol, fluticasone, propranolol, ranitidine HCl syrup, various amoxicillin products, cabergoline, and many of the Company's other products. The July 2008 launches of meclizine and dronabinol partially offsetting these declines. Revenues from Strativa decreased 20.3% to $19.6 million compared with the same period in 2007 due to decreased net sales of Megace(R) ES. Net sales growth tempered in 2008 principally due to a more challenging reimbursement environment for Megace(R) ES and included a change in reimbursement status.

Par's third quarter gross margin was 34.5% of sales, compared with 31.2% in 2007. This increase is primarily attributed to increased sales of higher margin meclizine and dronabinol and lower sales of low margin product such as metoprolol, partially offset by lower royalties of ondansetron tablets and lower sales of higher margin products such as propranolol. The gross margin percentage for Strativa was 79.3% in the third quarter of 2008 compared with 78.4% in the same period in 2007, due mainly to a mid-year price increase tempered by increased rebates.

Research and development (R&D) expense decreased 58.0% to $13.8 million in the third quarter of 2008 compared with the same period in 2007, driven primarily by a net reduction in one-time milestone payments.

Third quarter selling, general and administrative (SG&A) expenses decreased by 9.6% to $30.7 million compared with the third quarter of 2007, driven by lower bonus and share-based compensation, and l
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SOURCE Par Pharmaceutical Companies, Inc.
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