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Par Pharmaceutical Companies Reports First Quarter 2012 Results
Date:5/8/2012

WOODCLIFF LAKE, N.J., May 8, 2012 /PRNewswire/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) today reported results for the first quarter ended March 31, 2012.

For the first quarter ended March 31, 2012, the Company reported total revenues of $271.5 million and a loss from continuing operations of $28.7 million, or $0.79 per diluted share, which includes a $45 million charge related to the Company's best estimate of loss related to the potential settlement of the on-going Department of Justice investigation of Strativa's marketing of Megace® ES. On an adjusted cash basis (non-GAAP measure), which excludes the $45 million charge, a milestone payment, amortization expenses, other transaction-related costs and the impairment of an IPR&D asset, income from continuing operations was $29.8 million, or $0.80 per diluted share for the first quarter 2012.  (Refer to attached reconciliation table between GAAP and adjusted non-GAAP amounts.)

First Quarter Highlights  Key Product Sales (Net sales comparisons at the product level are to fourth quarter 2011.)

  • Metoprolol:  For the quarter ended March 31, 2012, net sales of metoprolol succinate were $61.8 million compared to $56.4 million in the fourth quarter 2011.  The increase was driven by customer buying patterns.  Par Pharmaceutical, the Company's generic drug division, is the authorized generic for all strengths of AstraZeneca's Toprol XL®.
  • Budesonide EC:  Net sales for budesonide EC in the first quarter 2012 were $38.0 million compared to $33.1 million in the fourth quarter 2011.  The increase was driven by customer buying patterns.  Par Pharmaceutical is the authorized generic for AstraZeneca's Entocort® EC.
  • Propafenone Hydrochloride ER: Net sales for propafenone hydrochloride ER in the first quarter were $19.1 m
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  • SOURCE Par Pharmaceutical Companies, Inc.
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