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Par Pharmaceutical Companies Reports Second Quarter 2011 Results
Date:8/3/2011

$84.5 million in the first quarter 2011. The decrease is due to primarily to the voluntary withdrawal of clonidine in the second quarter and the seasonality of hydrocodone/chlorpheniramine.
  • Megace® ES: Net sales were $14.1 million for the second quarter compared to $14.1 million in the first quarter.

  • Nascobal® B12 Nasal Spray: Net sales were $6.3 million for the second quarter compared to $3.9 million in the first quarter.  The increase was due, in part, to a shortage of a competing vitamin B12 intramuscular injection product.

  • Revenues and gross margin for the second quarter 2011 were $224.2 million and $99.0 million, respectively, compared to $233.0 million in net sales and $109.7 million in gross margin during the prior quarter (Q1 2011). The gross margin rate on the Company's consolidated product portfolio decreased to 44.2% versus 47.1% in the first quarter 2011.  The decrease was due primarily to the non-recurrence of the first quarter launches of propafenone and amlodipine/benazepril and the second quarter launch of lower margin budesonide.  2Q 20111Q 2011$%$%Key Par (Generic) Products (1)(2)$   40.7

    32.3%$   50.6

    40.4%All other Par (Generic)43.3

    56.5%42.0

    49.6%Total Par (Generic)$   84.0

    41.5%$   92.6

    44.1%Strativa (Branded) Products$   15.0

    69.1%$   17.1

    73.7%Total (All Products) $   99.0

    44.2%$ 109.7

    47.1%1. Q211 Key Par Products is comprised of Metoprolol, Budesonide EC, Sumatriptan, Propafenone, Amlodipine/benazapril, Meclizine.

    2. Q111 Key Par Products does not include Budesonide EC as it was launched in Q2.Operating ExpensesExcluding the one-time restructuring charge of $27.7 million, total operating expenses decreased during the second quarter of 2011 as compared to the prior quarter as follows:

  • Research and development expenses were $8.1 million in the seco
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  • SOURCE Par Pharmaceutical Companies, Inc.
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