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Par Pharmaceutical Companies Reports Second Quarter 2012 Results
Date:8/2/2012

WOODCLIFF LAKE, N.J., Aug. 2, 2012 /PRNewswire/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) today reported results for the second quarter ended June 30, 2012.

For the second quarter ended June 30, 2012, the Company reported total revenues of $294.3 million and income from continuing operations of $51.3 million, or $1.38 per diluted share, which includes amortization expenses and certain transaction costs. On an adjusted cash basis (non-GAAP measure), which excludes amortization and transaction costs, income from continuing operations was $60.3 million, or $1.62 per diluted share for the second quarter 2012.  (Refer to attached reconciliation table between GAAP and adjusted non-GAAP amounts.)

Second Quarter HighlightsKey Product Sales (Net sales comparisons at the product level are to first quarter 2012.)

  • Modafinil:  Net sales for modafinal were $57.5 million in the second quarter.  Par launched the product on April 6, 2012.
  • Metoprolol:  For the quarter ended June 30, 2012, net sales of metoprolol succinate were $49.0 million compared to $61.8 million in the first quarter 2012.  The decrease was driven by non-recurrence of first quarter 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 second quarter 2012 were $33.5 million compared to $38.0 million in the first quarter 2012.  The decrease was driven by non-recurrence of first quarter 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 second quarter were $17.9 million compared to $19.1 million in the fir
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  • SOURCE Par Pharmaceutical Companies, Inc.
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