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Par Pharmaceutical Companies Reports Third Quarter 2011 Results
Date:11/2/2011

econd quarter 2011. The decrease is due to customer buying patterns and a decrease in royalty income.
  • Megace® ES: Net sales were $14.2 million for the third quarter compared to $14.1 million in the second quarter.

  • Nascobal® B12 Nasal Spray: Net sales were $4.7 million for the third quarter compared to $6.3 million in the second quarter.  The decrease was due to primarily to increases in Medicaid rebates.

  • Revenues and gross margin for the third quarter 2011 were $215.4 million and $85.1 million, respectively, compared to $224.2 million in net sales and $99 million in gross margin during the prior quarter (Q2 2011). The gross margin rate on the Company's consolidated product portfolio decreased to 39.5% versus 44.2% in the second quarter 2011.  The decrease was due primarily to lower royalty income, a decrease in price and volume of amlodipine/benazepril, and an increase in sales of lower-margin budesonide EC.3Q 20112Q 2011$%$%Key Par (Generic) Products (1)$   37.1

    28.3%$   40.7

    32.3%All other Par (Generic)34.5

    53.8%43.3

    56.5%Total Par (Generic)$   71.6

    36.7%$   84.0

    41.5%Strativa (Branded) Products$   13.5

    67.6%$   15.0

    69.1%Total (All Products) $   85.1

    39.5%$   99.0

    44.2%1. Key Par Products is comprised of Metoprolol, Budesonide EC, Sumatriptan, Propafenone, Amlodipine/benazapril, Meclizine.Operating ExpensesOn a GAAP basis, total operating expenses decreased during the third quarter of 2011 as compared to the prior quarter as follows:

  • Research and development expenses were $9.6 million in the third quarter of 2011 compared to $8.1 million in the second quarter.  The increase was due to higher generic development activity.

  • Selling, general and administrative expenses for the third quarter 2011 decreased to $35.8 million compared to $46.2 million in th
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  • SOURCE Par Pharmaceutical Companies, Inc.
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