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"Given the challenging environment of 2008, we are pleased with the operating results over the last two quarters," stated drugstore primaforce piracetamCurran G. This is compared with reported revenues of $155.1 million and income from continuing operations of $5.5 million, or $0.16 per diluted share, for the same period in 2007. For the fourth quarter ended , Par reported total revenues of $161.3 million and a loss from continuing operations of $30.5 million, or $0.91 per share. triple antibiotic ointment for staph Access to the live webcast can be made via Par's website at and will be available for 30 days. Revenues for the fourth quarter 2008 increased 4.0% compared with the same period in 2007 due primarily to the launch of sumatriptan succinate injection, increased drugstoresales of metoprolol and Megace(R) ES. Adjusting for these items, income from continuing operations for the fourth quarter of 2007 would have been $6.5 million, or $0.19 per diluted share. Adjusting for these items and other special items, income from continuing operations for the fourth quarter omeprazole hunger suppression2008 would have been $7.1 million, or $0.21 per diluted share. For the year ended total revenue decreased 24.9% to $578 million compared with the same period a year earlier prescription drugsas a result of a decrease in the number of new product launches, trimming of Par's generic product portfolio, increased competition in Par's generic products. Par Pharmaceutical Reports Fourth Quarter and Full weight loss synthroid gaining weightsYear 2008 Results WOODCLIFF LAKE, N.J., / - / -- Par Pharmaceutical Companies, Inc. This is compared with reported net income of $49.9 million, or $1.43 per share in 2007. Any forward-looking statements included in this news release are made as of the date hereof only, based on information available to the Company as of the date hereof, and, subject to any applicable law to the contrary, is birth control online pharmacy a scamthe Company assumes no obligation to update any forward-looking statements. This is compared with reported net income of $4.3 million, or $0.12 per share, for the same period in 2007. Risk factors that might affect such forward-looking statements include prescription medicinesthose set forth in Item 1A of the Company's Annual Report on Form 10-K for the year ended , in other of the Company's filings with the SEC from time to time, including Current Reports on Form 8-K, and on general industry and economic conditions. These benefits were tempered by $19.2 million of costs related to business development activities in support of Strativa Pharmaceuticals, Par's branded division, a $6.0 million loss on an investment, $1.6 million of severance costs. Develops, manufactures and markets generic drugs and innovative branded pharmaceuticals for specialty markets. butalbitalFor the full year 2008, Par reported a loss of $47.8 million, or $1.43 per share. PRX) today reported fourth quarter and full year 2008 results ended. A replay of the conference call will be available commencing approximately one hour after the call. Par Pharmaceutical Companies, Inc. Par reported a loss for the fourth quarter ended of $32.0 million, or $0.96 per share. Products which experienced significant volume and pricing declines included fluticasone, propranolol, cabergoline, various amoxicillin products, ranitidine syrup, tramadol HCl and acetaminophen tablets driven by Par's exit from the market, and lower royalty payments of ondansetron tablets, among others. This is compared with reported revenues of $769.7 million and income from continuing operations ultracetof $51.1 million, or $1.47 per diluted share, for 2007. For and other company information, visit. Generic R&D expense decreased $8.0 million due to lower internal development costs, lower performance incentive compensation of $4 million, and the non-recurrence of one-time costs associated with a third party development agreement. "This momentum should continue into 2009 as the results of our restructuring takes african american skin care productshold and solid product sales continue." In October, Par announced its plans to resize its generic division by significantly reducing its research and development expense and trimming its product portfolio resulting in a workforce reduction ultramof approximately 190. The decrease in SG&A expense was primarily due to lower employee compensation, the non-recurrence of the 2007 stock option tender offer and the resulting lower stock dcl skin care reviewsoption costs, and lower expenses relates to sales and marketing of Megace(R) ES, which offset higher legal fees, severance costs and increased outside consulting costs. The $15.4 million fourth quarter charge related to the restructuring will result in cash expenditures of approximately $6.0 million in 2009. For the pain relieversyear ended , Par reported total revenues of $578.1 million and a viagra priceloss from continuing operations of $45.9 million, or $1.38 per share. To the extent any statements made in this news release contain information that is not historical, these statements are essentially forward-looking and, as such, are subject to known and unknown risks, uncertainties and contingencies, many of which are beyond the control of the Company, ultracetwhich could cause actual results and outcomes to differ materially from those expressed herein. These decreases were offset by higher sales of meclizine, which re-launched in July, the launch of dronabinol in July, and the launch of sumatriptan succinate in November, and increased sales of metoprolol succinate to new customers. Par's reported, or GAAP, loss from continuing operations for the year ended , included the write-off of an intangible asset and certain inventories related to the trimming of its generic product portfolio of prescription medication$5.5 million, a charge related to a government pricing contingency of $4.8 million, a $7.8 million net impairment charge related to various investments, $7.5 million in development milestone payments to MonoSol Rx and Alfacell, and $9.0 million of gains from the sale of non-core ANDAs and other product rights. Com stock and $4.6 million of additional share-based compensation expense generic crestor pricerelated to Par's employee stock option tender offer. The replay dial-in number is 888-286-8010 for domestic callers and 617-801-6888 for international callers. Research pain killersand development (R&D) expenses decreased 23.2% from the year ended , to $59.7 million, and represented 10.3% of total revenues. Generic product gross margin decreased to 22.2% of generic revenues in 2008 from 29.8% of generic revenues in 2007 driven by increased sales of lower margin metoprolol succinate, lower sales of existing products as mentioned above, and an impairment charge of $4.9 million for nabumetone, and lower inventory write-offs, in addition to the other factors discussed above. cymbalta and eating nutrientRevenues from Par's generic segment declined 28.3% for the full year 2008 to $491.1 million primarily due to competitive pressures that adversely affected the volume and pricing of certain existing products. Par invites investors and the general public to listen to a webcast of the conference call. Fourth quarter 2008 reported, or GAAP, loss from continuing operations also included the write-off of a restructuring charge of $15.4 million and other related costs of $3.8 million, $49.2 million arthritis medicinein renova reviewscharges due to an unfavorable court decision and related legal fees, $5.3 million gain on non-core ANDA sales and the sale of other product rights, $4.9 million impairment charge related to various investments, and a $7.9 million gain related to tiebout debt extinguishment. LePore, chairman, ayurveda skin carepresident and chief executive officer. Adjusting for these items and the fourth quarter special items, income from continuing operations for the full year ended would have been $1.8 million, or $0.05 per diluted share. As of , Par had working pain reliefcapital of $193.8 million, which includes $142 million of current liabilities due to mature in September 2010. Adjusting for these items, income from continuing operations for the full year ended would have been $55.1 million, or $1.59 per diluted share. Par has scheduled a conference call for at 9:00 am EST to discuss results for the fourth quarter and full year 2008. SOURCE Par Pharmaceutical Companies, Inc.. The dial-in number is 888-679-8034 for domestic callers and 617-213-4847 for international callers. By comparison, fourth quarter 2007 results included a pre-tax gain of $3.1 million from Par's sale of its remaining investment in Optimer Pharmaceutical, Inc. Par's 2008 gross margin represented 30.5% of total revenues, a decrease from 34.9% in 2007. By comparison, and in addition to the fourth quarter 2007 events cited above, reported GAAP income online pharmacy degreefrom continuing operations for the full year 2007 included a $20.0 million gain on the sale to Optimer of marketing rights to the investigational drug Difimicin (Par 101), a $4.5 million investment gain on the sale of shares of Optimer com stock, and net settlement gains avianeof $0.6 million. Strativa's gross margin increased to 77.7% of branded revenues from 76.0% in 2007 due to revenue growth discussed above. Strativa revenues increased 2.7% from the prior year to $87.1 million driven by a mid-year price increase, fees related to the co-promotion of Androgel(R), and timing of trade buying patterns offset by a more challenging reimbursement environment. On-going R&D expense in support of Par's strategy to expand Strativa increased $1.7 million driven by costs related to the development of Zensana(TM). Safe Harbor Statement Certain statements in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The decrease was due primarily to a net reduction of $11.7 million of one-time Strativa milestone payments. Par anticipates these actions will generate annualized operating expense savings in a range near $45 million. Selling, General and Administrative Selling, general and administrative (SG&A) expense of $137.9 million for the year ended decreased slightly from $138.2 million in 2007. For a copy of Par's 2008 Annual Report on Form 10-K, visit Investors/SEC Filings on the Par web site at. Revenues from Strativa represented 15.1% of total revenues, as compared to 11.0% in 2007. |
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