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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 $5.5 million, a charge related to a ultracetgovernment pricing contingency of $4.8 million, a $7.8 million net impairment charge related to various cialis daily reviewsinvestments, $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. Revenues from Strativa represented 15.1% of total revenues, as compared to 11.0% in 2007. 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, ultracetor $0.05 per diluted share. The dial-in number is 888-679-8034 for domestic callers and 617-213-4847 for international callers. Research and development (R&D) expenses decreased 23.2% from the year ended , to $59.7 million, and represented 10.3% of total revenues. For a copy of Par's 2008 Annual Report on Form 10-K, visit chemistInvestors/SEC Filings on the Par web site at. Adjusting for these items, income from continuing operations for the full exuviance skin careyear ended would have been $55.1 million, or $1.59 per diluted share. Par Pharmaceutical Companies, Inc. Par Pharmaceutical Reports Fourth Quarter and Full Year 2008 Results WOODCLIFF LAKE, N.J., chemist/ - / -- Par Pharmaceutical Companies, Inc. 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. Products which experienced significant volume and pricing declines included fluticasone, propranolol, cabergoline, various amoxicillin products, ranitidine how much does laser hair removal cost canadasyrup, tramadol HCl and acetaminophen tablets driven by Par's exit pain medicationfrom the market, and lower royalty payments of ondansetron tablets, among others. Com stock and $4.6 million of additional share-based compensation expense related to Par's employee stock option tender offer. Par reported a loss for the fourth quarter ended of $32.0 million, or $0.96 apo ramiprilper share. Par has scheduled a conference call for at 9:00 am EST to discuss results for the fourth quarter and full year drug store2008. 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. Access to the live webcast can be made via Par's website at and will be available for 30 days. Develops, manufactures and markets generic drugs and innovative branded pharmaceuticals for specialty markets. The decrease in SG&A expense was primarily due to lower employee compensation, the non-recurrence of the 2007 stock prescription medicationoption tender offer and the resulting lower stock option 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. 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 sales of metoprolol and Megace(R) online pharmacistES. 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). The decrease was due primarily to a net reduction of $11.7 million of one-time Strativa milestone payments. 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. Revenues from pain medication progesteronPar'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. 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. SOURCE Par Pharmaceutical Companies, Inc.. The replay dial-in number is 888-286-8010 for domestic callers and 617-801-6888 carisoprodol 350 mgfor international callers. This is compared with reported revenues of $769.7 million and income from continuing operations of $51.1 million, or $1.47 per diluted share, for 2007. Adjusting for these items drug storeand other special items, income from continuing operations for the fourth quarter 2008 would have been $7.1 million, or $0.21 per diluted share. 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. "This momentum should continue into 2009 watch drugstore cowboy online freeas the results of our restructuring takes hold and solid product sales continue." In October, Par announced pain treatmentits plans to resize its generic division by significantly reducing its research and development expense and trimming its product portfolio resulting in a workforce reduction of approximately 190. 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. Risk factors that might affect such forward-looking statements include those set forth in Item 1A of the Company's fragrance skin careAnnual Report on Form 10-K for the year ended , in other prescription drugsof 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. 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. This is compared with reported net income of $49.9 keflex antibiotic for swimmers earmillion, or $1.43 per share in 2007. 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 pain killersimpairment charge of $4.9 million for nabumetone, and lower inventory write-offs, in addition to the other factors discussed above. Par invites investors and the general public to listen to a webcast of the conference call. For the full year 2008, Par reported a loss of $47.8 million, or $1.43 per share. Generic R&D expense decreased $8.0 million due to lower internal development costs, lower performance prescription medicinesincentive compensation of $4 million, and the non-recurrence of one-time costs associated with a third party development agreement. The $15.4 million fourth sleeping medicationsquarter charge related to the restructuring will result in cash expenditures of approximately $6.0 million in 2009. A replay of the conference call will pain treatmentbe available commencing approximately one hour after the call. Par anticipates these actions will generate annualized operating expense savings in a range near $45 million. As of , Par had working capital of $193.8 million, which includes $142 million of current liabilities ear infection antibioticsdue to mature in September 2010. "Given the challenging environment of 2008, we are pleased with the operating results over the last two quarters," stated Douglas G. For the year ended total revenue decreased 24.9% to $578 million compared with the same period a year earlier as a result of a decrease in the number of new product launches, trimming of Par's generic product portfolio, online pharmacistincreased competition in Par's generic products. Any forward-looking statements included in this news release are made as of the date hereof only, based on information available to the laser therapy hair removal costCompany as of the date hereof, and, subject to any applicable law to the contrary, the Company assumes no obligation to update any pain killersforward-looking statements. For the year ended , Par reported total revenues of $578.1 million and a loss from continuing operations of $45.9 million, or $1.38 per share. 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. Strativa's gross margin increased famvir costto 77.7% of branded revenues from 76.0% in 2007 due to revenue growth discussed above. 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. By comparison, and in addition to the fourth quarter 2007 events cited above, reported GAAP income from continuing operations for the full year 2007 included a $20.0 million gain on the sale to Optimer of marketing rights to the investigational pain medication addictiondrug Difimicin (Par 101), a $4.5 million investment gain on the sale of shares of Optimer com stock, and net settlement gains of $0.6 million. This is compared with reported net income of $4.3 million, or $0.12 per share, for the same period in 2007. For and other company information, visit. LePore, chairman, president and chief executive officer. 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, which could cause actual results and outcomes to differ materially from those expressed herein. 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 in charges 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 packston debt extinguishment. Par's 2008 gross margin represented 30.5% of total revenues, a decrease from 34.9% in 2007. PRX) today reported fourth quarter and full year 2008 results ended. |
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