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Par Pharmaceutical Reports Second Quarter 2008 Results
Date:8/7/2008

competition on the Company's generic products, decreased net sales of Megace(R) ES, and lower royalty income.

Revenues for the generic products division during the three month period decreased 36.4% to $92.9 million compared with the same period in 2007 due to competitive pressure, including for fluticasone, ranitidine HCl syrup, cabergoline, and a decline in many of the Company's other products due to pricing pressures as well as lower royalties driven from ondansetron ODT. Partially offsetting the decreases were increased sales of metoprolol resulting from the launch of additional strengths in the third quarter of 2007 and various amoxicillin products. Second quarter 2008 revenue for Strativa decreased to $20.0 million from $21.6 million in the prior year due to decreased net sales of Megace(R) ES.

Par's second quarter gross margin was 22.2% of sales, compared with 33.7% in 2007. This decrease is primarily attributed to increased sales of lower margin metoprolol, lower royalty income, lower sales of higher margin products such as propranolol, and a decline in many of the Company's other generic products due to pricing pressures, tempered by higher relative sales of Megace(R) ES. The gross margin rate for Strativa was 79.3% in the second quarter of 2008 compared with 72.5% in the same period in 2007.

Research and development (R&D) expense increased $1.7 million or 11.8% to $16.0 million in the second quarter of 2008, driven primarily by an increase in on-going development costs associated with the expansion of Par's generic portfolio and includes Strativa's research costs related to the development of Zensana(TM) and an initial payment related to the in-licensing agreement with MonoSol Rx.

Second quarter selling, general and administrative (SG&A) expense increased 7.9% to $36.7 million compared with the second quarter of 2007. The increase was driven by legal fees related to ongoing litigation, including Paragraph IV litigation costs. Th
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SOURCE Par Pharmaceutical Companies, Inc.
Copyright©2008 PR Newswire.
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