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

is increase was tempered by the non- recurrence of severance costs incurred in the second quarter of 2007, lower expenses related to the sales and marketing of Megace(R) ES and lower bonus and stock-based compensation.

2008 Financial Guidance

Par has adjusted its previously announced guidance for full-year 2008 earnings per diluted share from continuing operations of $0.65-$0.85 to ($0.06)-$0.38 reflecting the pricing pressure on the Company's generic business experienced in the second quarter, a challenging reimbursement environment for Megace(R) ES and higher legal costs. The Company's projections are based on its results for the first six months of 2008 and the impact of recent new product launches, as well as management's estimates regarding the impact of product competition on existing products and anticipated legal costs. This EPS range excludes anticipated pre-launch spending and milestone payments in support of Strativa's business strategy and includes the estimated impact of three potential new generic product launches (i.e., sumatriptan kits, clonidine, and certain strengths of risperidone ODT) with an expected fully diluted EPS impact of $0.24-$0.39. These estimates are, of course, subject to future developments, not all of which may be anticipated at this time.

Conference Call

Par has scheduled a conference call for Friday, August 8 at 9:00 am ET to discuss results for the second quarter of 2008. Par invites investors and the general public to listen to a webcast of the conference call. Access to the live webcast can be made via the Company's website at http://www.parpharm.com. The dial-in numbers for the conference call will be 888-713-4213 for domestic callers and 617-213-4865 for international callers. The passcode is 56885024. A replay of the conference call will be available for two weeks approximately one hour after the call. The dial-in numbers for the replay are 888-2
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SOURCE Par Pharmaceutical Companies, Inc.
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