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Par Pharmaceutical Companies, Inc. (PRX) Reports First Quarter 2012 Results


5/8/2012 11:10:49 AM

WOODCLIFF LAKE, N.J., May 8, 2012 /PRNewswire/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) today reported results for the first quarter ended March 31, 2012.

For the first quarter ended March 31, 2012, the Company reported total revenues of $271.5 million and a loss from continuing operations of $28.7 million, or $0.79 per diluted share, which includes a $45 million charge related to the Company's best estimate of loss related to the potential settlement of the on-going Department of Justice investigation of Strativa's marketing of Megace® ES. On an adjusted cash basis (non-GAAP measure), which excludes the $45 million charge, a milestone payment, amortization expenses, other transaction-related costs and the impairment of an IPR&D asset, income from continuing operations was $29.8 million, or $0.80 per diluted share for the first quarter 2012. (Refer to attached reconciliation table between GAAP and adjusted non-GAAP amounts.)

First Quarter Highlights

Key Product Sales (Net sales comparisons at the product level are to fourth quarter 2011.)

  • Metoprolol: For the quarter ended March 31, 2012, net sales of metoprolol succinate were $61.8 million compared to $56.4 million in the fourth quarter 2011. The increase was driven by customer buying patterns. Par Pharmaceutical, the Company's generic drug division, is the authorized generic for all strengths of AstraZeneca's Toprol XL®.
  • Budesonide EC: Net sales for budesonide EC in the first quarter 2012 were $38.0 million compared to $33.1 million in the fourth quarter 2011. The increase was driven by customer buying patterns. Par Pharmaceutical is the authorized generic for AstraZeneca's Entocort®EC.
  • Propafenone Hydrochloride ER: Net sales for propafenone hydrochloride ER in the first quarter were $19.1 million compared to $16.4 million in the fourth quarter 2011. Par Pharmaceutical remained the exclusive supplier of generic Rythmol SR®throughout the first quarter.
  • Sumatriptan: Net sales of sumatriptan succinate were $16.7 million in the first quarter compared to $15.3 million in the prior quarter. The increase was driven by customer buying patterns in advance of our expected second half 2012 exit from this product.
  • Bupropion Hydrochloride ER: Net sales of bupropion were $11.4 million in the first quarter 2012. Par recorded $6.1 million of net sales in the last six weeks of the fourth quarter following the closing of its acquisition of Anchen Pharmaceuticals.
  • Zolpidem Tartrate: Net sales of zolpidem tartrate of $6.9 million in the first quarter 2012. Par recorded $5.3 million of net sales in the last six weeks of the fourth quarter following the completion of the Anchen acquisition.
  • Fentanyl Citrate Lozenges: Net sales for fentanyl for the first quarter were $2.0 million compared to $2.6 million in the fourth quarter. The decrease is due to customer buying patterns.
  • Other Generic Products: For the first quarter 2012, net sales from all other generic products were $95.3 million. This compares to fourth quarter 2011 net sales of $91.8 million. The increase is due to product mix and a full quarter of Anchen products.
  • Megace® ES: Net sales were $12.2 million for the first quarter compared to $15.8 million in the fourth quarter. The decrease was due to customer buying patterns.
  • Nascobal® B12 Nasal Spray: Net sales were $5.9 million for the first quarter compared to $6.6 million in the fourth quarter 2011. The decrease was due to lower prescription volume.

Revenues and adjusted gross margin for the first quarter 2012 were $271.5 million and $110.7 million, respectively, compared to $253.6 million in net sales and $103.8 million in adjusted gross margin during the prior quarter (Q4 2011). The adjusted gross margin rate on the Company's consolidated product portfolio remained essentially flat at 40.8% versus 40.9% in the fourth quarter 2011. (Par is now presenting non-GAAP gross margin on an adjusted basis. See detailed reconciliation table at the end of this press release.)



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