BRISTOL, Tenn.--(BUSINESS WIRE)--King Pharmaceuticals, Inc. (NYSE:KG) announced today that total revenues were $397 million during the second quarter ended June 30, 2008, compared to $543 million in the second quarter of 2007. This decrease was primarily due to the market entry of generic substitutes for ALTACE® (ramipril). Reported net earnings equaled $43 million and diluted earnings per share equaled $0.18 during the second quarter of 2008, compared to net earnings of $65 million and diluted earnings per share of $0.26 in the second quarter of the prior year. Excluding special items, net earnings equaled $73 million and diluted earnings per share equaled $0.30 during the second quarter ended June 30, 2008, reflecting a record high research and development investment of $49 million, which included development milestones of $21 million. Excluding special items, in the second quarter of 2007 net earnings equaled $117 million and diluted earnings per share equaled $0.48.
