BRISTOL, Tenn.--(BUSINESS WIRE)--King Pharmaceuticals, Inc. (NYSE:KG) announced today that total revenues equaled $1.57 billion during the year ended December 31, 2008, compared to $2.14 billion for 2007. In connection with its acquisition of Alpharma Inc. on December 29, 2008, King recorded a special charge in the amount of $590 million for acquired in-process research and development during the fourth quarter and year ended December 31, 2008. As result of this special charge, King reported a net loss of $333 million and a diluted loss per share of $1.37 during the year ended December 31, 2008, compared to net earnings of $183 million and diluted earnings per share of $0.75 during the prior year. Excluding special items, net earnings equaled $304 million and diluted earnings per share equaled $1.24 for the twelve months ended December 31, 2008, compared to net earnings of $476 million and diluted earnings per share of $1.95 in 2007. More detail regarding special items is provided below.
