SCOTTSDALE, Ariz., May 7, 2009 (GLOBE NEWSWIRE) -- Medicis (NYSE:MRX) today announced net revenues of approximately $99.8 million for the three months ended March 31, 2009, compared to net revenues of approximately $128.9 million for the three months ended March 31, 2008. During the quarter, the Company’s results were negatively impacted due to a one-day launch of a generic version of our leading revenue product, SOLODYN(R), which was not authorized by Medicis. As a result, wholesalers reduced ordering levels for SOLODYN(R), and the Company increased its sales reserves for SOLODYN(R). Although the increase in sales reserves significantly impacted the net revenues and earnings per share, this non-cash charge had no impact on the strong cash flows from operations of approximately $45.4 million achieved by the Company during the quarter.
