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Develops, manufactures and markets generic drugs and innovative branded pharmaceuticals for specialty markets. Fourth quarter 2008 reported, or GAAP, loss from continuing operations also included telmisartanthe write-off of a restructuring charge of $15.4 million and other related costs of $3.8 million, $49.2 million in charges due to an unfavorable court decision and related legal fees, pain pills$5.3 million gain on non-core ANDA sales and the sale of other product rights, $4.9 million impairment charge related to various investments, and a $7.9 million gain related to cesar debt extinguishment. Access to the live webcast can be made via Par's website at and will be available for 30 days. For the fourth quarter ended , Par reported total revenues of $161.3 million and a loss from continuing operations of $30.5 million, or $0.91 per share. This is compared with reported revenues of $155.1 million and income from continuing operations of $5.5 million, or $0.16 pain pillsper diluted share, for the same period in 2007. This is compared with reported net income of $4.3 million, or $0.12 per share, for the same period in 2007. For the year ended , Par reported total revenues of $578.1 million and a loss from continuing operations of $45.9 million, or $1.38 per share. To the extent any statements made in this news release contain information that is not historical, these statements are essentially cephalexin tabletsforward-looking and, as such, are subject to known and unknown risks, uncertainties and contingencies, many of which are beyond the control of the Company, which could cause actual results and outcomes to differ materially butalbital apap caffeinefrom those expressed herein. SOURCE Par Pharmaceutical Companies, Inc.. Risk factors that might affect such forward-looking statements include those set forth in Item 1A of the Company's Annual Report on Form 10-K for the year ended , in other of the Company's filings with the SEC from time singulair costto time, including Current Reports on Form 8-K, and on general industry and economic conditions. For a copy of Par's 2008 Annual Report on Form 10-K, visit Investors/SEC Filings on the Par web site at. This is compared with reported revenues of $769.7 million and income from continuing operations of $51.1 million, or $1.47 per diluted share, for 2007. Par's reported, or GAAP, loss from continuing operations for the year ended , included the write-off of an intangible asset and certain inventories related to the trimming of its generic product portfolio of $5.5 million, a charge tramadolrelated to a government pricing contingency of $4.8 million, a $7.8 million net impairment charge related to various investments, $7.5 million in development milestone payments to MonoSol Rx and Alfacell, and $9.0 million of gains from the sale of non-core ANDAs and other tamiflu cost per doseproduct rights. Any forward-looking statements included in this news release are made as of the date hereof only, based on information available to the Company as of the date hereof, and, subject to any applicable law to the contrary, the Company assumes no obligation to update any forward-looking prescription medicinesstatements. This is compared with reported net income of $49.9 million, or $1.43 per share in 2007. Par anticipates these actions will generate annualized operating expense savings in a range near $45 million. Products which experienced significant volume and pricing declines included fluticasone, propranolol, cabergoline, various amoxicillin products, ranitidine syrup, tramadol HCl and acetaminophen tablets driven by Par's exit from the market, and lower royalty payments of ondansetron tablets, among others. The dial-in number is 888-679-8034 for domestic callers and 617-213-4847 pain medicinefor international callers. "Given the challenging environment of 2008, we are pleased with the operating results over the last two quarters," stated Zane G. PRX) today reported fourth quarter and full year 2008 results ended. The decrease laser hair removal treatment costin SG&A expense was primarily due to lower employee compensation, the non-recurrence of the 2007 stock option tender offer and the resulting lower stock option costs, and lower expenses relates to sales and marketing of Megace(R) ES, which offset higher legal fees, severance costs and increased pain reliefoutside consulting costs. Strativa's gross margin increased to 77.7% of branded revenues from 76.0% in 2007 due to revenue growth discussed above. Com stock and $4.6 million of additional share-based compensation expense related to Par's employee stock option tender offer. LePore, chairman, president and chief executive officer. Adjusting for these items, income from continuing operations for the fourth quarter of 2007 would have been $6.5 million, or $0.19 per diluted share. Strativa revenues increased 2.7% from the prior year to $87.1 million driven by a mid-year price increase, fees related to the co-promotion of Androgel(R), and timing of trade buying patterns offset by a oseltamivir buy onlinemore challenging reimbursement environment. Adjusting for these items, income from continuing operations pain killersfor the full year ended would have been $55.1 million, or $1.59 per diluted share. For and other company information, visit. The $15.4 million fourth quarter charge related to the restructuring will result in cash expenditures of approximately $6.0 million in 2009. "This momentum should continue into 2009 as the results of our restructuring takes hold and solid product sales continue." In October, Par announced its plans to resize its generic division by significantly reducing its research and development expense and trimming its product portfolio resulting in a workforce reduction tramadolof approximately 190. Par's 2008 gross margin represented 30.5% of total revenues, a decrease from 34.9% in 2007. These benefits were tempered by $19.2 million of costs related to business development activities in support primaforce piracetamof Strativa Pharmaceuticals, Par's branded division, a $6.0 million loss on an investment, $1.6 million of severance costs. Par has scheduled a conference call for at 9:00 am EST to discuss results for the fourth quarter and full year 2008. By comparison, and in addition to the fourth quarter 2007 prescription drugsevents cited above, reported GAAP income from continuing operations for the full year 2007 included a $20.0 million gain on the sale to Optimer of marketing rights to the investigational drug Difimicin (Par 101), a $4.5 million investment gain on the sale of shares of Optimer com stock, and net settlement gains of $0.6 million. Research and development (R&D) expenses decreased 23.2% from the year ended , to $59.7 million, and represented 10.3% of total revenues. These decreases were offset by higher ultramsales of meclizine, which re-launched in July, propranolol / hctzthe launch of dronabinol in July, and the launch of sumatriptan succinate in November, and increased sales of metoprolol succinate to new customers. Par invites investors and the general public to listen to a webcast of the conference call. For the year ended total revenue decreased 24.9% to $578 million compared with the same period a year earlier as a result of a decrease in the number of new product launches, trimming of Par's generic product portfolio, increased competition in Par's online pharmacistgeneric products. On-going R&D expense in support of Par's strategy to expand Strativa increased $1.7 million driven by costs related to the development hydrochlorothiazide 25mgof Zensana(TM). As of , Par had working capital of $193.8 million, which includes $142 million of current liabilities due to mature in September 2010. The decrease was due primarily to a net reduction of $11.7 million of one-time Strativa milestone payments. Par Pharmaceutical Reports Fourth Quarter and Full Year 2008 Results WOODCLIFF LAKE, N.J., / - / -- Par Pharmaceutical Companies, Inc. Adjusting pain relieffor these items and other special items, income from continuing operations for the fourth quarter 2008 would have been $7.1 million, or $0.21 per diluted share. Adjusting for these items and the fourth quarter special items, income from continuing operations for the treatment of antibiotic rashfull year ended would have been $1.8 million, or $0.05 per diluted share. Par Pharmaceutical Companies, Inc. For the full year 2008, Par reported a loss of $47.8 million, or $1.43 per share. Safe Harbor Statement Certain statements in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. By comparison, fourth quarter 2007 results included a pre-tax gain of $3.1 million from Par's sale of its remaining investment in Optimer Pharmaceutical, Inc. The replay dial-in number is 888-286-8010 fish tetracycline human consumptionfor domestic callers and 617-801-6888 for international callers. Revenues for the fourth quarter 2008 increased 4.0% compared with the same period in 2007 due primarily to the launch of sumatriptan succinate injection, increased sales of metoprolol and Megace(R) ES. Revenues from Par's generic segment declined 28.3% for the full year 2008 to $491.1 million primarily due to competitive pressures that adversely affected the volume and pricing of certain existing products. Generic product gross margin decreased to 22.2% of generic revenues in 2008 from 29.8% of generic revenues in 2007 driven by increased sales of lower margin metoprolol succinate, lower sales of existing products as mentioned above, and an impairment charge of $4.9 million for nabumetone, and lower inventory write-offs, in addition to the other factors discussed above. Generic R&D expense decreased $8.0 million due to lower internal development costs, lower performance incentive compensation of $4 million, and the non-recurrence of one-time costs associated with a third party development agreement. Selling, General and Administrative Selling, general and administrative (SG&A) expense of $137.9 million for the year ended decreased slightly from $138.2 million in 2007. A replay of the conference call will be available commencing approximately one hour after the call. Par reported a loss for the fourth quarter ended of $32.0 million, or $0.96 per share. Revenues from Strativa represented 15.1% of total revenues, as compared to 11.0% in 2007. |
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