King Pharmaceuticals swings to 3Q loss |
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Thu, 08 Nov 2007 13:45
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BRISTOL, Tenn. (AP) - King Pharmaceuticals Inc. said Thursday it swung to a third-quarter loss on $264 million in special charges, including restructuring and asset impairment costs for blood pressure drug Altace after its patent was ruled invalid.The company lost $40.5 million, or 17 cents per share, compared with a profit of $90.4 million, or 37 cents per share, during the same period a year prior. Revenue rose 11 percent to $544.9 million from $491.7 million.Excluding special charges, the company said it earned 52 cents per share. Analysts polled by Thomson Financial expected profit of 45 cents per share on revenue of $528.4 million.The company is in the midst of cutting its work force by 20 percent. In September a U.S. Court of Appeals decision ruled a patent on its blood pressure drug Altace was invalid. King is also facing challenges to its patent for the muscle relaxant Skelaxin and greater generic competition for its hemostatic product, Thrombin-JMI.Altace sales rose 6 percent to $169 million while sales of Skelaxin were flat at $106 million. Thrombin sales fell about 1 percent to $69 million.The company said it expects an additional $50 million charge for restructuring during the fourth quarter.Shares of King Pharmaceuticals closed at $10.05 Wednesday.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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