(RTTNews) -  Tuesday, Par Pharmaceutical Companies Inc. (PRX: News ), reported a swing to profit for the second quarter from a year ago helped by a significant surge in revenues, driven primarily driven by sales of its generic drug metoprolol succinate, equivalent to AstraZeneca's Toprol XL.

The Woodcliff Lake, New Jersey-based company posted a net income of $23.8 million or $0.71 per share for the quarter, compared to a net loss of $21.2 million or $0.64 per share in the same period last year.

On an adjusted basis, earnings were $21.97 million or $0.65 per share, compared to a loss of $20.45 million or $0.61 per share in the year ago quarter. On average, eight analysts polled by Thomson Reuters expected the company to earn $0.48 per share for the quarter. Analysts' estimates typically exclude special items.

Net income for the quarter included a one-time gain related to the acquisition of certain assets of MDRNA's Hauppauge, NY facility, while net loss a year ago included a one-time development milestone payment to a partner.

Total revenues for the quarter climbed to $404 million from $112.94 million last year. Analysts expected revenues of $232.87 million.

The company said that the recent quarter revenue increase was principally driven by the lack of competition in metoprolol succinate and meclizine, and the launches of sumatriptan injection and dronabinol in the second half of 2008.
Net sales of metoprolol succinate reached $306 million, an increase of 173% from the first quarter 2009. Par was the exclusive supplier of metoprolol succinate through the second quarter, and is supplies generic metoprolol succinate for all strengths of AstraZeneca's Toprol XL.

Net sales of sumatriptan injection were $21.8 million for the quarter, compared to $16.0 million in the first quarter.

Net sales from all other generic products were $39.6 million for the quarter, down from $43.0 million in the first quarter. The decrease primarily reflects the discontinuation ofof fluticasone and a decline in volume and price of certain products, including ibuprofen, due to continued competition in the market, tempered by an increase in volume of certain products such as tramadol APAP and fluoxetine HCl, as well as the launch of risperidone ODT in June 2009.

For the first half, the company reported net income of $39.9 million or $1.18 per share, compared to a net loss of $19.8 million or $0.60 per share in the same period of 2008. Adjusted net income was $37.4 million or $1.11 per share, compared to a loss of $15.91 million or $0.48 per share.

To receive FREE breaking news email alerts for Par Pharmaceutical Companies Inc and others in your portfolio

 1   2   Next Page