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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. Adjusting for these items and other special items, income from continuing operations for the fourth quarter 2008 would have been pain management$7.1 million, or $0.21 per diluted share. For a copy of Par's 2008 Annual Report on Form 10-K, visit Investors/SEC Filings on the Par web site at. Revenues for the fourth quarter 2008 increased tadalafil tablets4.0% compared with the same period in 2007 due primarily to the launch of sumatriptan succinate injection, increased sales of metoprolol and Megace(R) ES. Another drug characteristically pain managementused for treatment of seizures, Pregabalin, has been approved by the FDA for use in the treatment of fibromyalgia. 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 can you get generic renovawith the SEC from time to time, including Current Reports on Form 8-K, and on general industry and economic conditions. Use of prescription sleeping aids usually creates more of sleeping problems than they solve. Fourth quarter 2008 reported, or GAAP, loss from continuing operations also included the write-off of a restructuring charge of online pharmacies$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, $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 adolf debt extinguishment. Dealing with a condition like fibromyalgia which has multiple symptoms, it can be tricky to make decisions about the course gemfibrozil priceof treatment or therapy that would be the most valuable. These decreases online pharmacieswere offset by higher sales of meclizine, which re-launched in July, the launch of dronabinol in July, and the launch of sumatriptan succinate in November, and increased sales of metoprolol succinate to new customers. Par anticipates these actions will generate annualized operating expense savings in a range near $45 million. 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. The decrease in 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 outside consulting costs. Sleep disturbance is an issue in fibromyalgia. "This momentum should continue pain pillsinto 2009 as the results of our antibiotics prescription online us pharmacyrestructuring 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 of approximately 190. For the full year 2008, Par reported a loss of $47.8 million, or $1.43 per share. Par Pharmaceutical Reports Fourth Quarter and Full Year 2008 Results WOODCLIFF pain killersLAKE, N.J., / - / -- Par Pharmaceutical Companies, Inc. Par's 2008 gross margin represented 30.5% of total revenues, a decrease from 34.9% in 2007. 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, online pharmacistthe Company assumes laser hair removal austinno obligation to update any forward-looking statements. Research and development (R&D) expenses decreased 23.2% from the year ended , to $59.7 million, and represented 10.3% of total revenues. Par reported a loss for the fourth quarter ended of $32.0 million, or $0.96 per share. For those suffering from muscle spasms, a muscle relaxant such as cyclobenzaprine (taken at bedtime), could lessen the incidence of spasms, enabling him or her to get more sleep. drug storeCom stock and $4.6 million can i take acai berry while on yasminof additional share-based compensation expense related to Par's employee stock option tender offer. The dial-in number is 888-679-8034 for domestic callers and 617-213-4847 for international callers. To the extent any statements made in this news release contain information that is not historical, these statements are essentially forward-looking and, as such, are subject to known and unknown risks, uncertainties and contingencies, many of which are beyond the control of the Company, avelox antibiotic therapy for fishwhich could cause actual results and outcomes to differ materially from those expressed herein. LePore, chairman, president and chief executive officer. This is compared with reported revenues of $155.1 million and income from continuing operations of $5.5 million, or $0.16 per diluted share, for the same online pharmacyperiod in 2007. Revenues from Strativa represented 15.1% of total revenues, as compared to 11.0% in 2007. 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. Par invites investors and the general public to listen to a webcast of the conference call. For the year ended , Par reported total revenues of $578.1 million and a loss from continuing valtrex 1gm priceoperations of $45.9 million, or $1.38 per share. A replay of the conference call will be arthritis treatmentavailable commencing approximately one hour after the call. Strativa's gross margin increased to 77.7% of branded revenues from 76.0% in 2007 due to revenue growth discussed above. A leading treatment will be adjusted over time, as symptoms change over time. 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 more challenging reimbursement environment. 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. Therapy can be done in classes, private counseling, or via tape, CD or DVD. Products which experienced significant volume and pricing declines included fluticasone, propranolol, cabergoline, various amoxicillin drugstoreproducts, ranitidine syrup, tramadol HCl and acetaminophen tablets driven by Par's exit from the market, and lower royalty payments of ondansetron tablets, among others. "Given the challenging environment of 2008, we are pleased with the operating results over the last two quarters," stated Martainn G. On-going R&D expense in support of Par's strategy to expand Strativa increased $1.7 million driven by costs related chemistto the development of Zensana(TM). Getting insufficient sleep can contribute to the symptoms shown by the fibromyalgia patient. 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 generic products. For and other company information, visit. The leading medication type found to be have been helpful in treating fibromyalgia are pain relievers (like acetaminophen), since they are able to relieve the pain along with any accompanying facial burning after starting tetracyclinestiffness, and also Tramadol, a prescription pain reliever. PRX) today reported fourth quarter and full year 2008 results ended. Adjusting for these items and the fourth quarter special items, income from continuing operations for the full year ended would have been $1.8 million, or $0.05 per diluted share. Fibromyalgia doctors recommend that the top plan of pain relieftreatment is one combining medication with self-care methods. By comparison, fourth quarter 2007 results included a pre-tax gain of buy cabergoline online$3.1 million from Par's sale of its remaining investment in Optimer Pharmaceutical, Inc. One leading treatment not based on medication is cognitive behavior therapy. Those who have symptoms such as memory problems can benefit from this approach, as can those unable to cope with the many stressful situations seen in a chronic condition like fibromyalgia. SOURCE Par Pharmaceutical Companies, Inc.. Par has scheduled a conference call for at 9:00 am EST to discuss drug storeresults for the fourth quarter and full year 2008. Access to the live webcast can be made via Par's radish antibioticwebsite at and will be available for 30 days. 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, and in addition to the fourth arthritis treatmentquarter 2007 events 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. The replay dial-in number is 888-286-8010 for domestic callers and 617-801-6888 for international callers. What Are the Leading Treatments For Fibromyalgia. Develops, manufactures and markets generic drugs and innovative branded pharmaceuticals for specialty markets. Another medication type for individuals pain pillswith fibromyalgia is nonsteroidal anti-inflammatory drugs (NSAID) such as ibuprofen, aspirin, or naproxen sodium. Prescription sleep aids, such as Zolpidem, should only be used on a short-term basis. Adjusting for these items, income from continuing operations for the full year ended would have been $55.1 million, or $1.59 per diluted share. Also helpful in relieving pain are relaxation techniques, like self-hypnosis and biofeedback. Selling, General and Administrative Selling, general and administrative (SG&A) expense of $137.9 million for the year ended decreased itraconazole hair growthslightly from $138.2 million in 2007. As of , Par had working capital of $193.8 million, which includes $142 million of current liabilities due to mature in September 2010. These benefits were tempered by $19.2 million of costs related to business development activities in support of Strativa Pharmaceuticals, Par's branded division, a $6.0 million loss on an investment, $1.6 million of severance costs. The decrease was due primarily to a net reduction of $11.7 million of one-time Strativa milestone payments. Generic product gross antidepressants without weight gainmargin 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. Par Pharmaceutical Companies, Inc. The $15.4 million fourth quarter charge related to the restructuring will result in cash expenditures of approximately $6.0 million in 2009. 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 related 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 product rights. You should expect to do some experimenting with various combinations of medication and non-medication based therapies before you find your own best mix for relieving of symptoms. 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. This is compared with reported net income of $49.9 million, or $1.43 per share in 2007. This is compared with reported net income of $4.3 million, or $0.12 per share, for the same period in 2007. |
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