Par 3Q profit surges on product sales

Par Pharmaceutical profit jumps, revenue nearly doubles

• On 9:49 am EST, Friday November 6, 2009

WOODCLIFF LAKE, N.J. (AP) -- Generic drugmaker Par Pharmaceutical Companies Inc. said Friday its profit surged in the third quarter on a boost in product sales.

Par said it earned $26.3 million, or 76 cents per share, in the period ended Oct. 3, compared with profit of $475,000, or 1 cent per share, a year ago. Revenue nearly doubled, to $294.8 million from $149 million.

Analysts polled by Thomson Reuters expected a profit of 49 cents on revenue of $290.5 million.

Par's revenue included $161.1 million in sales of generic Toprol XL, or metoprolol, which is used to treat angina, high-blood pressure and heart failure. The branded version is made by AstraZeneca PLC.

Par did not provide sales comparisons to the year-ago period. Instead, it focused on comparisons with the second quarter of 2009, which actually shows a steep decline in sales, when comparing consecutive quarters.

Par also makes an injectable generic version of the migraine drug sumatripan, or Imitrex. It also makes Dronabinol, a generic version of Marinol, which includes the active ingredient in marijuana and treats nausea from chemotherapy.

Shares of Par Pharmaceutical rose 67 cents, to nearly 3 percent, or $23.45 in morning trading.