Alpharma increases 1Q gain by $8 million

Specialty pharmaceutical company Alpharma Inc. said Friday it has revised a first-quarter gain related to the sale of its Active Pharmaceutical Ingredients business upward by $8 million, boosting its quarterly earnings.

Alpharma reported the increased gain of $209.5 million, or $4.85 per share, in its quarterly financial report with the Securities and Exchange Commission on Friday. The company previously reported a first-quarter gain of $201.5 million, or $4.66 per share, on the sale.

As a result, Alpharma's first-quarter earnings per share, including discontinued operations, totaled $3.96, compared with its previous report of $3.77.

Alpharma said the benefit is subject to further adjustments based on the closing net cash balance and working capital of the business.

Alpharma shares dropped 56 cents, or 2.2 percent, to $25.01 in afternoon trading. The stock has traded between $17.55 and $28.67 during the past 52 weeks.