With little time left in the fourth quarter, Par Pharmaceutical
Revenue was up 22% to $213 million for the quarter. Excluding one-time events from both quarters, income was actually up 39% year over year.
As is almost always the case with generic-drug makers, the year-over-year revenue increase was mostly from new products launched since last year. In the third quarter, Par began to offer three additional strengths of its generic version of AstraZeneca's
Though they're a minor part of its arsenal, Par's branded products continue to be on fire, with sales growing 73% over the third quarter last year, partially driven by the addition of co-promotion fees for the testosterone replacement AndroGel. Has the company continued to make wise choices about products with growth potential that it licensed? This quarter it spent about $16 million to license two drugs now in phase 3 trials, for which it hopes to file marketing applications by the end of 2008. Par tightened its full-year earnings estimate to the top $0.05 of its previous estimate of $1.35 to $1.50 per share.
Now that the company is up to date with the Securities and Exchange Commission, investors have a better idea where the generic-drug maker sits. While Par is going to continue to have a hard time competing in an industry where much larger competitors such as Teva Pharmaceutical
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