King Pharma Q2 profit below forecast

Source: Healthcare Digital

Date :8/7/2008 3:36:30 AM

King Pharmaceuticals Inc said second quarter profit fell short of Wall Street estimates as generic competition eroded sales of its blood pressure drug Altace.

Net income fell to US$43 million, or 18 cents per share, from US$64.8 million, or 26 cents per share, a year earlier, the company said on Thursday, August 7.

Excluding special items, earnings were 30 cents per share, two cents below analysts’ estimates.

Total revenues were US$397 million during the second quarter, compared to US$543 million in the second quarter of 2007.

The company said the decrease was primarily due to the market entry of generic substitutes for Altace.