Par 1Q Profit Lifted By Generic Toprol Sales

WOODCLIFF LAKE, N.J. (AP) — Par Pharmaceutical Cos. said Wednesday its profit jumped in the first quarter as its sales improved and one-time costs came off its books.

The results surpassed analyst expectations, and Par shares rose 47 cents, or 4.1 percent, to $11.81 in midday trading. Earlier in the day, the stock surged 21 percent.

Par reported profit of $16.1 million, or 48 cents per share, and said its revenue rose 32 percent to $204 million. Both totals surpassed Wall Street estimates. More than half its revenue came from sales of a generic version of the angina drug Toprol XL, or metoprolol.

Excluding one-time costs, including legal settlements and milestone payments, Par said its profit rose to 49 cents per share from 17 cents per share.

Analysts expected 27 cents per share and $170.2 million in revenue, according to a survey by Thomson Reuters.

Par makes the authorized generic version of Toprol XL, a drug that was developed by AstraZeneca PLC. It became the official generic supplier in the first quarter, which improved sales and lead to a higher price. It posted $122.2 million in metoprolol sales, more than double its total in the fourth quarter.

A year ago, the company earned $1.4 million, or 4 cents per share, on $154.9 million in revenue. The company cut its research and development expenses by $10 million, to $7.2 million, although the one-time restructuring and legal expenses canceled out some of those gains.

The company's first quarter ended March 28.