reported first-quarter earnings that beat analysts' expectations by a penny, citing the favorable ruling on its Prozac patent challenge, the launch of the ViaSpan organ transplant preservation product, and Food and Drug Administration approval of the first of its internally generated proprietary products.
The pharmaceutical company earned $14.2 million, or 38 cents a share, compared with $11.8 million, or 33 cents a share, in the same period last year, excluding the impact of special charges in both periods. Seven analysts expected the company to earn 37 cents a share, according to a poll taken by
First Call/Thomson Financial
Revenue grew 13% to $111.8 million from $98.9 million last year, and was driven by higher product sales and development and other revenue.
Shares of Barr Laboratories were recently down $9.25, or 13.4%, to $60.06 on the
New York Stock Exchange