tripped to a 52-week low Wednesday after the pharmaceuticals company lowered its earnings forecast for the remainder of the year.
The outlook came in an earnings report in which Alpharma said second-quarter net income was $594,000, or 1 cent a share, in the three months ended June 30, compared with a loss of $4.8 million, or 9 cents a share, last year. Revenue fell 5% from a year ago to $316 million.
Analysts had been forecasting earnings of 1 cent a share in the most recent quarter.
But Alpharma now expects full-year earnings to be 45 cents to 55 cents a share, down from its previous estimate of 80 cents to 90 cents a share. The company blamed the change on a revised expectation that U.S. generic revenue will fall 15% in the second half compared with the year-earlier period, rather than rise 5%.
The stock was recently down $2.21, or 13.6%, to $14.01.