Andrx Misses Estimates

The company's third-quarter profit falls short.
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Generic drugmaker

Andrx

(ADRX)

said third-quarter revenue declined 5.6% from a year ago, reflecting the company's disposal of a unit, and fell just short of Wall Street's consensus forecast.

The company's top line dropped to $257 million for the quarter ended Sept. 30 from $272.3 million a year ago. Andrx earned $10.9 million, or 15 cents a share, compared with $11.8 million, or 16 cents a share, last year.

Analysts surveyed by Thomson First Call were looking for a profit of 18 cents a share and revenue of $257.1 million in the third quarter.

Earlier this year, the Food and Drug Administration placed a halt on approving Andrx drug applications, a move that followed an inspection of the company's Davie, Fla., plant. The company expects to meet with the FDA this month to discuss the matter.

Shares of Andrx closed Monday at $15.40.