Andrx Plunges on Weak Quarter

The stock drops after a sharp shortfall.
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Updated from Nov. 3

Andrx

(ADRX)

plunged 24% early Thursday after releasing weak third-quarter results late Wednesday.

For its quarter ended Sept. 30, the Fort Lauderdale, Fla.-based maker of generic drugs earned $11.8 million, or 16 cents a share, on revenue of $272 million. For the same period last year, Andrx earned $11.7 million, or 16 cents a share, on revenue of $255 million.

But the latest quarter's results fell well short of the Thomson First Call analyst consensus, which called for a profit of 31 cents a share on revenue of $294 million.

Andrx offered few details about its performance. "Although delays in the approval and launch of certain generic products, both for Andrx and the industry, caused revenues and earnings ... to be less than we projected, we are confident that these generic introductions will occur," said Thomas P. Rice, the company's chief executive.

In premarket trading, the stock dropped $4.76 to $14.90.