King Pharma Trounces Estimates
King Pharmaceuticals
(KG)
reported a big increase in second-quarter revenue, as sales of branded drugs such as Altace and Skelaxin were sharply higher compared with a year ago.
Revenue for the quarter ended June 30 increased 68% to $462.9 million from $275.6 million last year. King reported net income of $20.5 million, or 8 cents a share, compared with a loss of $62.9 million, or 26 cents a share, in the prior year.
Excluding items, King earned $106.7 million, or 44 cents a share. The Bristol, Tenn., pharmaceutical company recorded a second-quarter charge of $86.2 million, mainly for intangible asset impairment costs related to Sonata.
Shares of King were moving higher on the results, adding $1.41, or 13%, to $12.35 in premarket trading.
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King's results easily surpassed Wall Street's estimates. Analysts surveyed by Thomson First Call were expecting a profit of 22 cents and revenue of $392.5 million in the quarter.
Net revenue from branded pharmaceuticals totaled $400.3 million during the second quarter, up 82% from last year.
Altace sales more than doubled from last year to $144.2 million. Sales of Skelaxin climbed 71% to $86.8 million, and sales of Thrombin-JMI reached $52.9 million, up 67% from the comparable quarter in 2004.
King had been planning to merge with
Mylan Laboratories
(MYL) - Get Viatris, Inc. Report
before that deal was called off earlier this year.
