Pharmaceutical Resources Raises Outlook, Says CEO Will Retire

The company expects to top estimates for the second quarter.
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Pharmaceutical Resources

(PRX)

raised its second-quarter guidance, citing an increase in prescription drug sales. The company also said its CEO plans to retire.

In the quarter ending June 30, the company expects to earn 71 cents to 73 cents a share, excluding charges, compared with earnings of 62 cents a share in the year-ago period. Analysts are expecting 64 cents a share.

Pharmaceutical Resources said the quarter benefited from higher-than-anticipated sales of megestrol oral suspension, fluoxetine and omeprazole, and the launch of three new products -- torsemide, the generic version of Demadex, minocycline, the generic form of Minocin, and paroxetine hydrochloride immediate release tablets, the generic version of

GlaxoSmithKline's

(GSK) - Get Report

Paxil.

Separately, the company said its president and chief executive, Kenneth Sawyer, plans to retire, effective July 1. Sawyer has been with the company since 1989. After retiring, he will spend time managing the Landon Morley Sawyer Foundation, a charitable foundation established in 2002.

The expenses associated with Sawyer's retirement agreement are expected to be about 6 cents to 8 cents a share, the company said.

Pharmaceutical Resources said the board of directors will start a search for a new president and chief executive.