Shares of



were falling after the company said its first-quarter profits were down from last year due to drug launch delays. The company also warned that its second-quarter results could be well below estimates.

The company posted first-quarter net income of $4.5 million including the recently acquired

Cybear Group


, compared with net income of $14.6 million a year ago.

Without Cybear, the company earned $8.4 million, or 12 cents a share, down from $19.2 million, or 27 cents a share, in the year-ago quarter. On that basis, analysts polled by Thomson Financial/First Call had been expecting the company to earn 11 cents a share.

Total revenue rose to $182.7 million from $155.8 million last year as first-quarter net sales increased 21.9%.

The company said its results for the quarter were hurt by legal delays in launching its generic and bio-equivalent drugs, as well as increased competition in the generic drug market.

Going forward, the company sees its problems continuing. In a press release, Andrx said in the second quarter it will experience more delays in product launch and its pipeline fill for generic Glucophage will be absent. Research and development costs for the quarter will be higher, and after May 17, Cybear's losses will be included in Andrx's earnings per share. The company warned that absent the launch of a significant generic product, second-quarter results may be lower than its first-quarter results.

According to First Call, Wall Street is looking for 33 cents a share in the second quarter.

Shares of Andrx were down on the news, falling about 1% to $42.51 in after closing at $42.87 Thursday.