posted a $28 million loss in its second quarter because of a charge to settle litigation over its generic version of blood-pressure treatment Cardizem CD.
The shares were selling off in the Instinet premarket session, down 19% to $17.50.
Fort Lauderdale, Fla.-based Andrx lost $27.8 million, or 37 cents a share, compared with a profit of $15.7 million, or 34 cents a share, a year earlier. The latest quarter included a pretax charge of $60 million to settle antitrust litigation over Cardizem CD. Revenue rose slightly to $182.2 million from $180.9 million.
Analysts had been predicting the company would lose 7 cents a share in the quarter. Andrx attributed its performance to a continuing lack of significant product releases and increased overhead.