Andrx Tumbles in Preopen; CEO Resigns, Earnings Worries Emerge

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Andrx (ADRX) dropped 8.9% to $64.11 after the company said CEO Alan P. Cohen resigned, effective immediately. The company had said earlier this year that Cohen was planning to leave the post.

The company also reported third-quarter earnings of 35 cents a share, a penny ahead of the consensus estimate and up from 26 cents a year ago. Andrx said fourth-quarter earnings would be lower than the third quarter if litigation continues to delay the launch of its generic versions of Tiazac, Glucophage, Prilosec and Naprelan.