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Shares of



fell sharply after the drugmaker warned that fourth-quarter earnings would be "well short" of the third quarter's 35 cents a share due to product delays and slowing sales.

Analysts were expecting the company to earn 26 cents a share in the quarter.

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Andrx cited delays in the launch of its generic version of diabetes drug Glucophage following legal challenges from


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, and reduced sales of its asthma treatment albuterol. The company said albuterol sales fell to $7 million in the fourth quarter from $21 million in the third.

On Instinet, Andrx's shares were falling $2.98, or 4.5%, to $62.55.