posted first-quarter earnings and revenue growth on the strength of sales of Altace and Levoxyl and the acquisition of three new products from
The company said it earned $71.3 million, or 29 cents a share, up from $44.7 million, or 19 cents a share, in the year-ago quarter. On a cash basis excluding amortization of intangible assets, the company earned 31 cents a share. On that basis, analysts polled by Thomson Financial/First Call had been expecting 28 cents a share.
Revenue grew to $258.1 million from $181.3 million a year ago, primarily on the strength of the company's branded pharmaceutical sales, which grew 44% from last year. Sales of Altace grew 76%, while Levoxyl saw a 130% increase from last year.
The company also announced a new agreement to market
Johnson & Johnson
subsidiary Ortho-McNeil Pharmacuetical's Ortho-Prefest tablets in the U.S.
Based on that deal and the company's first-quarter results, King has raised its outlook for the rest of the year. The company now expects to see EPS of 29 cents to 31 cents on revenue of $260 million to $280 million in the second quarter. Analysts are expecting 31 cents on revenue of $277.58 million.
For the full year, the company sees EPS of $1.27 to $1.35 on revenue of $1.130 billion to $1.210 billion. Analysts are expecting $1.32 on revenue of $1.177 billion, according to Thomson Financial/First Call.
Shares of King Pharmaceuticals closed at $31.38 Friday before the earnings release.