updated its previous third-quarter guidance, saying it now expects to beat analyst estimates thanks to stronger-than-expected sales.
The company now expects to earn between 54 cents to 58 cents a share, up from the originally predicted 41 cents a share. Analysts were expecting the company to earn 48 cents a share, on average.
Sales of products such as its megestrol oral suspension contributed to the boost in sales, the company said.
The shares closed at $25.04 Wednesday on the
Spring Valley, N.Y.-based Pharmaceutical Resources is a holding company that develops and distributes generic pharmaceuticals via Par Pharmaceutical, its wholly owned subsidiary.