Barr profit down 21% as it nears Teva merger

The USA's Barr Pharmaceuticals reported third-quarter 2008 profit down 21% compared to the same period of 2007, despite higher revenues, as it prepares to be acquired by Israeli generics giant Teva.

Revenue jumped 22% to $737.0 million, including $562.0 million from sales of generic drugs, an increase of 29%, and $133.0 million from branded products, rising 6%. R&D costs were up 11% to $69.0 million.

Net income, however, dropped to $31.0 million, or $0.28 per share, versus $39.0 million, or $0.36 per share. Still the firm increased its cash and cash equivalents to $587.0 million vs just $246.0 million.