Barr's 2nd-qtr 2008 profit rises 27%

US generic drugmaker Barr Pharmaceuticals says its second-quarter 2008 profit rose 26.7% year-on-year to $57.0 million, or $0.52 per share, in line with expectations, thanks to higher product sales.

The New Jersey-based firm, which is the subject of a $7.46 billion takeover bid from Israeli generics giant Teva (Marketletter July 28), saw a 23% rise in revenue to $779.0 million. Analysts surveyed by Thomson Financial expected a profit of $0.53 per share on income of $627.8 million.

The company's generic product sales totaled $557.0 million, up from $484.0 million in second-quarter 2007, as domestic sales in this category grew 14.8% to $340.0 million due to higher sales of generic oral contraceptives, which increased 34% to $155.0 million during the period. Sales were boosted by the launch of Ocella, Barr's generic version of Bayer's blockbuster Yasmin (drospirenone/ethinyl estradiol), which more than offset lower volume and pricing on other oral contraceptives.