Generics cut King's 1st-qtr income 16%
The USA's King Pharmaceuticals says that first-quarter 2008 revenues totaled $432.0 million versus $516.0 million in the comparable period the year before, due to the market entry of the first generic substitute for hypertension drug Altace (ramipril) in December 2007. Reported net earnings equaled $88.0 million and diluted earnings per share amounted to $0.36 vs $116.0 million and $0.48, respectively. Excluding special items, the firm's profit during the period reached $90.0 million, or $0.37 per share, vs $118.0 million and $0.48 per share.
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