King back to profit after loss of Altace patent
The USA's King Pharmaceuticals has reported a dramatic recovery in the third quarter, returning to profit after being hit by the loss of its patent for hypertension drug Altace (ramipril) in the same period of the year before.
Net income for the quarter was $84.8 million, or $0.35 per share, versus a net loss of $40.5 million, or $0.17 loss per share, in the third quarter of 2007. The firm says the loss last year was due to a $264.0-million charge related to restructuring and impairment activities following a ruling that its patent for Altace was invalid (Marketletter September 27, 2007).
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