King posts 3rd-qtr loss on $264M charge
USA-based King Pharmaceuticals reported a third-quarter 2007 loss of $40.5 million, or $0.17 per share, down from the $90.4 million profit it recorded in the comparable period last year.
King said that the decline was due to a $264.0 million charge related to restructuring and impairment activities-following a ruling that its patent for the hypertension drug Altace (ramipril) was invalid (Marketletter September 27). The firm added that it expects to report a $50.0 million restructuring charge in the next quarter.
On a more positive note, revenues for the period were up 11% to $544.9 million, beating the forecast of analysts polled by Thomson Financial who had predicted $528.4 million.
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