King's 2nd-qtr revenue rises 9%, net income falls

The USA's King Pharmaceuticals says that second-quarter 2007 revenues increased 9% on the like, year ago period, to $543.0 million. Despite this, net income fell to $65.0 million, or $0.26 per diluted share, compared to $111.0 million and $0.46 per share.

Net revenue from branded pharmaceuticals totaled $467.0, an 11% increase. Sales of Altace (ramipril), King's cardiovascular drug, rose to $163.0 million from $154.0 million, while the muscle relaxant Skelaxin (metaxalone) earned $108.0 million, up 11%. Thrombin-JMI (thrombin, topical, bovine, USP) netted $65.0 million versus $62.0 million, as net sales of the painkiller Avinza (morphine sulfate extended release), which the company acquired in February, totaled $35.0 million. However, revenues from the insomnia product Sonata (zalelon) fell to $17.0 million, down from $24.0 million.

Commenting on the highlights of the period, the firm's chief executive, Brian Markison, stated that, "together with our partner Pain Therapeutics, we recently announced the completion of patient enrollment in the pivotal Phase III clinical trial for Remoxy [long-acting oral oxycodone], our lead investigational product for moderate-to-severe pain. Remoxy's sustained-release formulation has the potential to reduce the improper and often intentional accelerated release of oxycodone through crushing, heating or dissolution in alcohol that is reported with respect to other long-acting opioids."