King's 3rd-qtr revenue drops 5% to $492M

The USA's King Pharmaceuticals says that its revenues totaled $492.0 million during the third quarter of 2006, compared to $518.0 million in the like, year-ago period. However, including special items, net earnings equaled $90.0 million with diluted earnings per share of $0.37 versus $122.0 million and diluted EPS of $0.50.

During the period, net revenue from branded pharmaceuticals totaled $433.0 million, a 5% decrease on third-quarter 2005, due to previously-disclosed changes in reserve estimates and increases in wholesale inventory levels of King's products which artificially boosted the previous quarter. Sales of Altace (ramipril), King's cardiovascular drug, totaled $159.0 million vs $174.0 million, while the muscle relaxant Skelaxin (metaxalone) fell to $106.0 million from $116.0 million. Thrombin-JMI (thrombin, topical, bovine, USP) netted $70.0 million compared to $54.0 million, benefiting from an increase in wholesale inventory levels which remain within a normalized range, the firm noted.