King's profit drops 34% in 2nd-qtr 2008 to $43M
The USA's King Pharmaceuticals' revenue fell 26.9% year-on-year to $397.0 million in second-quarter 2008 due to the market entry of generic substitutes for Altace (ramipril). Net earnings decreased 33.8% to $43.0 million, or $0.18 per share.
Net revenue from branded pharmaceuticals declined 32.3% to $316.0 million as turnover of King's cardiovascular drug Altace plummeted 73% to $44.0 million. Royalty revenues, derived primarily from imaging product Adenoscan (adenosine), grew to $24.0 million from $20.0 million.
Sales of muscle relaxant Skelaxin (metaxalone) were largely flat at $107.0 million versus $108.0 million in second-quarter 2007, while hemostatic agent Thrombin-JMI (thrombin, topical, bovine, USP) netted $64.0 million vs $65.0 million.
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