King sees 1st-qtr earnings drop 28% to $51M
US company King Pharmaceuticals says that its net earnings for the first-quarter ended March 31, 2006, declined 28% to $51.0 million, or $0.21 diluted earnings per share.
The firm says that the downturn is due to an $85.0 million ($51.0 million net of tax) in-licensing charge relating to its collaboration with Arrow International covering the commercialization of novel formulations of Altace (ramipril), King's cardiovascular drug.
King's pharmaceutical sales for the period were $418.0 million, up 30%. Key growth drivers included: Altace, sales of which contributed $159.0 million, up 85% on the first quarter of last year; revenues from its muscle relaxant Skelaxin (metaxalone) rose 37% to $99.0 for the period; and sales of the insomnia product Sonata (zalelon) totaled $21.0 million and represented a 9% increase.
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