KV's 4th-qtr 2006 net income increases 16%

The USA's KV Pharmaceutical says that its revenue for the fourth quarter of 2006 increased 16% to $114.5 million, as net income rose 28% to $18.5 million, or $0.33 per diluted share, favorably impacted by a reduction in tax expense of $0.01 per share, due primarily to the passage of the Federal Research and Experimentation Credit in December.

The firm's strong performance was also driven by continued acceleration of profits at the company's branded drug division, Ther-Rx, as well as the improved performance of its Ethex generics unit. Ther-Rx revenues grew 15% to $48.2 million, while income from Ethex jumped 17% to $61.4 million. In December, Clindesse (clindamycin phosphate), KV's single-dose prescription treatment for bacterial vaginosis, captured 23% of total prescription volume in its market, more than all other clindomycin-based intra-vaginal products combined, while its Gynazole-1 (butoconazole nitrate) remains the leading branded prescription yeast infection product in the USA.