News
King Pharmaceuticals Reports First-Quarter 2006 Financial Results
King Pharmaceuticals, Inc. KG announced today that total revenues increased 31% to $484 million during the first quarter ended March 31, 2006, compared to $369 million in the first quarter of 2005.
Including special items, which primarily consist of an $85 million, or $53 million net of tax, in-licensing charge related to Arrow International Limited discussed below, net earnings decreased 28% to $51 million and diluted earnings per share decreased 28% to $0.21 during the first quarter ended March 31, 2006, compared to net income of $70 million and diluted earnings per share of $0.29 in the same period of the prior year. Excluding special items, net earnings increased 40% to $106 million and diluted earnings per share increased 42% to $0.44 during the first quarter ended March 31, 2006, compared to net earnings of $76 million and diluted earnings per share of $0.31 in the first quarter of 2005.
Net revenue from branded pharmaceuticals totaled $418 million for the first quarter of 2006, a 30% increase from $322 million during the first quarter of 2005. This increase was primarily due to the effect of last year's wholesale inventory reductions of some of the Company's branded pharmaceutical products.
Net sales of Skelaxin(R) (metaxalone) totaled $99 million during the first quarter of 2006, an increase of 37% compared to $72 million during the same period of the prior year.