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King Pharma announce unexpected profit

King Pharmaceuticals outperforms analysts expectations despite posting a 6.9 per cent fall in profits

King Pharmaceuticals outperforms analysts expectations despite posting a 6.9 per cent fall in profits, as results show that generic versions of the company's blood pressure treatment, Altace, continue to compromise sales.

The US company's earnings fell from $40.8m to $37.9m (from 17 cents per share to 15 cents per share) in Q2. Overall, branded pharmaceutical sales dropped 13 per cent, amidst Altace's continuing sales evaporation.

During the second quarter King continued to advance its robust pipeline of pain treatments that are designed to resist or deter common methods of abuse associated with many currently available painkillers. The company is currently focusing on gaining regulatory approvals for its trio of opioid products for treating late-stage pain: Remoxy, an extended-release oxycodone drug, Embeda, an extended-release morphine product, and Acurox, an immediate-release oxycodone drug.

Last year the company acquired Alpharma, which expanded King's pipeline of pain relief drugs and helped strengthen its Q2 results. King Pharmaceuticals chairman and CEO, Brian A Markison, said the results underscored "the successful and rapid integration of the Alpharma acquisition". 

King, which had forecast $60m in synergies from the Alpharma acquisition in 2009, has increased its forecast to $80m for the year, according to chief financial officer, Joseph Squicciarino. 

10th August 2009

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