Barr reports profit drop for Q3
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- November
- 6
Barr Pharmaceuticals Inc., which has generic-drug research operations in Pomona, earned $31 million, or 28 cents a share, on revenues of $737 million in the third quarter.
A year earlier, the company earned $39 million, or 36 cents a share, on revenues of $602 million.
But the company said that by a different calculation – one that does not comply with generally accepted accounting principles – its adjusted earnings per share rose to 83 cents from 71 cents last year.
In July, Israeli drug giant Teva Pharmaceutical Industries Ltd., the world’s largest maker of generic drugs, announced plans to buy Barr, which has its Barr Laboratories Inc. subsidiary in Pomona.
Bruce L. Downey, the company’s chairman and chief executive, said sales of generic oral contraceptives in the United States were strong in this year’s third quarter.
He added: “We are pleased that we continued to make progress during the quarter toward completion of the acquisition of Barr by Teva, and we and Teva continue to anticipate completing this transaction prior to the end of the year.â€
Barr shares were trading at $62.82, up 50 cents, at 9:40 a.m.
This entry was posted
on Thursday, November 6th, 2008 at 10:02 am by Allan Drury.
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