Financial News

WOODCLIFF LAKE, N.J. — Generic drug maker Par Pharmaceutical Cos. had sales of $227 million during fourth quarter 2010 and $1 billion for the year as a whole, according to an earnings statement Thursday.

Profits were $17.5 million for the quarter and $92.7 million for the year, compared with $10.7 million in fourth quarter 2009 and $76.9 million for 2009 as a whole.

HOFFMAN ESTATES, Ill. — Mass merchandiser Kmart had sales of $4.99 billion during fourth quarter 2010 and $15.6 billion for the year as a whole, according to an earnings statement released Thursday by parent company Sears Holdings.

The sales for the quarter, which ended Jan. 29, were a slight improvement over fourth quarter 2009 sales of $4.92 billion, while the annual sales represented a decline in dollar terms from 2009’s $15.74 billion. Comparable-store sales for the year increased in percentage terms, by 0.7%, while quarterly sales increased by 2.5%.

MINNEAPOLIS — Fourth-quarter earnings per share at Target advanced 17% to $1.45, compared with $1.24 the prior year, thanks to a seven-cent-per-share tax benefit.

Quarterly profits were slightly more than $1 billion, compared with $936 million the prior year. Fourth-quarter sales increased 2.8% to $20.3 billion, compared with $19.7 billion in the prior year, and were aided by a 2.4% increase in same-store sales.

DUSSELDORF, Germany, and ROCKY HILL, Conn. — Henkel's 2010 sales grew 11.2% to nearly $20.8 billion during the year, the company reported in its financial earnings release.

Henkel's North American sector also experienced strong growth, garnering $3.75 billion in sales for the year, an increase of 7% from 2009. The company also noted that organic sales growth totaled 3.5%, mainly boosted by its adhesive technologies, although sales of the laundry and home care and cosmetics/toiletries business sectors declined.

NEW YORK — Drug maker Forest Labs plans to acquire the developer of a recently approved antidepressant.

Forest announced that it would pay $1.2 billion, or $30 per share, to acquire Clinical Data, saying the acquisition would give it control of the drug Viibryd (vilazodone hydrochloride), a treatment for major depressive disorder in adults that won Food and Drug Administration approval last month. The agreement also includes up to $6 per share in addition for milestones related to Viibryd.

DETROIT — Generic drug maker Caraco Pharmaceutical Industries will merge with Sun Pharmaceutical Industries, Caraco said Tuesday.

Sun, which already owns 75.8% of Caraco, will pay $5.25 per share for the remaining shares of Caraco that it doesn’t already own and make Caraco a private company.

Sun originally made the going private offer in December, offering $4.75 per share for Caraco.

FOSTER CITY, Calif. — Drug maker Gilead Sciences plans to buy out a privately owned Seattle company that makes treatments for cancer and inflammatory diseases, Gilead said Tuesday.

The Foster City, Calif.-based company will buy Calistoga Pharmaceuticals for $375 million, plus additional milestone payments of up to $225 million.

BENTONVILLE, Ark. — Despite gains in its international sector, Walmart experienced its seventh straight quarterly sales decline in its U.S. stores division for the period ended Jan. 31.

Walmart said although sales at its international stores rose 27%, its U.S. store sales fell short of its own projections for the holiday period. Sales at U.S. Walmart stores fell 0.5% to $71.1 billion, and were down 1.8% on a comparable-store basis, the company said.