Par Pharmaceuticals reports jump in revenue, income

WOODCLIFF LAKE, N.J. Generic drug maker Par Pharmaceutical Cos. reported a nearly $50 million increase in total revenues and a nearly $15 million increase in net income in its first quarter 2009 financial report Wednesday.

The company reported total revenues of $204 million for the quarter, compared with $154.9 million during the same period in 2008. Net income was $16.1 million, compared with $1.4 million the year-prior.

The increase in net revenues was mostly because of gains in sales of metoprolol succinate, which saw a 127% increase in sales over the year before, as well as sumatriptan, dronabinol and meclizine. The drugs are an authorized generic of AstraZeneca’s Toprol and generic versions of GlaxoSmithKline’s Imitrex, Pfizer’s Antivert and Unimed’s Marinol, respectively. The company also saw declines in fluticasone, a generic version of GSK’s Flonase, and Megace ES (megestrol acetate).