Par reports increase in revenue, income and EPS for Q2

WOODCLIFF LAKE, N.J. Generic drug maker Par Pharmaceutical Cos. got a jump in revenues and net income during second quarter 2009, the company announced in an earnings report Tuesday.

Par reported total revenues of $404 million, net income of $23.8 million and diluted earnings per share of 71 cents. This compared with reported revenues of $112.9 million, a net loss of $21.2 million and diluted earnings per share of 64 cents during second quarter 2008.

The company also saw increases in product sales. Sales of the heart disease drug metoprolol succinate – an authorized generic version of AstraZeneca’s Toprol XL – were $306 million during the quarter, a 173% increase over first quarter 2009. The injected migraine headache drug sumatriptan, a generic version of GlaxoSmithKline’s Imitrex, had sales of $21.8 million, compared to $16 million during the first quarter.

Meanwhile, the antihistamine meclizine, a generic version of Pfizer’s Antivert, was $8.9 million, compared with $9.8 million during first quarter, the decrease resulting primarily from trade buying patterns.