King Pharmaceuticals reports $548 million loss in 4th Quarter, 2008
* Q4 net loss of $548.5 million
* Ex-items, Q4 EPS of 24 cents vs 23-cent estimate
NEW YORK, Feb 26 (Reuters) – King Pharmaceuticals Inc (KG.N) posted a fourth-quarter loss on Thursday on a big charge from its Alpharma acquisition, but results were in line with analysts’ expectations.
The specialty drugmaker posted a net loss of $548.5 million, or $2.25 per share, compared with net income of $42.8 million, or 18 cents per share, a year earlier.
King recorded a $590 million charge tied to its Alpharma acquisition, which is poised to boost the company’s pain treatment franchise. King said on Thursday that it had identified more opportunities for synergies from the deal than it originally expected.
Excluding items, earnings were 24 cents per share, 1 cent ahead of the average forecast of analysts, according to Reuters Estimates. (Reporting by Lewis Krauskopf; Editing by Lisa Von Ahn)
King Pharmaceuticals Inc had earlier announced a 22 percent reduction in it workforce.
February 03, 2009
NEW YORK — King Pharmaceuticals Inc. said Tuesday it is cutting approximately 760 jobs or 22% of its workforce amid new restructuring initiatives to decrease operating expenses and a reduction in headcount arising from King’s recent acquisition of Alpharma Inc. Of the job cuts, about 240 are corporate positions associated with synergies from the Alpharma acquisition, while approximately 520 are associated with the new restructuring program announced Tuesday, including 380 field-sales positions and approximately 140 corporate positions, the company said.