(Source: Datamonitor)
King Pharmaceuticals, a UK-based vertically integrated pharmaceutical company, has reported a net loss of $10.72 million, or $0.04 per diluted share, for the first quarter of 2009, compared to net earnings of $85.56 million, or $0.35 per diluted share, for the first quarter of 2008.
The company reported total revenues of $429.06 million for the first quarter ended March 31, 2009, compared to $432.03 million for the first quarter of 2008.
Joseph Squicciarino, King's CFO, said: "During the first quarter, we substantially completed our integration initiatives associated with our December 2008 acquisition of Alpharma. Additionally, we repaid a total of $48 million of principal on the long-term debt we incurred in connection with the acquisition, $33 million in excess of that required by our repayment schedule.
"During the remainder of 2009, we expect strong cash flow from operations which will continue to allow us to aggressively pay down our long-term debt, advance our pipeline and explore business development opportunities consistent with our strategy for growth."
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