UPDATE 1-Par Pharma Q3 profit beats, shares hit year-high

* Q3 adj EPS $0.88 vs. est $0.54

* Q3 rev $234.4 mln vs. est $225.4 mln

* Shrs up 7 pct

Nov 3 (BestGrowthStock) – Par Pharmaceutical Cos Inc (PRX.N: ) posted
a better-than-expected quarterly profit, helped by robust
sequential growth of its generic drugs and a strong start to
its Omeprazole sodium bicarbonate capsules, sending its shares
up 7 percent to their year-high.

For the July-September third quarter, the generics
drugmaker posted an income of $30.6 million, or 86 cents a
share from continuing operations, compared with an income of
$26.5 million, or 76 cents a share from continuing operations,
a year ago.

On an adjusted basis the Woodcliff Lake, New Jersey-based
company reported earnings of 88 cents a share.

Revenue for Par Pharmaceutical, whose competitors include
Watson Pharma (WPI.N: ) and Teva Pharmaceutical Industries
(TEVA.TA: ), fell about 20 percent to $234.4 million.

Analysts on average had expected the company to earn 54
cents a share on revenue of $225.4 million, according to
Thomson Reuters I/B/E/S.

For the third quarter, generic product sales were $61
million, compared with $52.9 million in the second quarter.

Sales of Omeprazole sodium bicarbonate capsules, launched
in late June, increased to $13.5 million from $0.6 million in
the previous quarter.

Par shares, which have gained about 25 percent since the
company’s last quarterly results in August, were up 6 percent
at $35.21 Wednesday morning on the New York Stock Exchange.
(Reporting by Rajarshi Basu in Bangalore; Editing by
Unnikrishnan Nair)

UPDATE 1-Par Pharma Q3 profit beats, shares hit year-high