Generic version of King hypertension drug hurts its Q3 revenues

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King Pharmaceuticals has reported its 2008 third quarter financial results, which ended Sept. 30.

The Bristol, Tenn., company booked total revenues at $388 million during the 2008 third quarter, compared to $545 million in the third quarter of 2007. King said it attributed the decrease primarily to the market entry of generic substitutes for its hypertension drug, Altace (ramipril).

Overall, Altace net sales totaled $30 million during the third quarter of 2008, compared to $169 million during the third quarter of 2007, according to the company.

Reported net earnings equaled $85 million during the third quarter of 2008, compared to a net loss of $40.5 million in the third quarter of the prior year, King said. Excluding special items, net earnings equaled $82 during the 2008 third quarter, compared to net earnings of $128 million in the third quarter of 2007.