King Pharmaceuticals profit falls in Q2

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King Pharmaceuticals posted lower net earnings for the second quarter of 2008, which ended June 30, compared to the second quarter of 2007.

Reported net earnings equaled $43 million for the second quarter of 2008, compared to net earnings of $65 million in the second quarter of the prior year, King said. The company said that, excluding special items, net earnings equaled $73 million in the second quarter, reflecting research and development investments of $49 million, which included development milestones of $21 million. Excluding special items, in the second quarter of 2007 net earnings equaled $117 million.

The Bristol, Tenn.-based King reported that total revenues were $397 million during the second quarter, which ended June 30, compared to $543 million in the second quarter of 2007.

King said it expects to file a new drug application for Corvue (binodenoson, a pharmacologic stress imaging agent for injection) by the end of the year.