King Pharmaceuticals profit falls in Q2
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.
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.