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news.King Pharmaceuticals has recorded revenue growth for the last financial year, despite a loss in the fourth quarter of 2005 that the company put down in part to changes in wholesaler buying patterns.
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For the three months leading up to December 31st 2005 the company had a net loss of $94.6 million, compared to net earnings of $14.7 million in the same period of the prior year.
Despite the poor fourth quarter figures, total revenues for 2005 increased 36% to $1.77 billion compared to $1.3 billion for 2004. Net income for 2005 was $117.8 million compared to a net loss of $160.3 million during the prior year.
Brian Markison, president and CEO of King highlighted the company’s potentially lucrative collaboration with Pain Therapeutics; “A particularly significant accomplishment during 2005 is our strategic collaboration with Pain Therapeutics, Inc. to develop and commercialize Remoxy and up to three other abuse-resistant opioid painkillers, which exemplifies the continued successful execution of our growth strategy.”