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news.King Pharmaceuticals has reported a net income of $4.46m for the first quarter ended March 31, 2010, or $0.02 per diluted share, compared to net loss of $10.72m, or $0.04 per diluted share, for the comparable period in 2009.
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King Pharmaceuticals has posted total revenues of $380.85m for the first quarter, 2010, compared to $429m for the prior year period. Operating income was $27.46m, compared to $7.1m for the year ago period.
Brian Markison, chairman, president and CEO of King Pharma, said: “We continue to see steady growth in Embeda prescriptions during this initial launch period. During the first quarter, we made significant progress in pharmacy stocking and managed care coverage, highlighted by the recent addition of Embeda to two large formularies that cover approximately 70m commercial lives.
“Our pipeline continues to progress with the fourth quarter resubmission of Remoxy on track and, despite the outcome of the Acurox Advisory Panel meeting, we remain committed to the Aversion Technology platform and plan to submit an Acurox Tablets (without niacin) NDA during the first quarter of 2011.”