MONTVALE, N.J. Barr Pharmaceuticals recently announced a disappointing first quarter based on weak U.S. sales and lowered its 2008 forecast, severely hurting its stock prices, according to published reports.
Generic sales fell in the U.S. fell 15 percent to $261 million and sales of the company’s oral contraceptives fell almost 18 percent to $93 million. The company said this was due to “lower volume in several products due to lower market share.”
But overall, Barr’s generic sales were only down 0.4 percent to $496 million and profit rose by 2 percent to $608 million.
The company, however, still cut its earnings per share forecast from a range of 43.05 to $3.35 in February to now being in the range of $2.75 to $3.05.