NEW YORK Generic drug maker Barr Pharmaceuticals felt the burn of bad news when the company’s stock dropped on Thursday after announcing its third-quarter profit had plunged.
The company said its third-quarter profit dropped 26 percent and also said its fourth-quarter profit may miss the Wall Street outlook.
The stock fell $2.78, or 4.9 percent, to $53.90 Thursday. Shares have traded between $45.41 and $58.38 over the last 52 weeks.
The company cited that the quarterly drop was caused by special charges for the buyout of Croatian drug maker.
Barr expects fourth-quarter profit will be between 73 cents and 83 cents per share, but that puts the guidance midpoint “well below Wall Street expectations” of 83 cents per share, the Associated Press reported.