Company name: Par Pharma
Location: Woodcliff Lake, NJ
Annual sales (in millions): $1.319
Market share: 4.1%
President: Paul Campanelli
Par was founded in 1978 and now employs more than 400 people in offices in Woodcliff Lake, NJ, Spring Valley, NY and Suffern, NY.
For the second quarter, the company reported total revenues of $255.5 million and income from continuing operations of $18 million, or $0.51 per diluted share. These figures compare with reported revenues of $404 million and income from continuing operations of $24 million, or $0.71 per diluted share, for the same period last year, according to a company statement. Par was hit by competition to its generic versions of AstraZeneca's blood pressure med Toprol XL. Net sales of its metoprolol succinate were $119.6 million, a decrease of 35 percent from the first quarter of the year.
Last month, Par began shipping its 20mg/1100mg and 40mg/1100mg strengths heartburn drug Zegerid, which is sold by Santarus, after a district court found that patents covering the drug are invalid. The case is under appeal, but Par has 180 days of marketing exclusivity for being the first to file an ANDA containing a Paragraph IV certification. Santarus commenced shipments of an authorized generic version of the product under the Prasco label in late June and ceased promoting Zegerid prescription products.