King swings to loss in 1st qtr on Alpharma costs

King Pharmaceuticals' first-quarter 2009 revenues inched down 0.7% year-on-year to $429.0 million and the US drugmaker swung to a loss of  $11.0 million versus a profit of $86.0 million due to costs related to  its $1.6-billion acquisition of Alpharma (Marketletter December 1,  2008).

Joseph Squicciarino, King's chief financial officer, said: "during the  first quarter, we substantially completed our integration initiatives  associated with our December 2008 acquisition of Alpharma. Additionally,  we repaid a total of $48.0 million of principal on the long-term debt we  incurred in connection with the acquisition, $33.0 million in excess of  that required by our repayment schedule."

Net revenue from branded pharmaceuticals fell 32.7% to $278.0 million,  due to the market entry of generic versions of hypertension drug Altace  (ramipril) in December 2007. Sales of muscle relaxant Skelaxin  (metaxalone) totaled $101.0 million vs $116.0 million during the same  period of the prior year, while hemostatic agent Thrombin-JMI  (thrombin, topical, bovine) earned $47.0 million vs $67.0 million.  Painkiller Avinza (morphine sulfate extended release) generated $39.0  million vs $32.0 million. Flector painkiller patch, acquired from  Alpharma, earned $17.0 million.