King Pharmaceuticals, Inc. (NYSE:KG) announced today that total revenues equaled $1.57 billion during the year ended December 31, 2008, compared to $2.14 billion for 2007. In connection with its acquisition of Alpharma Inc. on December 29, 2008, King recorded a special charge in the amount of $590 million for acquired in-process research and development during the fourth quarter and year ended December 31, 2008. As result of this special charge, King reported a net loss of $333 million and a diluted loss per share of $1.37 during the year ended December 31, 2008, compared to net earnings of $183 million and diluted earnings per share of $0.75 during the prior year. Excluding special items, net earnings equaled $304 million and diluted earnings per share equaled $1.24 for the twelve months ended December 31, 2008, compared to net earnings of $476 million and diluted earnings per share of $1.95 in 2007.
THROMBIN-JMI(R) (thrombin, topical, bovine, USP) net sales totaled $57 million during the fourth quarter and $255 million for the year ended December 31, 2008, compared to $69 million during the fourth quarter and $267 million during the twelve months ended December 31, 2007. Net sales of THROMBIN-JMI(R) during 2008 were affected by a higher level of discounting due to increased competition.
King will conduct a webcast today which may include discussion of the Company's marketed products, pipeline, strategy for growth, financial results and expectations, and other matters relating to its business. The Company will also discuss some specific highlights of Alpharma's financial results for the fourth quarter and full year 2008. Interested persons may listen to the webcast on Thursday, February 26, 2009, at 11:00 a.m., E.S.T., by clicking the following link to register and then joining the live event with the same URL:
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