400 Chestnut Ridge Road
Woodcliff Lake, NJ 07677
N E W S R E L E A S E
CONTACT: Carol A. Cox, 201-930-3720
Excluding Charges, Third Quarter Earnings Were $0.58 Per Share
Woodcliff Lake, NJ – April 28, 2004…Barr Pharmaceuticals, Inc. (NYSE-BRL) today reported that revenues increased 87% to $321 million for the third quarter of fiscal 2004, ended March 31, 2004, compared to $172 million for the same period last year. Net earnings for the quarter were $35.1 million, or $0.33 per share on a fully diluted basis, compared to $45.9 million or $0.44 per share on a fully diluted basis for the same period last year. Adjusted net earnings for the quarter were $62.2 million, or $0.58 per share, excluding unusual or infrequent charges.
For the nine months ended March 31, 2004, revenues increased 67% to $1 billion, compared to $601 million in the prior year period. Net earnings for the nine months ended March 31, 2004 were $108.7 million, or $1.02 per fully diluted share, compared to $130.5 million, or $1.27 per fully diluted share in the prior year period. Adjusted net earnings for the nine months ended March 31, 2004 were $168.3 million, or $1.57 per fully diluted share, excluding charges.
“During the quarter, revenue from our SEASONALE® extended cycle oral contraceptive product that was launched in November 2003 drove the greater than 300% increase in year-over-year proprietary product sales. Our generic products also continued to drive our results, led by double-digit growth in our generic oral contraceptive product franchise and sales from our distributed Ciprofloxacin product,” said Bruce L. Downey, Barr’s Chairman and CEO. “Simultaneously, we continued to significantly invest in research and development projects, supported new product launches through sales force promotion and advertising, and increased our business development activities, as reflected by our acquisition of all rights to the transvaginal ring product for urinary incontinence, our acquisition of Women’s Capital Corporation and our acquisition of the rights to the brand Loestrin® oral contraceptive products from Galen.”