Barr Profit Rises on Sales of Generic Drugs
Drug maker Barr Laboratories Inc. said profit more than doubled in its fiscal fourth quarter, boosted by strong sales of oral contraceptives and generic versions of medicines that recently lost patent protection.
Net income climbed to $44.9 million, or 98 cents a share, well above the 85 cents analysts expected, from $19.7 million, or 44 cents, a year earlier. Revenue jumped 27% to $209.4 million.
Barr also said it intends to market a copycat version of a lucrative drug it already distributes, breast cancer drug tamoxifen, manufactured by AstraZenca, which could spark a dispute between the two companies.
Shares of Barr rose $1.74, or 2.8%, to $64.60 on the NYSE.
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