NEW YORK - King Pharmaceuticals Inc on Monday reported a quarterly net loss on acquisition and other charges, but results topped analyst estimates.
The company reported a first-quarter net loss of $10.7 million, or 4 cents per share, compared with net income of $85.6 million, or 35 cents per share, a year earlier.
Excluding certain items, King said it earned 26 cents per share. Reuters Estimates said the company earned 16 cents, excluding certain items, which was comparable to the 13-cent average estimate of analysts.
Revenue slipped less than 1 percent to $429.1 million. Generic competition to its Altace blood pressure drug was offset in part by revenue from a new pain patch and animal health products gained in its acquisition of Alpharma. (Reporting by Lewis Krauskopf, editing by Maureen Bavdek)