Friday June 1, 7:30 am Eastern Time
Press Release
SOURCE: King Pharmaceuticals, Inc.
King Pharmaceuticals Increases Revenue and Earnings Projections for 2002
BRISTOL, Tenn., June 1 /PRNewswire/ --
King Pharmaceuticals, Inc. (NYSE: KG - news) announced today that, based on the continued prescription and net sales growth of the Company's branded pharmaceutical products during the first five months of the current year, King is revising upward its previously announced projected ranges for estimated revenue and estimated diluted earnings per share, before any special charges, for the year ending December 31, 2002, as follows:
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Current Prior
Projections Projections
Revenue (in millions) $1000 - 1100 $950 - 1050
Diluted EPS $1.52 - 1.60 $1.40 - 1.48
The foregoing current projected range for estimated diluted earnings per share is computed based on the previously announced estimate of approximately 174 million shares. The Company will consider and address any revisions to the previously announced projections for the third and fourth quarters of 2001 in the earnings release for the quarter ending June 30, 2001. At present, however, King remains comfortable with its previously announced projected ranges for estimated revenue and diluted earnings per share on a quarterly and year-end basis for 2001. Furthermore, King remains comfortable with its previously announced projected ranges for estimated net sales of Altace® on a quarterly and year-end basis for 2001 and year-end basis for 2002.
The upward revisions to projected ranges for estimated revenue and estimated diluted earnings per share, before any special charges, for the year ending December 31, 2002, are based on prescription and sales growth trends with respect to a variety of the Company's branded pharmaceutical products, including, but not limited to, Levoxyl® (levothyroxine sodium tablets, USP), Thrombin-JMI® (thrombin, topical, bovine, USP), and Cytomel® (liothyronine sodium tablets).
John M. Gregory, Chairman and Chief Executive Officer of King, stated, ``We are very pleased with the continued prescription and net sales growth of our largest product Altace®, and a variety of our other branded pharmaceutical products. We believe such balanced growth among numerous diverse products bodes well for our company going forward.''
King, headquartered in Bristol, Tennessee, is a vertically integrated pharmaceutical company that manufactures, markets, and sells primarily branded prescription pharmaceutical products. King seeks to capitalize on opportunities in the pharmaceutical industry created by cost containment initiatives and consolidation among large global pharmaceutical companies. King's strategy is to acquire branded pharmaceutical products and to increase their sales by focused promotion and marketing and through product life cycle management.
This release contains forward-looking statements which reflect management's current views of future events and operations, including, but not limited to, management's projections for revenue, net sales of Altace®, earnings per share, and shares outstanding for the Company on a quarterly and year-end basis for 2001 and year-end basis for 2002, and statements pertaining to the sustained growth of King's branded pharmaceutical products, including Altace®, Levoxyl®, Thrombin®-JMI, and Cytomel®. These forward-looking statements involve certain significant risks and uncertainties, and actual results may differ materially from the forward-looking statements. Some important factors which may cause results to differ include: dependence on King's and American Home Products' ability to successfully market Altace® under the co-promotion agreement between King and American Home Products, dependence on growth of net sales of King's branded pharmaceutical products, in particular, Altace®, Levoxyl®, Thrombin®-JMI and Cytomel®, as well as revenue and earnings per share, at a rate equal to or in excess of management's projections, dependence on share count projections used in computing projected diluted earnings per share on a quarterly and year-end basis for 2001 and year-end basis for 2002, dependence on successful marketing and sales of King's products, including, in particular, but not limited to, Altace®, Lorabid®, Levoxyl®, Thrombin-JMI®, and Cytomel®, dependence on royalty revenues from Adenoscan® and Adenocard®, management of King's growth and integration of its acquisitions, including but not limited to, King's merger with Jones Pharma Incorporated during August 2000 and King's merger with Medco Research, Inc. during February 2000, changes in general economic and business conditions, changes in current pricing levels, development of new competitive products, changes in federal and state regulations, and manufacturing capacity constraints. Other important factors that may cause actual results to differ materially from the forward-looking statements are discussed in the ``Risk Factors'' section and other sections of King's Form 10-K for the year ended December 31, 2000, and Form 10-Q for the quarter ended March 31, 2001, which are on file with the Securities and Exchange Commission. King does not undertake to publicly update or revise any of its forward-looking statements even if experience or future changes show that the indicated results or events will not be realized.
SOURCE: King Pharmaceuticals, Inc. |
