King Pharmaceuticals Posts Better-Than-Expected Third Quarter Profits

Tennessee-based King Pharmaceuticals posted higher profits than expected by analysts, due to sales of its injectable products such as skeletal muscle relaxant Skelaxin.



Net income was $ 84.8 million dollars, or 34 cents per share, compared with a net loss of $ 40.5 million, or 17 cents per share, a year earlier, when impairment charges results weighed on results.



Revenue slumped about 29 percent to $ 388.4 million dollars, as sales of the company's Altace blood-pressure drug continued to fall because of generic competition.



King is seeking to buy Alpharma Inc for about $ 1.6 billion dollars to expand its pain-management franchise.