Above Par: Finally, Some Good News
Make a commentBy Ed Silverman // January 29th, 2007 // 1:52 pm
Shares are up more than 10 percent at midday after the specialty pharma company won FDA approval for a generic version of Wyeth’s Inderal LA hypertension drug.
The brand-name version rung up about $215 million in annual sales and Merrill Lynch analyst Gregg Gilbert believes a generic could generate $80 million annually for Par, assuming no other copycat version shows up. “A solid opportunity,” he calls it in a research note today.
Such optimism is a decided change of pace for Par. In recent months, the company suffered an accounting scandal that requires restating earnings going back to 2004 and the subsequent departure of its ceo and two other senior execs.
[tags]Par, Wyeth[/tags]