Alpharma first-quarter profit jumps on Flector sales

BRIDGEWATER, N.J.—Pharmaceutical and veterinary medicine manufacturer Alpharma Inc. said Monday its first-quarter profit increased more than tenfold as sales jumped on the launch of the Flector pain patch.

For the three months ended March 31, the company reported income of $163.1 million, or $3.77 per share, compared with $12 million, or 28 cents per share, in the year-ago period.

Excluding a gain from discontinued operations, the company reported a loss of $39.1 million, or 90 cents per share, compared with a profit of $3.5 million, or 8 cents per share, in the same quarter last year. Alpharma also incurred a research and development expense of $37 million during the quarter. Excluding this cost, the company reported a loss of 5 cents per share.

Analysts polled by Thomson Financial, on average, estimated a loss of 15 cents per share on sales of $150.7 million.

Total revenue rose 33 percent to $157.5 million from $118.3 million in the first quarter of 2007.

Pharmaceutical revenue nearly doubled to $66 million, due primarily to the launch of the Flector pain patch in January. Flector patch sales totaled $24.3 million in the quarter.