KV Pharma withdraws fiscal 2009 forecasts
ST. LOUIS --Generic drug maker KV Pharmaceutical Co. withdrew its fiscal 2009 outlook Monday after saying weaker sales and manufacturing problems would lead it to a fiscal second-quarter loss.
KV had previously expected to earn between $1.65 to $1.75 per share in the year ending March 31, 2009. Sales were forecast at $650 million to $675 million. The company said it made the move because of an ongoing audit committee inquiry, which is also the reason the company delayed its second-quarter report last week.
Analysts on average expected a profit of $1.06 per share on revenue of $625.6 million, according to Thomson Reuters.
KV reported preliminary results for the fiscal second quarter Monday, and said it expects a loss due to weaker sales of a generic hypertension drug and anti-infection products, along with a variety of issues including the cost of launching its drug Evamist, increased research and development costs, labor expenses and recalls. Some of those would be considered one-time items.
In morning trading, KV shares gained 25 cents, or 4 percent, to $6.55. 