King Pharmaceuticals Inc. Monday reported a loss of $10.7 million - 4 cents per share - during the first quarter of 2009.
According to analysts the results reflect new drug Applications for products currently under FDA review, and the acquisition of novel branded prescription pharmaceutical products particularly in neuroscience and hospital areas.
On February 3, King announced its restructuring and workforce reduction initiatives intended to decrease operating expenses. The actions are expected to result in the reduction of about 760 positions or about 22 percent of its total work force, including job cuts arising from the company's recent acquisition of Alpharma Inc.
King Pharma shares, which have been trading between $5.86 and $12.60 in the past 52 weeks, closed Friday's trading session at $8.71.