King Pharmaceuticals Expects First Quarter Earnings to Exceed Expectations

Apr 12, 2001, 01:00 ET from King Pharmaceuticals, Inc.

    BRISTOL, Tenn., April 12 /PRNewswire/ -- King Pharmaceuticals, Inc.
 (NYSE:   KG) announced today that, based on preliminary unaudited results, the
 Company expects to report revenue and diluted earnings per share, before any
 special charges, for the first quarter ending March 31, 2001, in excess of
 King's previously announced projections for estimated revenue and estimated
 diluted earnings per share, before any special charges, as provided by King in
 a prior press release dated February 20, 2001.  King's current projected
 ranges for estimated revenue and estimated diluted earnings per share, before
 any special charges, for the first quarter ending March 31, 2001, as compared
 to prior projected ranges, follows:
 
                                            Current          Prior
                                          Projections     Projections
 
     Revenue (in millions)                 $175 - 180      $170 - 175
 
     Diluted EPS                          $0.24 - 0.25    $0.22 - 0.23
 
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20010125/KGLOGO )
 
     The foregoing current projected range for estimated diluted earnings per
 share is computed based on an increased estimate of approximately 173 million
 shares.
     The Company expects to report net sales of Altace(R) (ramipril) in the
 first quarter ending March 31, 2001, at the high end of the previously
 announced projected range of $52 - $57 million.
     John M. Gregory, Chairman and Chief Executive Officer of King, stated, "I
 am very pleased that, based on the continued growth of our branded
 pharmaceutical products, our anticipated first quarter results and sustained
 earnings and revenue growth are in excess of our initial projections."
     Additionally, based on the continued projected growth of the Company's
 branded pharmaceutical products, King revises upwardly its previously
 announced projected ranges for estimated revenue and estimated diluted
 earnings per share, before any special charges, for the second quarter ending
 June 30, 2001, as follows:
 
                                            Current          Prior
                                          Projections     Projections
 
     Revenue (in millions)                 $180 - 190      $175 - 185
 
     Diluted EPS                          $0.26 - 0.27    $0.24 - 0.25
 
     King upwardly revises also its previously announced projections for
 estimated revenue and estimated diluted earnings per share, before any special
 charges, for the year ending December 31, 2001, to reflect the foregoing
 revisions to its projected estimates for the first and second quarters of
 2001.
     At present, King remains comfortable with its projected ranges for
 estimated revenue and estimated diluted earnings per share, before any special
 charges, for the third and fourth quarters of 2001 and year-end 2002, as
 previously announced on February 20, 2001.  Likewise, King remains comfortable
 with its previously announced projected ranges for estimated net sales of
 Altace(R) on a quarterly and year-end basis for 2001 and year-end basis for
 2002.
     As previously reported, King plans to announce earnings for the first
 quarter ending March 31, 2001, prior to the market open on April 30, 2001.
 Conference call information will be provided when available via a subsequent
 press release.  The earnings release and related conference call will include
 a discussion of financial projections by the Company on a quarterly and
 year-end basis for 2001 and year-end basis for 2002.
     King, headquartered in Bristol, Tennessee, is a vertically integrated
 pharmaceutical company that manufactures, markets, and sells primarily branded
 prescription pharmaceutical products.  King seeks to capitalize on
 opportunities in the pharmaceutical industry created by cost containment
 initiatives and consolidation among large global pharmaceutical companies.
 King's strategy is to acquire branded pharmaceutical products and to increase
 their sales by focused promotion and marketing and through product life cycle
 management.
 
     This release contains forward-looking statements which reflect
 management's current views of future events and operations, including, but not
 limited to, management's projections for net sales of Altace(R), revenue, and
 earnings per share, and shares outstanding for the Company on a quarterly and
 year-end basis for 2001 and year-end basis for 2002, and statements pertaining
 to the sustained growth of King's branded pharmaceutical products.  These
 forward-looking statements involve certain significant risks and
 uncertainties, and actual results may differ materially from the
 forward-looking statements.  Some important factors which may cause results to
 differ include: dependence on King's and American Home Products' ability to
 successfully market Altace(R) under the co-promotion agreement between King
 and American Home Products, dependence on growth of net sales of King's
 branded pharmaceutical products, in particular, Altace(R), as well as revenue
 and earnings per share, at a rate equal to or in excess of management's
 projections, dependence on share count projections used in computing projected
 diluted earnings per share on a quarterly and year-end basis for 2001 and
 year-end basis for 2002, dependence on successful marketing and sales of
 King's products, including, in particular, but not limited to, Altace(R),
 Lorabid(R), Levoxyl(R), Thrombin-JMI(R), and Cytomel(R)/Triostat(R),
 dependence on royalty revenues from Adenoscan(R) and Adenocard(R), management
 of King's growth and integration of its acquisitions, including but not
 limited to, King's merger with Jones Pharma Incorporated during August 2000
 and King's merger with Medco Research, Inc. during February 2000, changes in
 general economic and business conditions, changes in current pricing levels,
 development of new competitive products, changes in economic conditions and
 federal and state regulations, and manufacturing capacity constraints.  Other
 important factors that may cause actual results to differ materially from the
 forward-looking statements are discussed in the "Risk Factors" section and
 other sections of King's Form 10-K for the year ended December 31, 2000, which
 is on file with the Securities and Exchange Commission.  King does not
 undertake to publicly update or revise any of its forward-looking statements
 even if experience or future changes show that the indicated results or events
 will not be realized.
 
 

SOURCE King Pharmaceuticals, Inc.
    BRISTOL, Tenn., April 12 /PRNewswire/ -- King Pharmaceuticals, Inc.
 (NYSE:   KG) announced today that, based on preliminary unaudited results, the
 Company expects to report revenue and diluted earnings per share, before any
 special charges, for the first quarter ending March 31, 2001, in excess of
 King's previously announced projections for estimated revenue and estimated
 diluted earnings per share, before any special charges, as provided by King in
 a prior press release dated February 20, 2001.  King's current projected
 ranges for estimated revenue and estimated diluted earnings per share, before
 any special charges, for the first quarter ending March 31, 2001, as compared
 to prior projected ranges, follows:
 
                                            Current          Prior
                                          Projections     Projections
 
     Revenue (in millions)                 $175 - 180      $170 - 175
 
     Diluted EPS                          $0.24 - 0.25    $0.22 - 0.23
 
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20010125/KGLOGO )
 
     The foregoing current projected range for estimated diluted earnings per
 share is computed based on an increased estimate of approximately 173 million
 shares.
     The Company expects to report net sales of Altace(R) (ramipril) in the
 first quarter ending March 31, 2001, at the high end of the previously
 announced projected range of $52 - $57 million.
     John M. Gregory, Chairman and Chief Executive Officer of King, stated, "I
 am very pleased that, based on the continued growth of our branded
 pharmaceutical products, our anticipated first quarter results and sustained
 earnings and revenue growth are in excess of our initial projections."
     Additionally, based on the continued projected growth of the Company's
 branded pharmaceutical products, King revises upwardly its previously
 announced projected ranges for estimated revenue and estimated diluted
 earnings per share, before any special charges, for the second quarter ending
 June 30, 2001, as follows:
 
                                            Current          Prior
                                          Projections     Projections
 
     Revenue (in millions)                 $180 - 190      $175 - 185
 
     Diluted EPS                          $0.26 - 0.27    $0.24 - 0.25
 
     King upwardly revises also its previously announced projections for
 estimated revenue and estimated diluted earnings per share, before any special
 charges, for the year ending December 31, 2001, to reflect the foregoing
 revisions to its projected estimates for the first and second quarters of
 2001.
     At present, King remains comfortable with its projected ranges for
 estimated revenue and estimated diluted earnings per share, before any special
 charges, for the third and fourth quarters of 2001 and year-end 2002, as
 previously announced on February 20, 2001.  Likewise, King remains comfortable
 with its previously announced projected ranges for estimated net sales of
 Altace(R) on a quarterly and year-end basis for 2001 and year-end basis for
 2002.
     As previously reported, King plans to announce earnings for the first
 quarter ending March 31, 2001, prior to the market open on April 30, 2001.
 Conference call information will be provided when available via a subsequent
 press release.  The earnings release and related conference call will include
 a discussion of financial projections by the Company on a quarterly and
 year-end basis for 2001 and year-end basis for 2002.
     King, headquartered in Bristol, Tennessee, is a vertically integrated
 pharmaceutical company that manufactures, markets, and sells primarily branded
 prescription pharmaceutical products.  King seeks to capitalize on
 opportunities in the pharmaceutical industry created by cost containment
 initiatives and consolidation among large global pharmaceutical companies.
 King's strategy is to acquire branded pharmaceutical products and to increase
 their sales by focused promotion and marketing and through product life cycle
 management.
 
     This release contains forward-looking statements which reflect
 management's current views of future events and operations, including, but not
 limited to, management's projections for net sales of Altace(R), revenue, and
 earnings per share, and shares outstanding for the Company on a quarterly and
 year-end basis for 2001 and year-end basis for 2002, and statements pertaining
 to the sustained growth of King's branded pharmaceutical products.  These
 forward-looking statements involve certain significant risks and
 uncertainties, and actual results may differ materially from the
 forward-looking statements.  Some important factors which may cause results to
 differ include: dependence on King's and American Home Products' ability to
 successfully market Altace(R) under the co-promotion agreement between King
 and American Home Products, dependence on growth of net sales of King's
 branded pharmaceutical products, in particular, Altace(R), as well as revenue
 and earnings per share, at a rate equal to or in excess of management's
 projections, dependence on share count projections used in computing projected
 diluted earnings per share on a quarterly and year-end basis for 2001 and
 year-end basis for 2002, dependence on successful marketing and sales of
 King's products, including, in particular, but not limited to, Altace(R),
 Lorabid(R), Levoxyl(R), Thrombin-JMI(R), and Cytomel(R)/Triostat(R),
 dependence on royalty revenues from Adenoscan(R) and Adenocard(R), management
 of King's growth and integration of its acquisitions, including but not
 limited to, King's merger with Jones Pharma Incorporated during August 2000
 and King's merger with Medco Research, Inc. during February 2000, changes in
 general economic and business conditions, changes in current pricing levels,
 development of new competitive products, changes in economic conditions and
 federal and state regulations, and manufacturing capacity constraints.  Other
 important factors that may cause actual results to differ materially from the
 forward-looking statements are discussed in the "Risk Factors" section and
 other sections of King's Form 10-K for the year ended December 31, 2000, which
 is on file with the Securities and Exchange Commission.  King does not
 undertake to publicly update or revise any of its forward-looking statements
 even if experience or future changes show that the indicated results or events
 will not be realized.
 
 SOURCE  King Pharmaceuticals, Inc.