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Executives

Patrick LePore- Chairman of the Board, President, Chief Executive Officer

Gerard Martino- Chief Operating Officer, Executive Vice President

John MacPhee- Executive Vice President, President, Branded Products Division

Paul Campanelli- Executive Vice President, President Generic Product Division

Alison Way – Investor Relations

Analysts

Adam Green - JP Morgan

David Glick - Buckingham Research

Rich Filler - Lehman Brothers

Elliott Wilbur - Oppenheimer

Greg Gilbert - Merrill Lynch

Phil Dozen - Titus Capital Management

Par Pharmaceuticals Inc. (PRX) Q4 2007 Earnings Call March 13, 2008 9:00 AM ET

Operator

Good day ladies and gentleman, and welcome to the fourth quarter and full year 2007 Par Pharmaceutical Company earnings conference call. (Operator Instructions) I would now like to send the presentation over to your host for today’s call, Ms Alison Way, Senior Director of Investor Relations. Please proceed, ma’am.

Alison Way

Good morning and welcome to Par Pharmaceutical earnings call to discuss the company’s fourth quarter and year end 2007 results. I hope you got a chance to review the press release which we issue Friday afternoon; a copy of the press release is available on our website. In addition, we are conducting a live web cast of this call, which is also available on the website. Today’s conference call webcast may contain certain forward looking statements within the meaning of Private Security Litigation Reform Act of 1995.

Today’s statements made on this call contain information that is not historical. This statements are essentially forward looking, and are subject to the risks and uncertainties detailed in the company’s filing with the SEC.

We are joined this morning by Patrick LePore, Chairman, President and Chief Executive Officer, Gerard Martino, our Chief Operating Officer, Veronica Lubatkin, our Chief Financial Officer, John MacPhee, President of Strativa, Paul Campanelli, President of Par Generic Division. Pat and Veronica will begin by providing an overview of the 2007 results, and then we will open the call for questions.

Now I will like to turn the call over Pat LePore.

Pat LePore

Thank Alison; welcome everyone, thank you for joining us today as we review Par’s results for the fourth quarter and full year of 2007. Par had record revenues for the full year 2007 at $769.7 million; income for continuing operations was $51.1 million or $1.47 per diluted share. This compares the revenues at $725.2 million in income from continuing operations of $6.7 million or $0.19 per diluted share for 2006.

The year was particularly rewarding as we are able to maintain our focus and drive for every results, despite going through a restatement. As you will see 2007 was a very good year by all measures. Strativa, our branded business accomplished much during the year. We in-licensed three phase 3 drugs, through revenues 72 percent to $84.7 million, and we can now cover all- the division now covers all of their direct and allocated costs.

Strativa kicked off 2008, and now seeing a commercialization partnership with Alfacell for the orphan drug Onconase for the treatment of mesothelioma. Still one of our products pafuramidine has been discontinued our exposure was limited to a $3 million dollar up front payment. Our business development team and the deal committee recognize the risks of the developmental drugs, and structured partnerships accordingly. We seek plenty of new business opportunities to broaden the portfolio of supported care products. We see continued growth in Megace ES, which is annualizing at greater than $80 million, and with the contributions of launches in the 2009, 2010 timeframe, we believe Strativa will have annualized revenues of $250 million by year end 2010.

2007 was also a busy year on the generic side, we launched six products in 2007, we had nine files, and those six was internally developed, and we refocused investments in R&D, and we grew assets on both sides of the business. We have seen competitive pressures in the generic segment, the details in which will be covered by Veronica. I will now turn the call over to Veronica who will provide you with those details, and more of our 2007 operating performance.

Veronica Lubatkin

Thank you Pat, I am taking you to our results in 2007. I will start a few comments on our revenue and margin results. Total revenues for the year end in December 31, 2007, $769.7 million increasing $44.5 million or 6 percent. The total revenues of $725.2 million for 2006, the increase is primarily due to the introduction of products including

metropolol. propranolol and ranitidine syrup. Higher royalties driven by the fourth quarter 2006 launched ondansetron tablets, increased sales Megace ES, and co promotion fees from Androgel.

Partially off setting these increases were lower sales of certain existing products that were impacted by increased competition, impacting both volume and price., including fluticasone which declined $105 million, amoxicillin down $31.5 million, as well as quinapril down $18.2 million, cefprozil down $10.7 million, tramadol down by $10.5 million, lovastatin which declined $9.9 million, paroxetindown 8.3 million.

The company’s gross margin of $268.5 million for 2007 increased $50.6 million from $217.9 million in 2006. Primarily, due to the introduction of these product launches, including propanolol and metropolol. Royalties are from sales on ondansetron higher sales of Megace ES, and co promotion fees for selling Androgel as well as lowering inventory write-offs.

The rate of gross margin in 2007 of 34.9 versus 2006 rate of 30.1, reflect improvement from the launch of higher margin of propanolol higher sales of Megace ES, co promotion fees for Androgel royalties from ondansetron lower inventory write-off, the favorable impact from lower sales, or lower margin existing products, including fluticasone and lovastatin tempered by the launch of lower margin metropolol

Fourth quarter gross margin of 57.8 million or 37 percent of net sales improved versus the third quarter in 2007 of 31 percent. This was driven by lower sales, of lower margin fluticasone and metropolol , higher sales of high margin generic logesterol following a third quarter backorder, and a higher rate of royalties on lower fourth quarter sales- royalties on lower fourth quarter sales, tempered by lower sales of high margin Megace ES. I will now walk you through operating expenses.

In November of 2007, the company issued a tender offer to repurchase certain employee stock options, the tender offer was completed in December of 2007 and resulted in the acceleration of $4.6 million of additional share base compensation in the fourth quarter of 2007, that otherwise would have been recognized ratably in 2008 and 2009.

The company’s research and development expenses of $77.7 million for 2007, increased 15.2 or 24 percent versus 2006, primarily driven by $19 million of costs in connection with in-license late phase development compound, for the company Strativa division, including 3 million paid to Immtech for the US commercialization rights to parfuramidine; 15 million paid to BioAlliancePharma for the rights Loramyc and also in 2007, Strativa acquired the North American commercial rights from Hana Biosciences, Inc. to Zenzana. Under the terms of this agreement, the company made a $5 million equity investment in Hana, a contractually agreed premium to prevailing record price, of this amount $1.1 million representing the premium paid was charged to Research and Development expense in 2007.

In addition, the company entered into a generic development agreement with IntelliPharmaCeutics Ltd, a privately held corporation, under the terms of this agreement, the company made a $5 million equity investment of which $2.5 million was charged to R&D expense in 2007. These increases were tempered by lower internal research and development following the termination of the Megace ES clinical development program for oncology and the termination of the Par 101 program.

Total selling general administrative expenses of $138.2 million for 2007, declined by 10.3 or 7 percent versus 2006, primarily due to the non recurrence of the second quarter 2006 write off of approximately $10 million in bad debts for invalid customer deductions that the Company determined then would not be pursued for collections.

Also, lower severance cost associated with executive officers of $11 million, partially off set by higher costs associated with clients and accounting functions, including increased professional cost, and the fourth quarter 2007 stock options tender offer discussed earlier.

The company recorded a gain on sales products rights in 2007, in May 2005 the company and Optimer entered into a joint development and collaboration agreement, to commercialize Par 101. On February 27, 2007 in exchange for $20 million, the company returned the marketing rights to Optimer, and recorded a corresponding gain on the sales product rights. By comparison, in September, 2006 the company sold the company’s right associated with [inaudible] including certain assets from the assumption of certain liabilities to Three Rivers Pharmaceuticals for $6.6 million, and the company reported a gain in 2006 related to this agreement.

Also, included in the results for 2007, is the pretax gain of $4.5 million, from the sale of shares of the company’s investment in Optimer stock, more than off-set by a $6 million realized investment loss related to investments in various full range restructured finance securities. By comparison in November 2006, Abrika, agreed to be purchased by a wholly subsidiary of the Actavis group, based on the terms of the merger agreement, the company received approximately $4.6 million for its equity stake in Abrika in 2007. The company wrote down this investment in Abrika by $3.8 million in 2006, based on the terms of the merger agreement between Abrika and Actavis it indicated that the investment was impaired at that time, this loss is partially off set by a gain in 2006 on the sale of Advantis pharmaceutical common stock in the amount of $3.2 million.

Regarding income taxes the company’s effective tax rate of 35 percent is lower than the statutory rate driven by permanent items in the current year, including inventory donations, tax re-interest, and research and development credit. Also with respect income taxes the company restated 2006 and 2005 income taxes for the continued operations, to correct the income tax benefit reported in those years, for interest expense in 2006 related to tax benefit from [inaudible].

In summary, reported our GAAP net income for 2007 was $49.9 million or $1.43 per diluted share, this is compared with net income of $5.8 million or $.16 per diluted share in 2006. For 2007, income from continuing operation was $ 51.1 million or $1.47 per diluted share, compared to $6.7 million or $.19 per diluted share in 2006. Adjusted for long time items, previously discussed, income from continuing operations for 2007 was $55.1 million or $1.59 per diluted share, compared with adjusted from operations in 2006 from $1.5 million or $.62 per diluted share.

For the fourth quarter of 2007 the company reported income from continuing operations of $5.5 million or $.16 per diluted share compared with 2006 income for continuing operations of $5 million or $.15 per diluted share. Adjusted for long time items, income from continuing operations for 2007 the $6.5 million or $.19 per diluted share compared to the adjusted income from operations in 2006 of $6.9 or $.20 per diluted share.

Excluding the impact of discontinued operations, and one time items, EPS is slightly higher than our previous fourth quarter guidance of $.11 to $.16 and is driven by the impact of certain fourth quarter non return activities including a back order release for higher margin generic logesterol and higher royalties.

I will now review liquidity and capital resources, in 2007 cash provided by operations was $100.8 million driven by net income from continuing operations for $51.1 million, and adjusted to depreciation and amortization of $25.6 million and shared based compensation of $23.5, and its inclusive of a non recurring gain of $20 million pre tax related to the sale of Par 101, as well as $19 million paid related to the in- license of Three Compound in support of the strategic division.

Net and account receivable are down on $35 million and inventories are down $29.1 million while payable due to distribution partners are down $53 million driven by lower sales of distributed products. Cash flows provided by investing activities of $16 million were driven by a proceeds of $16.5 from the sale of Optimer common stock, $12 million from Africa, related to the repayment of an advance and the reduction of a promissory note, and $4.6 million related to the sale of the company remaining stake in Africa, tempered by capital investments of $8.6 million, and equity investments in Hanna and IPC worth $6.4 million.

Cash used and financing activities of $37.7 million was primarily due to the purchase of treasury stock of $33.2 million in 2007. Our reported DSO is 66 days continue to be in line with our term as well as consistent DSO at the end of 2006. As of year end inventory turns are approximately 3.2 times per year, which is compared to 2.9 times at the end of 2006. I now turn it back to Pat for some closing remarks, and then we will open it up for questions. Thank you

Pat LePore

Thanks Veronica, just want to talk a little bit about 08, we show some-looking ahead at some key milestones for the year on the generic side, we expect to launch some quick turn in the fourth quarter, and continue to pursue this developing opportunities and to bring first to file opportunities to market in 2009, 2010. Also, we expect to continue our success with first to file application, so we feel very good about the near and long term future generic business.

As for Strativa, in the first half of 08 we will see phase 3 results followed by ANDA’s filing in the second half, and gearing up the launches in 2009, our business development team is busy evaluating additional licensing opportunities that will add to the portfolio products, further leveraging their infrastructure . In 08 we will continue to invest in Megace ES because we still growth opportunities with the brand.

Our third quarter call late December, we told you that we are not giving formal guidance for 08 at our current size; it’s difficult to give quarter by quarter estimates. However, by the time we report Q108 results, we expect to have more clarity on the full year of 08, because we will have had confirmation on certain G&A opportunities, and other new potential product watches, additionally we will have a clearer view of 09 as our current first to file portfolio progresses and Strativa’s new product pipeline as well. As a result, we plan to provide 08 and 09 guidance at that time.

The processes need to be put in place in 07 and the businesses we are pursuing will carry us through 08, as we continue to focus on execution that drives long term value, now we will like to open up the call for questions.

Question-and-Answer Session

Operator

(Operator Instructions) And your first question comes from the line of Adam Green of JP Morgan. Please proceed sir

Adam Green- JP Morgan

Thanks, good morning, Pat you mentioned some of the potential first of file opportunities for 09 and beyond, but could you highlight, some of the potential launches that we might see over the next 12 to 24 months the first to file, and also in the fourth quarter, will you be the only player out there so we assume that offer the generic on that target as well?

Pat LePore

Thanks Adam, I ask Paul Campanelli who runs our generic business to respond.

Paul Campanelli

With respect to unauthorized generic, again that was a settlement between Par and GSK, we have a partner in Spectrum as you know, we anticipate a single competitor on one dosage form. We are holding approximately three or four dosage strengths, so we are feeling fairly secure that we will see only one competitor on these single dosage forms, at least until the compound pack expires.

Regarding 2009 potential first to file launches, again at our analysts meeting back in September, we had provided a list of targets in terms of successes, but several products that we indicated back in September of 2007 included [inaudible].

Adam Green-JP Morgan

In fact, this is a follow up, you mention some of the products that have send decline like amoxicillin and fluticasone and a lot of the products that you didn’t mention are also seeing fairly sizeable decline like cefaloxin and was there some type of products or portfolio rationalization over the last several months that would cause that precipitous decline?

Pat LePore

We have seen that decline, and I will tell at this stage of the game though, we are seeing competition on all of our products, we are seeing a lot of pricing pressures on majority of our products, with the exception of [inaudible] at this stage of the game.

Adam Green-JP Morgan

Okay, thank you.

Operator

Your next question comes from the line of David Glick of Buckingham Research, please proceed sir

David Glick - Buckingham Research

Yes, thanks, Patrick I know you mentioned that you will try to get a more of a clear look into the guidance of the first quarter, but can you give us an overall sense of what you’re expecting in terms of further generic price erosion, and what the rates then for this year, and then maybe commentary on you know at least the first quarter where SG&A and R&D might be.

Pat LePore

I will let some of the other participants answer those questions, specifically, but in general as the year ‘08 is one where we just got the leveraging execute on what we put into place in 06 and 07, really the out years 09 and 10, where we are going to see significant growth, but I will let Paul and Veronica respond specifically to your questions about margin erosion.

Paul Campanelli

David, hi, this is Paul. I will tell you right now that our margins for 2008 are running at the high 20s, low 30s fairly comparable to what we saw in 2007.

David Glick - Buckingham Research

Okay

Veronica Lubatkin

Yeah, I guess what I would add to that is there were a couple of non recurring type activities in the gross margin in the fourth quarter, which I noted that we would not expect again in the first quarter, as well as the product mix in the fourth quarter was very low it drove the gross margin percentage up a bit, and we would expect the higher sales of those two products in the first quarter, it actually drives the margin percentage down a couple points.

Operator

Your next question comes from the line of Rich Filler of Lehman Brothers, please proceed sir

Rich Filler- Lehman Brothers

Yes, you mentioned the backorder release of Megace ES in the fourth quarter as being one of the two items that resulted in the fourth quarter being stronger than you previewed, and you also mentioned higher royalties, can you elaborate on those two, and perhaps give us some kind of quantification

Veronica Lubtakin

Back order release of Megace ES, it was generic logesterol and again it droves a couple points higher in the fourth quarter gross margin percentage. The combination of the non recurring type of activities those are just two of the larger items that drove the margin a couple points higher in the fourth quarter

Rich Filler- Lehman Brothers

Okay, and are there any other items for 08 like perhaps maybe tax rates that you can give us some sense on, something you would today have some clarity on?

Veronica Lubtakin

Yeah, I mean our taxes cash rate of 35 percent is a few points slower than the statutory rate, it is driven by inventory donations, and our gate credit. We do expect it to be out or about that range in 2008.

Rich Filler- Lehman Brothers

Okay, and just in terms of the margins on Megace ES can you give us some sense of whether there has been any change, whether they are continuing to increase?

Veronica Lubatkin

Well, we do not speculate on price on Megace ES but the gross margin on that product, it will be consistent.

Rich Filler-Lehman Brothers

Okay, thank you.

Operator

Your next question comes from the line of Elliott Wilbur of Oppenheimer

Elliott Wilbur- Oppenheimer

I wanted to get a little deeper perspective on sequential performance trends, and some of the key products. You understand the commentary around pricing, but it seems like sequentially the performance, even accounting for pricing was made a little bit softer than we should of seen, I am wondering if we saw some sort of some additional negative impact based on the wholesale or inventory drop down of the specifically Amoxiclab or fluticasone or even possibly metropolol.

Veronica Lubatkin

Yeah, and again in the fourth quarter we did see the price competition that came in on the fourth quarter in fact with lower contract prices going forward, but also with price protection credit at the wholesale level.

Elliott Wilbur- Oppenheimer

Okay, so it was not actually a little change in inventory level, just more shelf stock adjustments

Veronica Lubtakin

Right

Elliott Wilbur- Oppenheimer

Fair, okay, and then I wanted to ask an additional question around your Aviva partnership, I hate to even ask it from fear of jinxing you, but any update with respect to transdermal quality?

Paul Caminelli

This is Paul, Elliot again, it does remain unpredictable, we talk on a weekly basis with the office at Generic Drugs, we are fairly comfortable that there are no remaining CNC issues from a regulatory stand point, but clearly the citizens’ petition continues to be a barrier at the office of the chief counsel, and at this state I would tell you that there is no certainty to a resolution of this petition, we are working hard but there is just no clarity at this stage of the game.

Elliott Wilbur- Oppenheimer

Okay and the follow up to that, Paul. In the 10-K you guys also disclosed an additional partnership with Aviva on a undisclosed transdermal product, it looks like it was entered into it in October, could that be something that we could get some visibility on, in 2008 being that there maybe a filing that might trigger litigation

Paul Caminelli

We are hopeful of that, Elliot, yes in an appropriate time we would be happy to provide a little bit more insight, but again in our investor’s meeting in September with the business development team is focus on high barrier to entry.

Elliott Wilbur- Oppenheimer

Fair enough and then one final question for, I guess you Paul as well, it follows up on Adam’s line of questioning. If I look at your current run rate in term of RX volume, its about 40 percent below what it was six months ago, and I looked at it in detail in terms of individual products, and I can’t really see to explain it away based on some of the performance trends, or some of the key products. If there hasn’t been some product prune going on, I am wondering if it has been some sort of change in the nature or strength of a your relationship with one or more of your key strategic customers.

Paul Caminelli

No, Elliot, from our standpoint its just what your seeing is that we had exclusive products that we do not have so much competition, and at the time in parts of 2007 we obviously had less competition on fluticasone, propanolol, and metropolol and I think that is really where you are seeing the volume.

Elliott Wilbur- Oppenheimer

Alright, thank you then, I have no further questions

Operator

Your next question comes from the line of Greg Gilbert of Merrill Lynch

Greg Gilbert- Merrill Lynch

Thanks, I have a couple, first for Paul. Obviously things are set to get a little more crowded on metropolol here in the relative near term, are you dialing in that you will be able keep most of your share and that the hit would be pricing related or do you think there is no rest to both share and price given what sort of happens in this market to date.

Paul Caminelli

Well, Greg there are always risks, I mean at this stage of the game, another competitor coming in sometime mid March regarding all this strengths, whether it’s potential or there is change, always poses a risk. I will tell you though that we are poised to defend our market share on all four strengths, we had some issues that are now since been resolved and we are feeling confident that we are positioned to at least retain our market share.

Greg Gilbert- Merrill Lynch

Good, that is what I was looking for, and then for Pat, can you give us a little more specific color on your business development priorities both on generic and brands, and also can you comment on whether you’re exploring strategic options for either or both businesses at this stage, thanks

Pat LePore

Oh, I am going to let John speak to the business development on Strativa side, and I will let Paul speak to them on the generic side, and then I will come back to talk- to answer the latter part of your question

John MacPhee

Okay, Greg this is John. Yes, for Strativa we are continuing on a business development plan. Infrastructure we have built in our building, so we continue to look at support care products in HIV, in oncology, and also select oncologicals and we believe there are a number of products in the industry pipeline that fits us and fits us well, and would land in the 09, 10 timeframe, and we are continuing to pursue those kinds of opportunities

Paul Caminelli

And this is Paul, on the generic side, we are going to continue with our select business development strategy of high varied entry products, and this is why, no surprises there rather. So, strategic alliances are known to be, for the most part of technology varied products. I do not think you will see commodity based products coming out business development side, it’s going to be select high varied entry, and when the opportunity exists, our generics will continue to be a part of the business development activities at Par.

Greg Wilbur- Merrill Lynch

Thanks.

Pat LePore

Now just to follow up the latter part of your question, I think we are very, very bullish on the business, we have refocused the generic business, we accelerated our branded business, we made progress on financial reporting, and we realign our corporate strategy, so we just- right now continue to build value in the overall business, while we are not focus on looking for strategic alternatives we know what our obligations are, if those kind of stresses come along we will chat, but right now again we are very focus on both of our business strategies

Operator

Your next question comes from Phil Dozen of Titus Capital Management.

Phil Dozen- Titus Capital Management

Thank you, specific to Megace ES would you please describe the competitive factors that you are seeing today and how those may or may not be different over the last 12 months?

Pat LePore

Okay, the specifics to Megace ES, the competitive factors, I would say the first is the back up of 2007 we believe we saw a donor hold back a number of patients that take Megace ES on Medicare patients and so we experienced pressure in the back up of the year to the donor hold, that which we are now coming out of it as we move into 2008. I would say that, I would not describe any other unique other pressures in 2008 as compared to 2007. I will also say though that if it relates to opportunities in 2008, we do see some opportunities on the reimbursement fund, so we are working hard as it relates to some remaining managed care plan that Megace ES in non-formulated editions, there is opportunity there. In fact, has secured opportunity in 2008 that are unique to our different or better than 2007.

Phil Dozen- Titus Capital Management

And in relative to the competitive drugs out there, and specifically the brand insight, are you seeing any plans detailing products in this category?

Pat LePore

As it relates to Megace ES?

Phil Dozen-Titus Capital Management

Yes

Pat LePore

As it relates to Megace ES today the product in the category that is detailed product to control indication for a unintended weight loss in AIDS, you do not see those products really with our competitors I would say, our strategy with Megace ES is to convert the magesterol market as we believe that we have key magesterol products on the market, so within that category, there are no company accounted detailing at this time.

Phil Dozen- Titus Capital Management

Thank you.

Operator

It appears there are no further questions; I will now turn the call over to Mr. Leflore for closing remarks

Pat LePore

Thank you , just to summarize obviously by all measures, 07 was just a great year, we have a great team here that was able to focus in the midst of lots of change, in personnel and working crew, a restatement and redoing our strategy both for the long and short term, so we feel very good about the results that we produced for our investors and in 07, 08 now is one that we are looking to continue with that focus, and hope to bring some of the pipeline on both side of the business into the marketplace and continue to build.

So we thank you for your participation, and look forward to speaking with you again.

Operator

Thank you for participation in today’s conference, this concludes our presentation, you may disconnect. Have a great day.

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