UPDATE 1-Par Pharma sees 2007 profit and rev below Street view

(Adds details, stock movement)

Sept 28 (Reuters) - Drugmaker Par Pharmaceutical Cos Inc PRX.N forecast 2007 profit and revenue below analysts' estimates, citing competitive pressures during the second half of the year.

The Woodcliff Lake, New Jersey-based company's stock fell more than 10 percent to $19.50 in morning trade, making it the third biggest percentage loser on the New York Stock Exchange.

It expects earnings of 95 cents to $1.10 a share, excluding items, for the year, on revenue of $730 million to $765 million, the company said in a statement.

It sees earnings of $1.05 to $1.20 a share for 2007, after adjusting for items.

The company said its board approved a buyback of up to $75 million of its common stock.

According to Reuters Estimates, analysts on average were expecting earnings of $1.56 a share, excluding items, on revenue of $844.8 million for the year. (Reporting by Deepti Chaudhary in Bangalore)