UPDATE 1-Par Pharma Q3 profit beats estimates on strong revenue

* Q3 EPS cont ops $0.77 vs est $0.49

* Q3 rev $294.8 mln vs est $290.4 mln

* Shares up 7 pct in pre-mkt trade

Nov 6 (Reuters) - Generic drugmaker Par Pharmaceutical Cos Inc (PRX.N) reported a higher quarterly profit that significantly beat analysts' estimates, helped by new drug launches and limited competition against some of its key products.

For the third quarter, the company reported net income of $26.3 million, or 76 cents a share, compared with $0.5 million, or 1 cent a share, a year earlier.

Total revenue nearly doubled to $294.8 million

Analysts on average expected earnings of 49 cents a share on revenue of $290.4 million, according to Thomson Reuters I/B/E/S.

Par said it currently has about 27 abbreviated new drug applications pending with the U.S. health regulators, 13 of which the company believes have first-to-file or first-to-market opportunities with a brand value of about $6.5 billion.

Par shares were up 7 percent to $24.30 in pre-market trade. They closed at $22.78 Thursday on the New York Stock Exchange. (Reporting by Krishnakali Sengupta in Bangalore; Editing by Anil D'Silva )