August 7, 2008 / 11:52 AM / 11 years ago

King Pharma profit below view; Altace sales plunge

NEW YORK, Aug 7 (Reuters) - King Pharmaceuticals Inc KG.N posted lower second-quarter profit on Thursday, falling short of Wall Street estimates, as generic competition eroded sales of its Altace blood pressure drug.

Net income fell to $43 million, or 18 cents per share, from $64.8 million, or 26 cents per share, a year earlier.

Excluding special items, earnings were 30 cents per share, 2 cents below the average estimate of analysts, according to Reuters Estimates.

Revenue dropped 27 percent to $396.9 million. Altace sales plunged 73 percent to $44 million.

Sales of the muscle relaxant Skelaxin edged down less than 1 percent to $107 million. (Reporting by Lewis Krauskopf; editing by John Wallace)

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