Barr Expected to Beat Estimates for Quarter
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Barr Laboratories Inc., a generic drug maker, said it expects to beat analysts’ estimates for its fiscal fourth quarter as higher sales of other products made up for slow sales of its cancer drug tamoxifen.
The company said it expects earnings to range from 49 cents to 51 cents a share for the quarter ended June 30, better than the 43-cent average estimate of analysts surveyed by First Call/Thomson Financial.
Pomona, N.Y.-based Barr said sales of products other than tamoxifen increased, and it had more sales of products that carry higher profit margins. Those made up for lower-than-expected sales of tamoxifen, the company said. Barr is expected to report its fourth-quarter earnings Aug. 7.
Barr markets generic tamoxifen in the U.S. under an agreement with London-based AstraZeneca, which sells the drug under the brand name Nolvadex.
Barr shares rose $1.30 to $66 on the NYSE.
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