EXHIBIT 99.1
KV PHARMACEUTICAL COMPANY
CONTACT:
CATHERINE M. BIFFIGNANI
VICE PRESIDENT, INVESTOR RELATIONS
314-645-6600
[KV PHARMACEUTICAL logo]
FOR IMMEDIATE RELEASE
KV PHARMACEUTICAL COMPANY COMPLETES FISCAL 2008 FILINGS
WITH SECURITIES AND EXCHANGE COMMISSION
COMPANY FILES FISCAL FORM 10-Q'S FOR FIRST THREE QUARTERS OF FISCAL 2008 AND
FORM 10-K FOR FISCAL 2008 ENDED MARCH 31, 2008
POINTS TO POSITIVE FISCAL 2009 OUTLOOK FOR ITS BRANDED AND GENERIC
PHARMACEUTICAL BUSINESSES
St. Louis, MO - June 25, 2008 - KV Pharmaceutical Company (NYSE: KVa/KVb), a
fully integrated specialty pharmaceutical company that develops, manufactures,
acquires and markets technology distinguished branded and generic/non-branded
prescription pharmaceutical products, today announced that it has filed Form
10-Q's for the quarters ended June 30, 2007, September 30, 2007 and December
31, 2007, as well as a Form 10-K for its 2008 fiscal year ended March 31,
2008. The financial data included in these filings is consistent with
previously reported preliminary financial results.
Marc S. Hermelin, Chairman of the Board and Chief Executive Officer stated,
"With the filing of our fiscal 2008 financial reports, the Company is now up
to date with its Securities and Exchange Commission filings. Fiscal 2008 was
an extraordinary year for KV filled with many accomplishments by both our
branded and generic businesses. Our Company continued to perform at record
levels despite a difficult industry environment. We fully expect to continue
our strong performance in fiscal 2009 and beyond as we execute on our branded
and generic strategies and seek to capitalize on our valuable product
pipeline."
Mr. Hermelin continued, "As previously reported, KV generated net revenue and
net income increases of 36% and 52%, respectively, for fiscal 2008 compared to
the prior year. In fiscal 2009 the Company expects to introduce 8-10 new
products from Ther-Rx and ETHEX combined, which includes the anticipated
approval of six ANDA's and one NDA. The anticipated new products, continued
momentum from KV's generic Metoprolol Succinate Extended Release tablets, and
expansion of the Company's branded women's health franchise, including the
expected launch of Gestiva(TM) in late calendar 2008, should all contribute to
what we believe will be our 14th consecutive year
of record revenues. The Company also expects to file another 16 ANDA
applications during fiscal 2009. We look forward to reporting in the near
future a positive first quarter for fiscal 2009."
ABOUT KV PHARMACEUTICAL COMPANY
KV Pharmaceutical Company is a fully integrated specialty pharmaceutical
company that develops, manufactures, markets and acquires
technology-distinguished branded and generic/non-branded prescription
pharmaceutical products. The Company markets its technology-distinguished
products through ETHEX Corporation, a national leader in pharmaceuticals that
compete with branded products, and Ther-Rx Corporation, its emerging branded
drug subsidiary.
SAFE HARBOR
The information in this release may contain various forward-looking statements
within the meaning of the United States Private Securities Litigation Reform
Act of 1995 ("PSLRA") and which may be based on or include assumptions
concerning KV's operations, future results and prospects. Such statements may
be identified by the use of words like "plans", "expect", "aim", "believe",
"projects", "anticipates", "commit", "intend", "estimate", "will", "should",
"could" and other expressions that indicate future events and trends.
All statements that address expectations or projections about the future,
including without limitation, statements about the Company's strategy or
expectations for growth or growth trends, product development, product
launches, regulatory filings or approvals, prescription trends, market
position, market share increases, acquisitions, existence and duration of
regulatory exclusivities, expected duration of ARS illiquidity, revenues,
expenditures, contributions, profitability and other financial results, are
forward-looking statements.
All forward-looking statements are based on current expectations and are
subject to risk and uncertainties. In connection with the "safe harbor"
provisions, KV provides the following cautionary statements identifying
important economic, competitive, political and technology factors, which among
others, could cause actual results or events to differ materially from those
set forth or implied by the forward-looking statements and related
assumptions.
Such factors include (but are not limited to) the following: (1) changes in
the current and future business environment, including interest rates and
capital and consumer spending; (2) the difficulty of predicting FDA approvals,
including timing, and that any period of exclusivity may not be realized; (3)
acceptance and demand for new pharmaceutical products; (4) the impact of
competitive products and pricing, including as a result of so-called
authorized-generic drugs; (5) new product development and launch, including
the possibility that any product launch may be delayed or that product
acceptance may be less than anticipated; (6) reliance on key strategic
alliances; (7) the availability of raw materials and/or products manufactured
for the Company under contract manufacturing arrangements with third parties;
(8) the regulatory environment, including regulatory agency and judicial
actions and changes in applicable law or regulations; (9) fluctuations in
revenues; (10) the difficulty of predicting international regulatory approval,
including timing; (11) the difficulty of predicting the pattern of inventory
movements by the Company's customers; (12) the impact of competitive response
to the Company's sales, marketing and strategic efforts; (13) risks that the
Company may not ultimately prevail in litigation, including challenges to our
patents; (14) actions by the Securities and Exchange Commission and the
Internal Revenue Service with respect to the Company's stock option grants and
accounting practices; (15) actions by the NYSE Regulation, Inc. with respect
to the continued listing of the Company's stock on the New York Stock
Exchange; (16) risks that the Company may not ultimately prevail in
litigation, including challenges to our intellectual property rights by actual
or potential competitors or to our ability to market generic products due to
brand company patents; (17) the possibility that KV's current estimate of the
financial effect of certain previously announced product recalls could prove
to be incorrect; (18) whether any of the product recalls result in litigation,
agency action or material damages; and (19) the risks detailed from
time-to-time in the Company's filings with the Securities and Exchange
Commission.
This discussion is by no means exhaustive, but is designed to highlight
important factors that may impact the Company's outlook. We are under no
obligation to update any of the forward-looking statements after the date of
this release.