Generic drug developer Par Pharmaceutical Cos. said Tuesday Chief Operating Officer Gerard A. Martino resigned.
The company did not provide a reason for the resignation.
Earlier Tuesday, Par said it will cut about 190 jobs, or 30 percent of its workforce as part of a cost-cutting measure. Martino will remain at the company through that transition.
In August, the company slashed its full-year profit outlook on increased competition and sales declines. It forecast adjusted full-year profit ranging from a loss of 6 cents per share to profit of 38 cents per share. Previously, it expected profit between 65 cents and 85 cents per share.
Analysts polled by Thomson Financial expect profit of 6 cents per share.
Shares of Par closed at $10.53 Monday.
The company did not provide a reason for the resignation.
Earlier Tuesday, Par said it will cut about 190 jobs, or 30 percent of its workforce as part of a cost-cutting measure. Martino will remain at the company through that transition.
In August, the company slashed its full-year profit outlook on increased competition and sales declines. It forecast adjusted full-year profit ranging from a loss of 6 cents per share to profit of 38 cents per share. Previously, it expected profit between 65 cents and 85 cents per share.
Analysts polled by Thomson Financial expect profit of 6 cents per share.
Shares of Par closed at $10.53 Monday.
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