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MEDICAL
Barr beats despite generics drop
The drug maker earned 56 cents a share in Q2, up 4% from a year ago ex items and a penny over views. Revenue fell 31% to $257 mil, missing views. Generic product sales, which make up the bulk of revenue, were dragged down by a drop in sales of antibiotic Ciprofloxacin but offset by proprietary product sales. Margins on product sales rose to 70% vs. 44% a year ago. Barr Pharma expects to make $2.35-$2.45 a share in '05 vs. views of $2.38. Shares rose 14 cents to 47.69.
** Valeant Pharmaceuticals said it will buy Xcel Pharmaceuticals, a privately held drug company focused on neurology, for $280 mil. Valeant fell 3% to 24.31.
FINANCE
Yield curve flattens Countrywide
The No. 1 U.S. mortgage lender earned 56 cents a share in Q4, down 39% and 25 cents short of ...