Barr Shares Fall 23% on Reduced Outlook

Barr Pharmaceuticals Inc. posted a 92% rise in first-quarter profit, but results were below expectations and the generic-drug maker also cut its full-year outlook, sending its shares lower.

The Woodcliff Lake, N.J., company said that excluding items, per-share earnings fell to 57 cents, compared with the mean forecast by analysts surveyed by Thomson Reuters for 73 cents and down from 78 cents last year. Sales rose 2% to $608 million against Wall Street's average projection of $684 million.

Barr blamed the shortfall ...