Barr’s Pharmaceuticals (NYSE: BRL) recently announced weaker-than-expected sales for the first quarter and lowered its 2008 financial forecast for the second quarter in a row. Shares of the company’s stock plunged more than 22 percent last week to $38.40 per share on the news, a new 52-week low.

Quarterly revenue rose to $608 million, up from the prior year’s $597 million; however, sales of generic drugs dropped to $469 million down from $471 million last year. In addition, U.S. sales declined to $261 million from $307 million. The disappointing earnings prompted Barr Pharmaceuticals to lower its 2008 earnings forecast to a range of $2.75 to $3.05 per share, down from $3.05 to $3.35 per share previously expected.

Barr Pharmaceuticals attributed the U.S. decline in part to weaker sales due to decreased market share of its contraceptives, a core business for the company. On a brighter note, the company is expected to launch a generic version of the popular contraceptive Yasmin in mid-2008. Anticipated sales of the product are expected to total approximately $2.5 billion to $2.6 billion. In addition, the company is also expected to introduce up to six new generic products during the next 12 months.

Let us hear your thoughts below: