Specialty pharmaceutical company Sciele Pharma Inc. said Monday it has authorized a new share repurchase program of up to $100 million over the next 12 months.

Sciele had about 35.6 million shares outstanding as of its latest count with the Securities and Exchange Commission on Oct. 24.

The company's existing $40 million buyback, which had about $10 million in shares left to be repurchased, has been canceled. The buyback was set to expire on Aug. 2.

The company also recently reported an 11.5 percent decline in net income for the first quarter.

The Atlanta-based pharmaceutical company (NASDAQ: SCRX) had net income of $11.5 million on $100.4 million in revenue, compared with net income of $13 million on $82.3 million in revenue in the first quarter of 2007.

Earnings were 32 cents a share, compared with earnings of 36 cents a share in the first quarter of 2007.

"The first quarter of 2008 marked the launch of four new products for Sciele: the new Sular formulation, Prandin, Fenoglide, and Allegra ODT," said Patrick Fourteau, CEO of Sciele Pharma. "Additionally, in April 2008, Sciele began marketing our fifth new product, the Twinject epinephrine auto-injector for the treatment of severe allergic reactions and anaphylaxis... Products in our Pediatrics, Women's Health and Diabetes businesses are expected to be the key growth drivers for the company this year."

During the second half of 2008, the company expects to introduce, upon FDA approval, LARx for the treatment of head lice and MetPrandin for Type II diabetes. It also will launch a new Prenate Elite formulation.

The stock trades for 8x cash flow.

21.9

Pharma - about 10X with growth

just a hunch

Technicals look good

Good valuation for a drug company. Demand for products that threat Type 2 Diabetes and precursors is increasing worldwide.

Sells drugs that other companies spend billions to produce. Extremely low sales cost. Flexible.

DRUG