UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. )


Par Pharmaceutical Companies Inc.
(Name of Issuer)

Common Stock, par value $.01
(Title of Class of Securities)

69888P106
(CUSIP Number)


June 30, 2004
(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

[X] Rule 13d-1(b) [ ] Rule 13d-1(c) [ ] Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).



1. NAME OF REPORTING PERSON
      S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)

      Franklin Resources, Inc. (13-2670991)


2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

      (a) (b) X

3. SEC USE ONLY

4. CITIZENSHIP OR PLACE OF ORGANIZATION

      Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:


      5. SOLE VOTING POWER

            (See Item 4)

      6. SHARED VOTING POWER

            0

      7. SOLE DISPOSITIVE POWER

            (See Item 4)

      8. SHARED DISPOSITIVE POWER

            0

9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      5,633,000

10.   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]


11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

      14.1%

12. TYPE OF REPORTING PERSON

      HC  (See Item 4)



1. NAME OF REPORTING PERSON
      S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)

      Charles B. Johnson


2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

      (a) (b) X

3. SEC USE ONLY

4. CITIZENSHIP OR PLACE OF ORGANIZATION

      USA

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:


      5. SOLE VOTING POWER

            (See Item 4)

      6. SHARED VOTING POWER

            0

      7. SOLE DISPOSITIVE POWER

            (See Item 4)

      8. SHARED DISPOSITIVE POWER

            0

9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      5,633,0001

10.   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]


11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

      14.1%

12. TYPE OF REPORTING PERSON

      HC  (See Item 4)




1. NAME OF REPORTING PERSON
      S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)

      Rupert H. Johnson, Jr.


2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

      (a) (b) X

3. SEC USE ONLY

4. CITIZENSHIP OR PLACE OF ORGANIZATION

      USA

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:

      5. SOLE VOTING POWER

            (See Item 4)

      6. SHARED VOTING POWER

            0

      7. SOLE DISPOSITIVE POWER

            (See Item 4)

      8. SHARED DISPOSITIVE POWER

            0

9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      5,633,0001

10.   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]


11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

      14.1%

12. TYPE OF REPORTING PERSON

      HC  (See Item 4)




1. NAME OF REPORTING PERSON
      S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)

      Fiduciary Trust Company International


2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

      (a) (b) X

3. SEC USE ONLY

4. CITIZENSHIP OR PLACE OF ORGANIZATION

      New York

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:


      5. SOLE VOTING POWER

            5,633,000 (See Item 4)

6. SHARED VOTING POWER

0

7. SOLE DISPOSITIVE POWER

            5,633,000 (See Item 4)

      8. SHARED DISPOSITIVE POWER

      0

9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

      5,633,0001

10.   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ]


11.   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

      14.1%

12. TYPE OF REPORTING PERSON

      BK


Item 1.
(a)  Name of Issuer:

     Par Pharmaceutical Companies Inc.

(b) Address of Issuer's Principal Executive Offices:

     One Ram Ridge Road
     Spring Valley, NY 10977


Item 2.
(a)  Name of Person Filing:

     (i):   Franklin Resources, Inc.
     (ii):  Charles B. Johnson
     (iii): Rupert H. Johnson, Jr.
     (iv):  Fiduciary Trust Company International


(b) Address of Principal Business Office:

     (i), (ii), and (iii):
     One Franklin Parkway
     San Mateo, CA  94403
     (iv): 600 Fifth Avenue
     New York, NY 10020-2302


(c) Place of Organization or Citizenship:

     (i): Delaware
     (ii) and (iii): USA (iv): New York

(d) Title of Class of Securities:

     Common Stock, par value $.01

(e) CUSIP Number:

     69888P106




Item 3.  This statement is filed pursuant to Rule 13d-1(b) or 13d-2 and the
persons filing are: Franklin Resources, Inc., a parent holding company in
accordance with Section 240.13d-1(b)1(ii)(G); Charles B. Johnson, a control
person in accordance with Section 240.13d-1(b)1(ii)(G); Rupert H. Johnson, Jr.,
a control person in accordance with Section 240.13d-1(b)1(ii)(G); and Fiduciary
Trust Company International, a bank as defined in section 3(a)(6) of the Act(15
U.S.C. 78c.). (Note: See Item 4)

Item 4.  Ownership

The securities reported on herein are beneficially owned by one or more open or
closed-end investment companies or other managed accounts, which are advised by
direct and indirect investment advisory subsidiaries (the "Adviser
Subsidiaries") of Franklin Resources, Inc. ("FRI"). Such advisory contracts
grant to such Adviser Subsidiaries all investment and/or voting power over the
securities owned by such advisory clients. Therefore, such Adviser Subsidiaries
may be deemed to be, for purposes of Rule 13d-3 under the Securities Exchange
Act of 1934, the beneficial owner of the securities covered by this statement.

Beneficial ownership by investment advisory subsidiaries and other affiliates of
FRI is being reported in conformity with the guidelines articulated by the SEC
staff in Release No. 34-39538 (January 12, 1998) relating to organizations, such
as FRI, where related entities exercise voting and investment powers over the
securities being reported independently from each other. The voting and
investment powers held by Franklin Mutual Advisers, LLC ("FMA"), formerly
Franklin Mutual Advisers, Inc., an indirect wholly owned investment advisory
subsidiary of FRI, are exercised independently from FRI and from all other
investment advisor subsidiaries of FRI (FRI, its affiliates and investment
advisor subsidiaries other than FMA are collectively referred to herein as "FRI
affiliates"). Furthermore, FMA and FRI internal policies and procedures
establish informational barriers that prevent the flow between FMA and the FRI
affiliates of information that relates to the voting and investment powers over
the securities owned by their respective advisory clients. Consequently, FMA and
the FRI affiliates are each reporting the securities over which they hold
investment and voting power separately from each other.

Charles B. Johnson and Rupert H. Johnson, Jr. (the "Principal Shareholders")
each own in excess of 10% of the outstanding Common Stock of FRI and are the
principal shareholders of FRI. FRI and the Principal Shareholders may be deemed
to be, for purposes of Rule 13d-3 under the 1934 Act, the beneficial owner of
securities held by persons and entities advised by FRI subsidiaries. FRI, the
Principal Shareholders and each of the Adviser Subsidiaries disclaim any
economic interest or beneficial ownership in any of the securities covered by
this statement.

FRI, the Principal Shareholders, and each of the Adviser Subsidiaries are of the
view that they are not acting as a "group" for purposes of Section 13(d) under
the 1934 Act and that they are not otherwise required to attribute to each other
the "beneficial ownership" of securities held by any of them or by any persons
or entities advised by FRI subsidiaries.

   (a) Amount Beneficially Owned:

       5,633,0001

   (b) Percent of Class:

       14.1%

   (c) Number of Shares as to which such person has:

     (i) Sole power to vote or to direct the vote

         Franklin Resources, Inc.:      0
         Charles B. Johnson:    0
         Rupert H. Johnson, Jr.:        0
         Fiduciary Trust Company International:   5,633,000

    (ii) Shared power to vote or to direct the vote:

   0

   (iii) Sole power to dispose or to direct the disposition of

         Franklin Resources, Inc.:      0
         Charles B. Johnson:    0
         Rupert H. Johnson, Jr.:        0
         Fiduciary Trust Company International:    5,633,000

    (iv) Shared power to dispose or to direct the disposition of:

           0

Item 5. Ownership of Five Percent or Less of a Class If this statement is being
filed to report the fact that as of the date hereof the reporting person has
ceased to be the beneficial owner of more than five percent of the class of
securities, check the following [].

         Not Applicable

Item 6.  Ownership of More than Five Percent on Behalf of Another Person

The clients of the Adviser Subsidiaries, including investment companies
registered under the Investment Company Act of 1940 and other managed accounts,
have the right to receive dividends from as well as the proceeds from the sale
of such securities reported on in this statement. Falcon Partnership, Ltd., a
managed account, has an interest in more than 5% of the class of securities
reported on herein.

Item 7.  Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company

         Fiduciary Trust Company International          3(b)
           (See also Item 4)

Item 8.  Identification and Classification of Members of the Group

         Not Applicable (See also Item 4)

Item 9.  Notice of Dissolution of Group

         Not Applicable


Item 10. Certification

By signing below, we certify that, to the best of our knowledge and belief, the
securities referred to above were acquired in the ordinary course of business
and were not acquired for the purpose of and do not have the effect of changing
or influencing the control of the issuer of such securities and were not
acquired in connection with or as a participant in any transaction having such
purposes or effect.

This report shall not be construed as an admission by the persons filing the
report that they are the beneficial owner of any securities covered by this
report.

After reasonable inquiry and to the best of our knowledge and belief, we certify
that the information set forth in this statement is true, complete and correct.

Dated: July 9, 2004


Franklin Resources, Inc.
Charles B. Johnson
Rupert H. Johnson, Jr.
Fiduciary Trust Company International




By: /s/BARBARA J. GREEN
    -------------------
    Barbara J. Green
    Vice President, Deputy General Counsel,
    and Secretary, Franklin Resources, Inc.

Attorney in Fact for Charles B. Johnson pursuant to Power of Attorney
attached to this Schedule 13G

Attorney in Fact for Rupert H. Johnson, Jr. pursuant to Power of Attorney
attached to this Schedule 13G

    Secretary, Franklin Advisers, Inc.




Fiduciary Trust Company International






By: /s/Lawrence A. Sternkopf
    ------------------------
    Lawrence A. Sternkopf
    Senior Vice President and CFO,
    Fiduciary Trust Company International






JOINT FILING AGREEMENT

In accordance with Rule 13d-1 (f)(1) under the Securities Exchange Act of 1934,
as amended, the undersigned hereby agrees to the joint filing with each other of
the attached statement on Schedule 13G and to all amendments to such statement
and that such statement and all amendments to such statement is made on behalf
of each of them.

IN WITNESS WHEREOF, the undersigned hereby execute this agreement on July 9,
2004.


Franklin Resources, Inc.
Charles B. Johnson
Rupert H. Johnson, Jr.
Fiduciary Trust Company International




By: /s/BARBARA J. GREEN
    -------------------
    Barbara J. Green
    Vice President, Deputy General Counsel,
    and Secretary, Franklin Resources, Inc.

Attorney in Fact for Charles B. Johnson pursuant to Power of Attorney
attached to this Schedule 13G

Attorney in Fact for Rupert H. Johnson, Jr. pursuant to Power of Attorney
attached to this Schedule 13G

Secretary, Franklin Advisers, Inc.





Fiduciary Trust Company International






By: /s/Lawrence A. Sternkopf
    ------------------------
    Lawrence A. Sternkopf
    Senior Vice President and CFO,
    Fiduciary Trust Company International



POWER OF ATTORNEY

CHARLES B. JOHNSON hereby appoints BARBARA J. GREEN his true and lawful
attorney-in-fact and agent to execute and file with the Securities and Exchange
Commission any Schedule 13G, any amendments thereto or any related documentation
which may be required to be filed in his individual capacity as a result of his
position as an officer, director or shareholder of Franklin Resources, Inc. and,
granting unto said attorney-in-fact and agent, full power and authority to do
and perform each and every act and thing which he might or could do in person,
hereby ratifying and confirming all that said attorney-in-fact and agent, may
lawfully do or cause to be done by virtue hereof.

/s/CHARLES B. JOHNSON
- ---------------------


POWER OF ATTORNEY

RUPERT H. JOHNSON, JR. hereby appoints BARBARA J. GREEN his true and lawful
attorney-in-fact and agent to execute and file with the Securities and Exchange
Commission any Schedule 13G, any amendments thereto or any related documentation
which may be required to be filed in his individual capacity as a result of his
position as an officer, director or shareholder of Franklin Resources, Inc. and,
granting unto said attorney-in-fact and agent, full power and authority to do
and perform each and every act and thing which he might or could do in person,
hereby ratifying and confirming all that said attorney-in-fact and agent, may
lawfully do or cause to be done by virtue hereof.

/s/RUPERT H. JOHNSON, JR.
- -------------------------



  Includes 5,633,000 common shares that would result upon the conversion of
500,000 Convertible Bond Units (as computed under Rule 13(d)-3(d)(1)(i)).
CUSIP NO. 69888P106     13G     PAGE 1 OF 11

CUSIP NO. CUSIP       13G     PAGE 1 OF 12