SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q
             QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

(X)   Quarterly report for the quarterly period ended September 30, 1997

                              OR

(   ) Transition Report Pursuant to Section 13 or 15(d) of The Securities
      Exchange Act of 1934

Commission file number 1-9601

                           K-V PHARMACEUTICAL COMPANY
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

           DELAWARE                                      43-0618919
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
incorporation or organization)

                2503 SOUTH HANLEY ROAD, ST. LOUIS, MISSOURI 63144
--------------------------------------------------------------------------------
                    (Address or principal executive offices)
                                   (Zip Code)

                                 (314) 645-6600
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)

--------------------------------------------------------------------------------
                     (Former name, former address and former
                   fiscal year, if changed since last report)

      Indicate by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934 during the preceding 12 months (or such shorter  period that the registrant
was  required  to file such  reports)  and (2) has been  subject to such  filing
requirements for the past 90 days.

Yes  X   No
                                                        Number of Shares
    Title of Class of                                   Outstanding as of
     Common Stock                                        this Report Date

Class A Common Stock, par value $.01 per share               7,757,349
Class B Common Stock, par value $.01 per share               4,306,125
<PAGE>
                                     PART I

                              FINANCIAL INFORMATION

                   KV PHARMACEUTICAL COMPANY AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS

      For the Three Months and Six Months Ended September 30, 1997 and 1996
                                   (Unaudited)


<TABLE>
<CAPTION>

                                                         For the Three                            For the Six
                                                         Months Ended                             Months Ended
                                                 09/30/97           09/30/96               09/30/97            09/30/96
                                                 --------           --------               --------            --------
<S>                                             <C>                <C>                   <C>                 <C>        
Revenues                                        $21,887,067        $13,094,448           $40,091,929         $26,162,265
                                                -----------        -----------           -----------         -----------

Costs and Expenses:

Manufacturing costs and expenses                 12,427,769          6,641,286            22,649,059          13,779,562
Research and development                          1,461,396          1,193,710             2,969,117           2,356,984
Selling and administrative                        4,243,114          3,546,399             7,832,632           6,833,821
Interest expense                                    131,724             36,522               206,676             151,285
Amortization of intangible assets                    67,344             48,684               117,358              97,367
                                                 ----------         ----------            ----------          ----------
Total Costs and Expenses                         18,331,347         11,466,601            33,774,842          23,219,019
                                                 ----------         ----------            ----------          ----------

Income before income taxes                        3,555,720          1,627,847             6,317,087           2,943,246
Provision for income taxes                        1,373,588             30,000             2,294,088              60,000
                                                 ----------         ----------            ----------          ----------

Net Income                                      $ 2,182,132        $ 1,597,847           $ 4,022,999         $ 2,883,246
                                                ===========        ===========           ===========         ===========

Net Income per Common 
  Share (after deducting 
  preferred dividends of 
  $105,438 for the three  
  months ended September
  30, 1997 and 1996 and 
  $210,876 for the six
  months ended September
  30, 1997 and 1996):                                 $0.17              $0.12                 $0.31               $0.22
                                                      =====              =====                 =====               =====


</TABLE>

 See Accompanying Notes to Financial Statements
<PAGE>
                   KV PHARMACEUTICAL COMPANY AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                      September 30, 1997 and March 31, 1997
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                   09/30/97                     03/31/97
                                                                   --------                     --------
<S>                                                            <C>                            <C>
ASSETS
Current Assets:
Cash and equivalents                                           $  3,712,583                   $  7,627,523
Receivables                                                      15,574,172                      8,579,598
Inventories                                                      16,527,739                     12,785,588
Prepaid and other                                                   955,120                      1,230,193
                                                             --------------                   ------------
   Total Current Assets                                          36,769,614                     30,222,902

Net Property and Equipment                                       13,798,927                      8,117,809

Goodwill and other                                                3,364,131                      3,021,009
                                                              -------------                  -------------

TOTAL ASSETS                                                    $53,932,672                    $41,361,720
                                                                ===========                    ===========

LIABILITIES
Current Liabilities:
Current maturities of long-term debt                          $     573,416                  $     351,316
Accounts payable                                                  3,555,447                      2,045,048
Accrued liabilities                                               6,493,805                      2,809,571
                                                              -------------                   ------------
  Total Current Liabilities                                      10,622,668                      5,205,935

Long-term debt                                                    5,343,889                      2,158,025
Other                                                               991,727                        913,319
                                                             --------------                   ------------
  Total Liabilities                                              16,958,284                      8,277,279
                                                               ------------                    -----------

Commitments and Contingencies

SHAREHOLDERS' EQUITY
Preferred stock                                                       2,410                          2,410
Class A common stock                                                 77,811                         77,175
Class B common stock                                                 43,299                         43,766
Additional paid-in capital                                       33,922,340                     33,844,685
Retained earnings (deficit)                                       2,983,481                       (828,642)
Less cost of Class A and Class B common stock in
    treasury                                                        (54,953)                       (54,953)
                                                              -------------                  ------------- 

Total Shareholders' Equity                                       36,974,388                     33,084,441
                                                                 ----------                     ----------

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
                                                                $53,932,672                    $41,361,720
                                                                ===========                    ===========

</TABLE>

See Accompanying Notes to Financial Statements
<PAGE>
                   KV PHARMACEUTICAL COMPANY AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
              For the Six Months Ended September 30, 1997 and 1996
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                                       1997                              1996
                                                                       ----                              ----
<S>                                                                  <C>                             <C>
OPERATING ACTIVITIES
Net Income                                                           $ 4,022,999                     $ 2,883,246

Adjustments to reconcile net income to net
   cash provided by operating activities:

   Depreciation and amortization                                         912,210                         792,467

Changes in operating assets and liabilities:

(Increase) in receivables                                             (6,994,574)                       (227,656)

Net (increase) in inventories and other
   current assets                                                     (3,467,078)                     (1,710,648)

Increase (decrease) in accounts payable and
   accrued liabilities                                                 5,194,632                         (43,842)
Increase in other                                                         78,408                           1,045
                                                                  --------------                  --------------

  NET CASH PROVIDED BY (USED IN)
     OPERATING ACTIVITIES                                               (253,403)                      1,694,612
                                                                   -------------                     -----------

INVESTING ACTIVITIES
   Purchase of property and equipment, net                            (6,475,969)                       (582,143)
   Other, net                                                           (460,480)                       (562,807)
                                                                   -------------                   --------------

NET CASH USED IN INVESTING
   ACTIVITIES                                                         (6,936,449)                     (1,144,950)
                                                                    ------------                   --------------

FINANCING ACTIVITIES
   Proceeds from term loan                                             3,500,000                               -
   Principal payments on long-term debt                                  (92,036)                       (244,697)
   Dividends paid on preferred stock                                    (210,876)                              -
   Exercise of common stock options                                       77,824                          33,615
                                                                  --------------                  --------------

NET CASH PROVIDED BY (USED IN)
FINANCING ACTIVITIES                                                   3,274,912                        (211,082)
                                                                    ------------                   ------------- 

(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
                                                                      (3,914,940)                        338,580
Cash and cash equivalents
   at beginning of year                                                7,627,523                       2,038,069
                                                                    ------------                    ------------

CASH AND CASH EQUIVALENTS
   AT END OF PERIOD                                                  $ 3,712,583                     $ 2,376,649
                                                                     ===========                     ===========
</TABLE>

See Accompanying Notes to Financial Statements
<PAGE>
NOTES TO SUMMARIZED CONSOLIDATED FINANCIAL STATEMENTS

NOTE A -- BASIS OF PRESENTATION

         The interim financial  statements  presented here have been prepared in
conformity with the accounting  principles and practices and methods of applying
the same (including  consolidating  practices) reflected in the Annual Report of
the  Company  on Form 10-K for the year  ended  March 31,  1997  filed  with the
Commission,  except that  detailed  footnotes  and  schedules  are not included.
Reference is hereby made to the footnotes and schedules  contained in the Annual
Report.  All  significant  intercompany  balances  and  transactions  have  been
eliminated and, in the opinion of management,  all  adjustments,  which are of a
normal  recurring  nature  only,  necessary  to present a fair  statement of the
results of the Company and its subsidiaries have been made.

NOTE B -- EARNINGS PER SHARE

         Net income per common  share is computed by dividing  net income,  less
preferred dividends,  by the weighted average number of common shares and common
share  equivalents  (if  dilutive)  outstanding  during  the  period.  Preferred
dividends of $105,438 and $210,876 were paid for the  three-month  and six-month
periods ended  September 30, 1997, and used in the  calculation but not paid for
the three-month and six-month  periods ended September 30, 1996.  Undeclared and
unaccrued  cumulative  preferred  dividends at September  30, 1997 and 1996 were
$2,203,650  and $2,098,212, respectively.  Common share  equivalents  consist of
those common shares that would be issued upon the exercise of outstanding  stock
options.  The weighted  average number of shares used in the  computations  were
12,214,620 and  12,034,886  for the quarters ended  September 30, 1997 and 1996,
respectively,  and 12,202,141  and  12,060,398  for the six-month  periods ended
September 30, 1997 and 1996, respectively.

Item 2.  Management's  Discussion  and  Analysis of Results of  Operations,  and
         Liquidity and Capital Resources

         (a) Results of Operations
          
         Revenues.  Consolidated  revenues for the second quarter of fiscal 1998
totaled  $21.9  million,  compared to $13.1  million  for the second  quarter of
fiscal 1997,  an increase of $8.8  million,  or 67%.  Year-to-date  consolidated
revenues were $40.1 million,  an increase of $13.9 million,  or 53%, compared to
the same period last year. The increase in sales volume for both the quarter and
year-to-date  is primarily  attributable to continued  growth being  experienced
from sales of new and existing products.  ETHEX sales increased by $8.7 million,
or 95%, in the second  quarter and were up $13.1 million,  or 70%,  year-to-date
over the same periods of the prior year. Particle Dynamics and Contract Services
revenues increased $.1 million,  or 2%, and $.8 million,  or 11%,  respectively,
for the  three-month  and  six-month  periods ended  September  30, 1997.  These
increases  were  attributable  to increased  sales volume of existing  products.
<PAGE>

         Costs and Expenses.  Manufacturing  costs  increased as a percentage of
net sales to 57% in the quarter  ended  September  30, 1997 from 51% in the same
period  last year.  Year-to-date  manufacturing  costs as a percent of net sales
increased to 56% from 53% for the six months ended  September 30, 1997 and 1996,
respectively.  These increases were primarily attributable to changes in the mix
of products sold.  

         Research and  development  costs  increased  $.3 million or 22% for the
quarter  ended  September  30,  1997,  compared to the same quarter of the prior
year.  Year-to-date,  these costs increased $.6 million, or 26%, compared to the
same period of the prior year.  These  increases were primarily due to increased
personnel  and supply costs to support  higher  levels of research  activity and
clinical  studies in connection with new product and drug delivery  development.


         Selling and administrative  expenses increased $.7 million,  or 20% for
the quarter ended  September 30, 1997,  compared to the same period of the prior
fiscal  year  but  decreased  to 19% from 27% as a  percent  of total  revenues.
Year-to-date  selling and administrative  expenses increased $1 million, or 15%,
over the same  period  last year but  decreased  to 20% from 26% as a percent of
total  revenues.   Increased  expenditures  were  primarily  related  to  higher
marketing,   selling  and  administrative  costs  associated  with  new  product
introductions and expansion of existing business.

         Interest  expense  increased $.1 million for the second quarter and $.1
million for the six-month period ended September 30, 1997,  compared to the same
periods of the prior  fiscal  year.  The  increase for the first two quarters of
fiscal 1998 resulted  from the  long-term  borrowing to purchase a facility that
had previously  been leased.  

         Pretax income for the quarter ended September 30, 1997 was $3.6 million
compared  to $1.6  million  in the prior  year  quarter,  an  increase  of 125%.
Year-to-date  pretax  income was $6.3  million  compared to $2.9 million for the
prior  period,  an  increase  of 115%.  These  improvements  were the  result of
continued sales growth. 

         For the six months ended September 30, 1997 and 1996, the Company had a
current provision for income taxes of $2,294,088 and $60,000,  respectively. The
fiscal 1998  provision  was based on the estimated  federal and state  statutory
rates, while the fiscal 1997 provision was based on the alternative minimum tax,
since no provision for income taxes was otherwise  made as a result of available
net operating loss carryforwards. No loss carryforwards are available for fiscal
1998.  

         Net Income.  As a result of the  factors  described  above,  net income
improved  $.6  million,  or 37%,  for the  second  quarter  of  fiscal  1998 and
year-to-date  improved $1.1 million, or 40%, compared to the same periods of the
prior year. 

(b) Liquidity and Capital Resources

         The  following  table  sets  forth  selected  balance  sheet  ratios at
September 30, 1997, March 31, 1997 and September 30, 1996.
<TABLE>
<CAPTION>

                                                                 ($  in 000's)
                                                                 -------------
                                                9/30/97             3/31/97             9/30/96
                                           -----------------------------------------------------------
<S>                                             <C>                 <C>                 <C>       
Working Capital Ratio                           3.5 to 1            5.8 to 1            5.5 to 1
Quick Ratio                                     1.8 to 1            3.1 to 1            2.7 to 1
Debt to Debt-Plus-Equity                        .14 to 1            .07 to 1            .11 to 1
Total Liabilities to Equity                     .46 to 1            .25 to 1            .30 to 1
Cash and Equivalents                            $  3,713            $  7,628             $ 2,377
Working Capital                                   26,147              25,017              16,574
Long-Term Liabilities                              6,336               3,071               3,009
Stockholders' Equity                              36,974              33,084              23,467
</TABLE>

<PAGE>

         During the quarter ended September 30, 1997,  working capital increased
$1.3 million,  or 5% to $26.1 million while cash and cash equivalents  decreased
$2.5  million.  Working  capital  for the six months  ended  September  30, 1997
increased  $1.1  million,  or 5%.  Net cash used in  operations  of $.3  million
consisted of an increase in accounts receivable of $7 million,  principally from
increased  sales volume,  and an increase in  inventories  of $3.5  million,  to
support  the  additional  sales  volume  and  seasonal  business   requirements,
partially offset by an increase in accounts  payable and accrued  liabilities of
$5.2  million.  Borrowings  reflected an increase of $3.5 million as a result of
purchasing a facility that had previously been leased.


         Investing  activities  for fiscal 1998 for property and equipment  were
$6.5 million and net  expenditures  for other assets of $.5 million,  with funds
being provided from cash and long-term  borrowing.  The debt to debt-plus-equity
and total  liabilities  to equity  ratios  for the  first six  months  increased
primarily  as a result of the debt  created to finance the  purchase of a leased
facility and increased accrued  liabilities  incurred to finance increased sales
and related operations.

         The Company's  cash and cash  equivalents on hand at September 30, 1997
were $3.7 million. In addition, the Company currently has in place a $20 million
credit facility with LaSalle  National Bank. This credit facility  consists of a
three year,  unsecured revolving line of credit and letters of credit to support
the Company's requirements.

         Although  the  Company  generally  has been  able to pass  along to its
customers at least a portion of cost increases in labor,  manufacturing  and raw
material  costs,  in certain  instances no increases  have been  effected due to
market conditions. It is not meaningful to compare changing prices over the past
several years because the products, product formulas, product mix and sources of
raw materials have varied substantially.

         The Company expects to continue to increase expenditures and investment
for research,  clinical and regulatory  efforts  relating to the development and
commercialization  of  proprietary  new  products  and  advanced  drug  delivery
technology products and their approval for marketing.

         The Company  believes funds  generated  from  operating  activities and
existing cash,  together with the funds  available under its credit facility and
the funds  provided  from  licensing  agreements,  will be  adequate to fund the
Company's  current  requirements  arising from the continued  sales growth being
experienced.
<PAGE>
                           PART II. OTHER INFORMATION

Item 6: Exhibits and Reports on Form 8-K.

        a)   Exhibits - See Exhibit Index on page 13.


<PAGE>
                                   SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                             KV PHARMACEUTICAL COMPANY




     Date: November  5,  1997               /s/ Marc S. Hermelin
                                             Marc S. Hermelin
                                             Vice Chairman of the Board





     Date: November  5,  1997                /s/ Gerald R. Mitchell
                                             Gerald R. Mitchell
                                             Vice President - Finance
                                             Chief Financial Officer



<PAGE>
                                  EXHIBIT INDEX


 Exhibit Number                          Description

       11                 Computation of Earnings Per Share Calculation.  
                          Filed Herewith.