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    June 30, 2001

                                       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
         -----        -----

    Title of Class of                           Number of Shares Outstanding
      Common Stock                                 as of this Report Date
    -----------------                           ----------------------------

Class A Common Stock, par value $.01 per share          20,015,276
Class B Common Stock, par value $.01 per share          10,585,443


<PAGE>

                                     PART I

                              FINANCIAL INFORMATION


                   K-V PHARMACEUTICAL COMPANY AND SUBSIDIARIES
                        CONSOLIDATED STATEMENTS OF INCOME

                For the Three Months Ended June 30, 2001 and 2000
                      (In thousands, except per share data)
                                   (Unaudited)


<TABLE>
<CAPTION>

                                            2001                 2000
<S>                                   <C>                 <C>

Net Revenues                              $47,628              $38,810

Costs and Expenses:
   Manufacturing costs                     17,575               16,195
   Research and development                 2,534                2,548
   Selling and administrative              17,996               12,178
   Amortization of intangible assets          642                  599
                                          -------              -------
Total costs and expenses                   38,747               31,520
                                          -------              -------
Operating income                            8,881                7,290
                                          -------              -------
Other income (expense):
   Interest expense                          (103)                (350)
   Interest and other income                  105                   24
                                          -------              -------
Total other income (expense)                    2                 (326)
                                          -------              -------

Income before income taxes                  8,883                6,964
Provision for income taxes                  3,220                2,611
                                          -------              -------
Net Income                                $ 5,663              $ 4,353
                                          =======              =======

Net Income per Common Share-Basic           $0.19                $0.15
                                            =====                =====

Net Income per Common Share-Diluted         $0.18                $0.14
                                            =====                =====
<FN>

See Accompanying Notes to Consolidated Financial Statements

</FN>

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

                                    K-V PHARMACEUTICAL COMPANY AND SUBSIDIARIES
                                            CONSOLIDATED BALANCE SHEETS
                              June 30, 2001 (Unaudited) and March 31, 2001 (Audited)
                                          (In thousands, except share data)


                                                                                       06/30/01         03/31/01
<S>                                                                               <C>             <C>

ASSETS
Current Assets:
  Cash and cash equivalents                                                            $ 11,852       $  4,128
  Receivables, less allowance for doubtful accounts of
    $333 and $448 at June 30, 2001 and March 31, 2001, respectively                      29,687         26,259
  Inventories                                                                            29,346         32,211
  Prepaid and other assets                                                                1,922          3,804
  Deferred income taxes                                                                   1,633          1,644
                                                                                       --------       --------
     Total Current Assets                                                                74,440         68,046
                                                                                       --------       --------
Property and equipment, less accumulated depreciation and amortization                   37,439         36,847
Intangibles and other assets, net of accumulated amortization                            46,024         46,524
                                                                                       --------       --------
TOTAL ASSETS                                                                           $157,903       $151,417
                                                                                       ========       ========
LIABILITIES
Current Liabilities:
  Accounts payable                                                                    $   4,759       $  6,349
  Accrued liabilities                                                                    12,388         10,067
  Current maturities of long-term debt                                                    3,045            712
                                                                                       --------       --------
     Total Current Liabilities                                                           20,192         17,128

Long-term debt                                                                            2,669          5,080
Other long-term liabilities                                                               2,609          2,534
Deferred income taxes                                                                       797            733
                                                                                       --------       --------
  TOTAL  LIABILITIES                                                                     26,267         25,475
                                                                                       --------       --------

SHAREHOLDERS' EQUITY
7% Cumulative Convertible Preferred Stock, $.01 par value; $25.00 stated and
liquidation value; 840,000 shares authorized; issued and outstanding -
40,000 shares at June 30, 2001 and 240,000 shares at March 31, 2001,
respectively (convertible into Class A shares at a ratio of 5.625 to one)                     -              2

Class A and Class B Common Stock, $.01 par value;
  150,000,000 and 75,000,000 shares authorized, respectively;
  Class A-issued 20,068,594 and 18,896,945 as of June 30, 2001 and March 31,
  2001, respectively                                                                        200            189
  Class B-issued 10,638,871 and 10,663,574 as of June 30, 2001 and March 31,
  2001, respectively (convertible into Class A shares on a one-for-one basis)               107            107

Additional paid-in capital                                                               45,832         45,792
Retained earnings                                                                        85,552         79,907
Less: Treasury stock, 53,318 shares of  Class A and 53,428 shares of Class B
  Common Stock at June 30, 2001 and March 31, 2001                                          (55)           (55)
                                                                                       --------       --------
  TOTAL SHAREHOLDERS' EQUITY                                                            131,636        125,942

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                                             $157,903       $151,417
                                                                                       ========       ========

<FN>

See Accompanying Notes to Consolidated Financial Statements

</FN>
</TABLE>

<PAGE>

<TABLE>
<CAPTION>


                   K-V PHARMACEUTICAL COMPANY AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                For the Three Months Ended June 30, 2001 and 2000
                                 (In thousands)
                                   (Unaudited)


                                                                            2001               2000
<S>                                                                  <C>              <C>

OPERATING ACTIVITIES
Net Income                                                                $ 5,663            $ 4,353
Adjustments to reconcile net income to net
   cash provided by operating activities:
   Depreciation and amortization                                            1,574              1,330
   Change in deferred taxes                                                    75                143
   Change in deferred compensation                                             75                 63
Changes in operating assets and liabilities:
   Increase in receivables, net                                            (3,428)            (1,215)
   Decrease (increase) in inventories                                       2,865             (1,075)
   Decrease (increase) in prepaid and other assets                          1,741               (389)
   Increase (decrease) in accounts payable and accrued liabilities            730             (3,038)
                                                                          -------            -------

  NET CASH PROVIDED BY OPERATING ACTIVITIES                                 9,295                172
                                                                          -------            -------
INVESTING ACTIVITIES
   Purchase of property and equipment, net                                 (1,524)            (1,607)
                                                                          -------            -------
NET CASH USED IN INVESTING ACTIVITIES                                      (1,524)            (1,607)
                                                                          -------            -------
FINANCING ACTIVITIES
   Principal payments on long-term debt                                       (78)               (97)
   Proceeds from credit facility                                                -              2,000
   Dividends paid on Preferred Stock                                          (18)              (105)
   Exercise of Common Stock options                                            49                283
                                                                          -------            -------
NET CASH (USED IN) PROVIDED BY
FINANCING ACTIVITIES                                                          (47)             2,081
                                                                          -------            -------
INCREASE IN CASH AND CASH EQUIVALENTS                                       7,724                646

CASH AND CASH EQUIVALENTS AT:
   BEGINNING OF YEAR                                                        4,128              3,443
                                                                          -------            -------
   END OF PERIOD                                                          $11,852             $4,089
                                                                          =======            =======
Non-cash financing activities
   Notes receivable from exercise of Common Stock options                       -             $4,142

<FN>

See Accompanying Notes to Consolidated Financial Statements

</FN>

</TABLE>

NOTE A - BASIS OF PRESENTATION

         The accompanying  unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial  information and with the  instructions to Form 10-Q and Rule 10-01 of
Regulation  S-X.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial statements. In the opinion of Management,  all adjustments (consisting
of only normal recurring accruals)  considered necessary for a fair presentation
have been included.  Operating results for the three-month period ended June 30,
2001 are not necessarily  indicative of the results that may be expected for the
year ending March 31, 2002. For further  information  refer to the  consolidated
financial  statements  and footnotes  thereto  included in the Company's  Annual
Report on Form 10-K for the year ended March 31, 2001.

NOTE B - INVENTORIES

          Inventories consist of  (in 000's):

                                      June 30, 2001           March 31, 2001

  Finished goods                        $13,182                   $15,119
  Work-in-process                         3,679                     3,604
  Raw materials and supplies             13,505                    14,076
                                        -------                   -------
                                         30,366                    32,799
  Reserve for obsolescence               (1,020)                     (588)
                                        -------                   -------
                                        $29,346                   $32,211
                                        =======                   =======

NOTE C - CONVERTIBLE PREFERRED STOCK CONVERSION

         During the quarter ended June 30, 2001,  200,000  shares of Convertible
Preferred  Stock  were  converted,  at a  conversion  rate of 5.625  to 1,  into
1,125,000 Class A Common Shares.  Undeclared and unaccrued  cumulative preferred
dividends  decreased  to  $365,600  or $9.14 per share on the  remaining  40,000
convertible  preferred  shares  outstanding from the $2.194 million at March 31,
2001.

NOTE D -  EARNINGS PER SHARE

         The following  table is presented in thousands,  except per share data,
and sets forth the computation of basic and diluted earnings per share:

<TABLE>
<CAPTION>
                                            For the Three Months Ended June 30,

Numerator:                                     2001                     2000
                                             -------                  -------
<S>                                          <C>                      <C>

Net income                                   $ 5,663                  $ 4,353

Preferred Stock dividends                        (18)                    (105)
                                             -------                  -------
Numerator for basic earnings per
   share--income available to common
   shareholders                                5,645                    4,248

Effect of dilutive securities:
   Preferred Stock dividends                      18                      105
                                             -------                  -------
Numerator for diluted earnings per
   share--income available to
   common shareholders after
   assumed conversions                       $ 5,663                  $ 4,353
                                             =======                  =======
Denominator:

Denominator for basic earnings per
   share--weighted-average shares             29,485                   28,533
                                             -------                  -------
Effect of dilutive securities:
   Stock options                               1,208                    1,359
   Convertible Preferred Stock                 1,325                    1,350
                                             -------                  -------
Dilutive potential Common Shares               2,533                    2,709
                                             -------                  -------
Denominator for diluted earnings
   per share--adjusted weighted-average
   shares and assumed conversions             32,018                   31,242
                                             =======                  =======

Basic Earnings per Share (1):                 $ 0.19                   $ 0.15
                                             =======                  =======

Diluted Earnings per Share (1) (2):           $ 0.18                   $ 0.14
                                             =======                  =======

<FN>

(1)  The two-class  method for Class A and Class B Common Stock is not presented
     because the earnings per share are  equivalent  to the if converted  method
     since  dividends  were not  declared or paid and each class of common stock
     has equal ownership of the Company.

(2)  Employee  stock  options to  purchase  13,500  shares at June 30,  2001 and
     24,000  shares at June 30,  2000 are not  included  in the  computation  of
     diluted  earnings per share  because they are  anti-dilutive.  The exercise
     prices of these  options  exceeded the average  market prices of the shares
     under option in each respective period.

</FN>
</TABLE>

NOTE E - SEGMENT FINANCIAL INFORMATION

         The reportable segments of the Company are branded products,  specialty
generics,  specialty  materials  and  contract  services.  Segment  profits  are
measured based on income before taxes and are determined based on each segment's
direct  revenues  and  expenses.  The  majority  of  research  and  development,
corporate  general  and  administrative  expenses,   amortization  and  interest
expense, as well as interest and other income, are not allocated to segments and
are included in the "All Other" category in the following segment information.

<TABLE>
<CAPTION>

                       3 Months
                       ended      Branded    Specialty    Specialty    Contract     All
 ($ in 000's)          June 30    Products   Generics     Materials    Services     Other     Eliminations   Consolidated
-------------------------------------------------------------------------------------------------------------------------
<S>                 <C>       <C>        <C>          <C>          <C>        <C>          <C>             <C>

Total Revenues         2001       $ 8,711    $33,971      $ 4,219      $   649     $    78     $     -         $ 47,628
                       2000         3,892     30,200        3,823          882          13           -           38,810
-------------------------------------------------------------------------------------------------------------------------
Segment Profits        2001           512     16,704          809           46      (9,188)          -            8,883
                       2000        (2,372)    15,729          901          191      (7,485)          -            6,964
-------------------------------------------------------------------------------------------------------------------------
Identifiable Assets    2001         7,174     35,536        7,697       37,006      71,648      (1,158)         157,903
                       2000         6,739     32,230        7,819       32,191      70,165      (1,158)         147,986
-------------------------------------------------------------------------------------------------------------------------
Property and           2001             2         21           77        1,021         403           -            1,524
Equipment Additions    2000            55          -           27          970         555           -            1,607
-------------------------------------------------------------------------------------------------------------------------
Depreciation and       2001            16         21           37          761         739           -            1,574
Amortization           2000            26         30           38          592         644           -            1,330
-------------------------------------------------------------------------------------------------------------------------

</TABLE>

NOTE F - RECENTLY ISSUED ACCOUNTING STANDARD

         In June 2001, the Financial  Accounting  Standards Board finalized FASB
Statements No. 141, Business  Combinations (SFAS 141), and No. 142, Goodwill and
Other  Intangible  Assets (SFAS 142).  SFAS 141 requires the use of the purchase
method of accounting and prohibits the use of the pooling-of-interest  method of
accounting for business  combinations  initiated  after June 30, 2001.  SFAS 141
also requires that the Company recognize  acquired  intangible assets apart from
goodwill if the  acquired  intangible  assets meet  certain  criteria.  SFAS 141
applies to all  business  combinations  initiated  after  June 30,  2001 and for
purchase  business  combinations  completed  on or after July 1,  2001.  It also
requires,  upon adoption of SFAS 142, that the Company  reclassify  the carrying
amounts of  intangible  assets and  goodwill  based on the criteria in SFAS 141.

         SFAS 142  requires,  among  other  things,  that  companies  no  longer
amortize  goodwill,  but instead test goodwill for impairment at least annually.
In addition, SFAS 142 requires that the Company identify reporting units for the
purposes of assessing  potential  future  impairments of goodwill,  reassess the
useful  lives  of  other  existing  recognized   intangible  assets,  and  cease
amortization of intangible  assets with an indefinite useful life. An intangible
asset  with an  indefinite  useful  life  should be  tested  for  impairment  in
accordance  with the guidance in SFAS 142. SFAS 142 is required to be applied in
fiscal  years  beginning  after  December  15,  2001 to all  goodwill  and other
intangible assets recognized at that date,  regardless of when those assets were
initially  recognized.  SFAS 142 requires the Company to complete a transitional
goodwill  impairment  test six months from the date of adoption.  The Company is
also required to reassess the useful lives of other intangible assets within the
first  interim  quarter  after  adoption  of SFAS 142.

         The Company's  previous business  combinations were accounted for using
the purchase method. As of June 30, 2001, the net carrying amount of goodwill is
$598,000 and other intangible  assets is $41.718 million.  Amortization  expense
during the three-month period ended June 30, 2001 was $586,000.  Currently,  the
Company is assessing but has not yet determined how the adoption of SFAS 141 and
SFAS 142 will impact its financial position and results of operations.

                            "Safe Harbor" Statement

         The  materials  in this Form 10-Q may contain  various  forward-looking
statements within the meaning of the United States Private Securities Litigation
Reform Act of 1995  ("PSLRA") and which may be based on or include  assumptions,
concerning K-V's operations,  future results and prospects.  Such statements may
be  identified  by the use of words like "plans",  "expect",  "aim",  "believe",
"projects",  "anticipate",  "intend",  "estimate", "will", "should", "could" and
other  expressions  that indicate future events and trends.  All statements that
address  expectations  or  projections  about  the  future,   including  without
limitation,   statements  about  the  Company's  strategy  for  growth,  product
development,   market  positions,   expenditures  and  financial  results,   are
forward-looking statements.

         All  forward-looking  statements are based on current  expectations and
are subject to risk and  uncertainties.  In  connection  with the "safe  harbor"
provisions,   K-V  provides  the  following  cautionary  statements  identifying
important economic,  political and technology factors which, among others, could
cause the actual results or events to differ  materially from those set forth or
implied by the forward-looking statements and related assumptions.

         Such  factors  include  (but are not  limited  to) the  following:  (1)
changes in the current and future business environment, including interest rates
and  capital  and  consumer  spending;  (2) the  difficulty  of  predicting  FDA
approvals;  (3) acceptance and demand for new pharmaceutical  products;  (4) the
impact of  competitive  products and pricing;  (5) new product  development  and
launch;  (6) reliance on key strategic  alliances;  (7) the  availability of raw
materials;  (8)  the  regulatory  environment;  (9)  fluctuations  in  operating
results; (10) the difficulty of predicting the pattern of inventory movements by
the  Company's  customers;  (11)  the  impact  of  competitive  response  to the
Company's  efforts  to  leverage  its  brand  power  with  product   innovation,
promotional  programs,  and new  advertising;  and, (12) the risks detailed from
time  to  time  in the  Company's  filings  with  the  Securities  and  Exchange
Commission.

         This  discussion of  uncertainties  is by no means  exhaustive,  but is
designed to highlight important factors that may impact the Company's outlook.

Item 2.        Management's  Discussion and Analysis of Results of Operations
               and Financial Condition

         (a) Results of Operations

         Revenues.  Consolidated  net revenues  for the first  quarter of fiscal
2002 ended June 30, 2001 increased  $8.8 million,  or 23%, to $47.6 million from
$38.8  million for the same period last year.  The increase was due primarily to
higher net sales of branded and specialty generic products.

         Branded product sales  increased $4.8 million,  or 123%, over last year
to $8.7 million  reflecting  increases in all product  categories.  Sales of the
PreCare  prenatal  family of products  increased  $1.9 million,  or 113%, due to
continued   volume-driven   increases   in   market   share  and  sales  in  the
cardiovascular line increased $2.4 million as customer  inventories  returned to
more normal levels compared to the prior year's period.  Gynazole-1,  introduced
in last year's first  quarter,  has  continued to increase its market share with
sales increasing 61% over last year.

         Specialty generic sales increased $3.8 million,  or 12%, over last year
to $34.0 million.  The increase was due to new products introduced in the latter
part of the prior  year  ($3.9  million),  new  products  introduced  during the
quarter ($.7 million) and net volume increases across the existing product lines
($1.4 million).  These increases were partially  offset by price erosion of $2.2
million.

         Costs and  Expenses.  Manufacturing  costs  increased  8.5 % during the
quarter to $17.6 million from $16.2 million last year,  significantly  below the
23% increase in overall revenues. As a result,  manufacturing costs decreased as
a  percentage  of  revenues  to 37% from 42% in the prior year  driven by volume
efficiencies and lower  revenue-sharing  costs. This improvement also reflects a
favorable  product mix due to the significant  increase in branded product sales
during the quarter.  Branded  products  accounted for 18% of total revenues,  as
compared to 10% in the first quarter of last year.

         Research and development  expenses were relatively flat with last year.
The prior year included $.6 million of payments in the first quarter  related to
product co-development  projects, which did not recur this year. This was offset
by higher costs  associated  with  clinical  testing  relative to the  Company's
internal product  development efforts and higher payroll related expenses due to
the expansion of the Company's research and development staff.

         Selling and  administrative  expenses  increased $5.8 million,  or 48%,
compared to the prior year's  quarter.  The increase was due primarily to higher
selling and marketing  expenses of $3.2 million associated with the expansion of
the  branded  product  sales force and volume  driven  allowances  on  specialty
generic sales increases.  Corporate  administrative  expenses were higher due to
increases  in payroll and related  expenses  associated  with  expansion  of the
Company's administrative infrastructure and higher professional fees.

         Interest  expense  decreased $.2 million during the quarter compared to
last year due to reduction in long-term debt.

         Net Income.  As a result of the  factors  described  above,  net income
improved  $1.3  million,  or 30%, to $5.7 million in the first quarter of fiscal
2002 from net income of $4.4 million in the first quarter of fiscal 2001.

         (b) Liquidity and Capital Resources

         Cash  provided by operating  activities  was $9.3 million for the first
quarter of fiscal 2002,  an increase of $9.1  million over the first  quarter of
last year.

         The  increase  in  cash  flow  was  due to  higher  net  income,  lower
inventories and other assets and an increase in accrued  liabilities,  partially
offset by higher accounts receivable and lower accounts payable. The decrease in
inventories  was due primarily to lower finished goods  inventories of specialty
generic products due to higher sales toward the end of the quarter. In addition,
inventories of branded and specialty  material products  decreased due to higher
sales. Other assets decreased $1.7 million.  The increase in accrued liabilities
was due primarily to an increase of $3.3 million in accrued  income taxes due to
the timing of the  quarterly  tax payment.  The increase in accounts  receivable
reflects the timing of orders for specialty generic  products.  The reduction in
accounts  payable  was due to lower  trade  payables  reflecting  the  timing of
various material purchases.

         Long-term debt decreased due to the  reclassification of a $2.3 million
term loan to a  current  liability,  which  the  Company  is in the  process  of
refinancing.

         Investing  activities  were  confined to capital  expenditures  of $1.5
million and were  primarily  for  machinery  and  equipment  for the upgrade and
expansion of the Company's pharmaceutical manufacturing capacity.

         The Company  continues to examine  opportunities to expand its business
through  product and company  acquisitions.  The  Company's  capital  resources,
financial  condition and results of operations  could be materially  impacted if
the  Company  were to  complete  one or more of such  acquisitions.  The Company
intends to use its available cash to help in funding its acquisitions.  As such,
cash has been invested in short-term, highly liquid instruments.

         The Company  believes  that  existing  cash  generated  from  operating
activities  and funds  available  under its credit  facility will be adequate to
fund operating  activities for the presently  foreseeable  future  including the
payment of short-term  and long-term  debt  obligations,  capital  improvements,
product development  activities and expansion of marketing  capabilities for the
branded pharmaceutical business.

         Inflation.  Although  at  reduced  levels  in recent  years,  inflation
continues to apply upward pressure on the cost of goods and services used by the
Company.  However,  the Company believes that the net effect of inflation on its
operations has been minimal during the past three years. In addition, changes in
the mix of products sold and the effect of competition  has made a comparison of
changes in selling  prices  less  meaningful  relative to changes in the overall
rate of inflation over the past three years.

Item 3.  Variable Rate Risks

         Advances  to the  Company  under the  Company's  credit  facility  bear
interest at a rate which varies  consistent  with  increases or decreases in the
publicly-announced   prime  rate   [and/or  the  LIBOR  rate  with   respect  to
LIBOR-related   loans,  if  any].  A  material  increase  in  such  rates  could
significantly  increase  borrowing  expenses.  The Company did not have any cash
borrowings under this facility at June 30, 2001.


<PAGE>

                          PART II. - OTHER INFORMATION

        Not applicable.

<PAGE>



                                   SIGNATURES

         Pursuant to the  requirements  of Section 13 or 15(d) of the Securities
Exchange  Act of 1934,  the  Company has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.


                                   K-V PHARMACEUTICAL COMPANY


Date:  August 14, 2001             By       /s/ Marc S. Hermelin
                                   --------------------------------------
                                   Vice Chairman of the Board
                                   (Principal Executive Officer)



Date:  August 14, 2001             By       /s/ Gerald R. Mitchell
                                   --------------------------------------
                                   Vice President, Treasurer and
                                   Chief Financial Officer
                                   (Principal Financial and
                                   Accounting Officer)