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, 2000

                                       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
        Common Stock                          Outstanding as of this Report Date
      ------------------                      ----------------------------------

Class A Common Stock, par value $.01 per share           12,257,351
Class B Common Stock, par value $.01 per share            6,945,500


                                       1

<PAGE>


                                     PART I

                              FINANCIAL INFORMATION



                                       2


<PAGE>


                   KV PHARMACEUTICAL COMPANY AND SUBSIDIARIES
                        CONSOLIDATED STATEMENTS OF INCOME
                For the Three Months Ended June 30, 2000 and 1999
                      (In thousands, except per share data)
                                   (Unaudited)


                                                      2000             1999
                                                   --------         --------

Net Revenues                                       $ 38,810         $ 32,794

Costs and Expenses:
   Manufacturing costs and expenses                  16,195           16,532
   Research and development                           2,548            1,828
   Selling and administrative                        12,178            8,046
   Amortization of intangible assets                    599              500
                                                   --------         --------
Total costs and expenses                             31,520           26,906
                                                   --------         --------

Operating income                                      7,290            5,888
                                                   --------         --------

Other income (expense):
   Interest expense                                    (350)            (581)
   Interest and other income                             24              145
                                                   --------         --------
Total other income (expense)                           (326)            (436)
                                                   --------         --------


Income before income taxes                            6,964            5,452
Provision for income taxes                            2,611            2,073
                                                   --------         --------

Net Income                                         $  4,353         $  3,379
                                                   ========         ========

Net Income per Common Share-Basic                  $   0.22         $   0.18
                                                   ========         ========

Net Income per Common Share-Diluted                $   0.21         $   0.17
                                                   ========         ========


See Accompanying Notes to Consolidated Financial Statements

                                       3
<PAGE>

                   KV PHARMACEUTICAL COMPANY AND SUBSIDIARIES
                           CONSOLIDATED STATEMENT OF
                              COMPREHENSIVE INCOME
                For the Three Months Ended June 30, 2000 and 1999
                                 (In thousands)
                                   (Unaudited)


                                                         2000             1999
                                                      --------         ---------
Net income                                            $  4,353         $  3,379
                                                      --------         ---------
Other comprehensive income, net of tax:
   Unrealized losses on securities:
      Unrealized losses arising
        during period                                        -              (24)
      Reclassification adjustment for
       losses included in net income                         -                9
                                                      --------         ---------
Other comprehensive income                                   -              (15)
                                                      --------         ---------
Comprehensive Income                                  $  4,353         $  3,364
                                                      ========         =========

                                       4


<PAGE>


                   KV PHARMACEUTICAL COMPANY AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
             June 30, 2000 (Unaudited) and March 31, 2000 (Audited)
                        (In thousands, except share data)


                                                      06/30/00         03/31/00
ASSETS                                               ----------      -----------
Current Assets:
  Cash and cash equivalents                          $    4,089      $    3,443
  Trade receivables, less allowance
    for doubtful accounts of $622 and
    $635 at June 30, 2000 and March 31,
    2000, respectively                                   24,896          23,681
  Other receivables                                       4,608             395
  Inventories                                            31,189          30,114
  Deferred income taxes                                   2,972           3,138
  Prepaid and other current assets                          373             242
                                                     ----------      -----------
     Total Current Assets                                68,127          61,013

Property and equipment, less
  accumulated depreciation of $19,579
  and $19,422 at June 30 and March 31,
  2000, respectively                                     33,049          32,173
Intangibles and other assets,
  less accumulated amortization of
  $4,563 and $4,087 at June 30 and
  March 31, 2000, respectively                           46,720          47,132
Deferred income taxes                                        90              67
                                                     ----------      -----------

TOTAL ASSETS                                         $  147,986      $  140,385
                                                     ==========      ===========

LIABILITIES
Current Liabilities:
  Accounts payable                                   $    8,505      $   10,843
  Accrued liabilities                                    10,245          10,945
  Current maturities of long-term debt                    1,659           1,659
                                                     ----------      -----------
     Total Current Liabilities                           20,409          23,447

Long-term debt                                           18,682          16,779
Other long-term liabilities                               2,423           2,360
                                                     ----------      -----------
  TOTAL  LIABILITIES                                     41,514          42,586
                                                     ----------     -----------

SHAREHOLDERS' EQUITY
7% Cumulative Convertible Preferred Stock,
  $.01 par value; $25.00 stated and
  liquidation value; 840,000 shares authorized;
  issued and outstanding - 240,000 shares
  at June 30 and March 31 (convertible
  into Class A shares at a ratio of 3.75 to one)              2               2

Class A and Class B Common Stock,
  $.01 par value; 150,000,000 and 75,000,000
  shares authorized, respectively; Class A-issued
  12,292,970 and 12,261,999 as of June 30, 2000
  and March 31, 2000, respectively                          123             123
Class B-issued 6,981,119 and 6,607,112 as of
  June 30, 2000 and March 31, 2000,
  respectively (convertible into Class A
  shares on a one-for-one basis)                             70              66

Additional paid-in capital                               45,285          40,864
Retained earnings                                        61,047          56,799
Less: Treasury stock, 35,619 shares each of
  Class A and Class B Common Stock, at cost                 (55)            (55)
                                                     ----------       ----------

  TOTAL SHAREHOLDERS' EQUITY                            106,472          97,799
                                                     ----------       ----------

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY           $  147,986       $ 140,385
                                                     ==========       ==========


See Accompanying Notes to Consolidated Financial Statements

                                       5
<PAGE>

                   KV PHARMACEUTICAL COMPANY AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                For the Three Months Ended June 30, 2000 and 1999
                                 (In thousands)
                                   (Unaudited)


                                                         2000             1999
                                                       -------          --------
OPERATING ACTIVITIES
Net Income                                             $ 4,353          $ 3,379
Adjustments to reconcile net income to net
   cash provided by operating activities:
   Depreciation and amortization                         1,330              954
   Change in deferred taxes                                143              (24)
   Change in deferred compensation                          63               64
Changes in operating assets and liabilities:
   Increase in trade receivables                        (1,215)          (2,500)
   Increase in other receivables                           (71)            (307)
   Decrease in receivable, arbitration award                 -           13,253
   (Increase) decrease in inventories                   (1,075)             204
   Increase in prepaid and other assets                   (318)             (44)
   Decrease in accounts payable and
     accrued liabilities                                (3,038)          (7,758)
                                                       -------          --------

  NET CASH PROVIDED BY OPERATING ACTIVITIES                172            7,221
                                                       -------          --------

INVESTING ACTIVITIES
   Purchase of property and equipment, net              (1,607)          (2,189)
   Sale of marketable securities                             -            2,543
                                                       -------          --------

NET CASH (USED IN) PROVIDED  BY
INVESTING ACTIVITIES                                    (1,607)             354
                                                       -------          --------

FINANCING ACTIVITIES
   Principal payments on long-term debt                    (97)          (5,097)
   Proceeds from credit facility                         2,000                -
   Dividends paid on Preferred Stock                      (105)            (105)
   Exercise of Common Stock options                        283              623
                                                       -------          --------
NET CASH PROVIDED BY (USED IN)
FINANCING ACTIVITIES                                     2,081           (4,579)
                                                       -------          --------

INCREASE IN CASH AND CASH EQUIVALENTS                      646            2,996
CASH AND CASH EQUIVALENTS AT:
   BEGINNING OF YEAR                                     3,443            2,617
                                                       -------          --------
   END OF PERIOD                                       $ 4,089          $ 5,613
                                                       =======          ========

Non-cash financing activities
   Notes receivable from exercise of
   Common Stock options                                $ 4,142


See Accompanying Notes to Consolidated Financial Statements

                                       6
<PAGE>

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,  2000  filed  with the
Securities & Exchange  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 of a normal recurring nature,  which are necessary to present a fair
statement of the results of the Company and its subsidiaries, have been made.

NOTE B - OTHER RECEIVABLES

         Other receivables  included $4.142 million of notes receivable,  due on
demand,  received in conjunction  with the exercise of stock options.  The notes
are  collateralized  by the related  stock and were paid  subsequent to June 30,
2000. Interest was payable at 6.25%.

NOTE C - INVENTORIES

          Inventories consist of  (in 000's):

                                         June 30, 2000            March 31, 2000
                                         -------------            --------------
  Finished goods                           $16,529                     $15,990
  Work-in-process                            2,258                       2,544
  Raw materials and supplies                13,105                      12,642
                                            ------                      ------
                                            31,892                      31,176
  Reserve for obsolescence                    (703)                     (1,062)
                                              ----                      ------
                                           $31,189                     $30,114
                                           =======                     =======

                                       7
<PAGE>


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:

                                             For the Three Months Ended June 30,

Numerator:                                            2000               1999
                                                  ---------           --------

Net income                                        $  4,353            $  3,379

Preferred Stock dividends                             (105)               (105)
                                                  --------            --------

Numerator for basic earnings per
   share--income available to common
   shareholders                                      4,248               3,274

Effect of dilutive securities:
   Preferred Stock dividends                           105                 105
                                                  --------            --------

Numerator for diluted earnings per
   share--income available to
   common shareholders after
   assumed conversions                            $  4,353            $  3,379
                                                  ========            ========

Denominator:

Denominator for basic earnings per
   Share--weighted-average shares                   19,022              18,373
                                                  --------            --------

Effect of dilutive securities:
   Stock options                                       906                 609
   Convertible Preferred Stock                         900                 900
                                                  --------            --------

Dilutive potential Common Shares                     1,806               1,509
                                                  --------            --------

Denominator for diluted earnings
   per share--adjusted weighted-average
   shares and assumed conversions                   20,828              19,882
                                                  ========            ========

Basic Earnings per Share (1):                     $   0.22            $   0.18
                                                  ========            ========

Diluted Earnings per Share (1) (2):               $   0.21            $   0.17
                                                  ========            ========



(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  16,000  shares at June 30, 2000 and
       61,750  shares at June 30, 1999 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.

                                       8
<PAGE>


NOTE E - SEGMENT FINANCIAL INFORMATION

         The reportable segments of the Company are branded products,  specialty
generics,  specialty materials and contract services.  Segment operating results
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.

<TABLE>
<CAPTION>

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

Total revenues           2000      $  3,892    $ 30,200   $  3,823    $    882    $   13     $   38,810
                         1999         2,648      25,389      4,094         573        90         32,794
-------------------------------------------------------------------------------------------------------
Income before taxes      2000        (2,372)     15,729        901         191    (7,485)         6,964
                         1999            99      10,644        843        (169)   (5,965)         5,452
-------------------------------------------------------------------------------------------------------
Identifiable assets      2000         6,739      32,230      7,819      32,191    69,007        147,986
                         1999         3,175      26,901      6,890      18,319    63,797        119,082
-------------------------------------------------------------------------------------------------------
Property and             2000            95          --         27         970       515          1,607
equipment additions      1999            --          --         --       1,855       334          2,189
-------------------------------------------------------------------------------------------------------
Depreciation and         2000            26          30         38         592       644          1,330
amortization             1999            11          30         34         366       513            954
-------------------------------------------------------------------------------------------------------

</TABLE>

                                       9
<PAGE>


Any forward-looking  statements set forth in this Report are necessarily subject
to  significant  uncertainties  and risks.  When used in this Report,  the words
"believes",  "anticipates",  "intends",  "expects", and similar  expressions are
intended  to  identify  forward-looking  statements.  Actual  results  could  be
materially different as a result of various possibilities. Readers are cautioned
not to place undue reliance on forward-looking  statements,  which speak only as
of the date hereof. The Company undertakes no obligation to publicly release any
revisions to these forward-looking statements to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated events.

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
2001 ended June 30, 2000 increased $6 million,  or 18.3%,  to $38.8 million from
$32.8  million for the same period last year.  The  increase in revenues was due
primarily to higher sales of branded products and specialty generics.

         Branded  product sales by the Company's  Ther-Rx  subsidiary  increased
$1.2 million,  or 47%, during the quarter to $3.9 million from the marketing and
sales of new  products  launched  since the  first  quarter  of the prior  year.
Ther-Rx introduced  Gynazole-1(TM),  a prescription  product that is designed to
treat vaginal yeast infections with one dose, at the end of the first quarter.

         Specialty  generic sales by the Company's  ETHEX  subsidiary  increased
$4.8 million, or 18.9%, during the quarter to $30.2 million due primarily to new
products added to the  cardiovascular  and women's health care categories  ($3.6
million),  increased volume on existing products in the  cardiovascular and pain
management  categories  ($.8  million)  and higher  average  pricing on existing
products in the  cardiovascular  category ($.4 million).  ETHEX introduced three
new products  during the first  quarter  including  the generic  alternative  to
IMDUR(R) by  Schering,  for which the Company  received  ANDA  approval in March
2000.

                                       10
<PAGE>

         Costs and Expenses.  Manufacturing costs decreased slightly (2%) during
the quarter to $16.2  million from $16.5 million last year due to lower costs on
higher Ther-Rx sales volume,  relatively flat costs on higher ETHEX sales volume
and lower  costs  reflecting  lower  sales  volume  in  Particle  Dynamics,  the
Company's specialty materials subsidiary. Ther-Rx costs declined and ETHEX costs
remained  relatively  flat due to lower sales  volume of higher cost  outsourced
products.  Manufacturing  costs as a percent of revenues  declined 8.7% to 41.7%
from 50.4% last year due to the effects of favorable product mix and pricing. Of
the 8.7% decrease, changes in product mix accounted for 8% and pricing accounted
for 0.7% of the change.  The  improvement in product mix reflects an increase in
the relative contribution of higher margin branded product sales and new generic
product introductions during the quarter.

         Research and development costs increased $.7 million, or 39.4%, to $2.5
million during the quarter from $1.8 million in last year's first  quarter.  The
increase  was  primarily  due to  payments  related  to  product  co-development
arrangements.

         Selling and administrative  expenses increased $4.2 million,  or 51.4%,
to $12.2  million  during  the  quarter  from $8 million  in last  year's  first
quarter. As a percent of revenues, selling and administrative expenses increased
to 31.4% from 24.5% last year.  The increase was due  primarily to the Company's
investment in building the Ther-Rx sales force and marketing expenses related to
the  expansion  of its branded  product  line.  Selling and  marketing  expenses
associated with this expansion  increased $3.9 million over the same period last
year to $5.7 million for the quarter.

         Amortization  expense increased $.1 million related to the amortization
of the rights to the PreCare(R) product acquired from UCB Pharma in August 1999.

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

                                       11
<PAGE>

         Net Income.  As a result of the  factors  described  above,  net income
improved $1.0 million,  or 28.8%, to $4.4 million in the first quarter of fiscal
2001 from net income of $3.4 million in the first quarter of fiscal 2000.

         (b) Liquidity and Capital Resources

         Cashflow. Cash provided by operating activities was $.2 million for the
first quarter of fiscal 2001, a decrease of $7.1 million, or 97%, over the first
quarter  of  last  year,  primarily  due to the  collection  of a  non-recurring
arbitration award of $8.3 million (net of taxes) during the first quarter of the
prior fiscal year.  This  reduction in cashflow was  partially  offset by a $1.4
million  increase  in net  income  before  depreciation  and  amortization.  The
Company's  working  capital,  adjusted  for taxes of $5 million  accrued for the
arbitration  award, was substantially  the same as last year,  increasing by $.1
million to $5.6 million for the quarter.

         Investing  activities  for the first  quarter of fiscal  2001  included
capital  expenditures  of $1.6 million for the purchase of production  equipment
and upgrading the Company's information systems.

         Financing  activities  included  reduction  of  long-term  debt  of $.1
million and  additional  borrowings  of $2 million to fund  working  capital and
capital expenditures.

         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.

         Balance  Sheet and  Ratios.  The  following  table sets forth  selected
balance sheet data and financial ratios at June 30 and year-end March 31, 2000:

                                                          ($ in 000's)
                                                 ------------------------------
                                                 6/30/00                3/31/00
                                                 -------                -------
         Working Capital                        $  47,718               $37,566
         Long-term debt                            18,682                16,779
         Shareholders' Equity                     106,472                97,799

         Working capital ratio                   3.3 to 1              2.6 to 1
         Long-term debt to equity                .18 to 1              .17 to 1

                                       12
<PAGE>

         Working  capital  increased  $10.2  million  during the first  quarter,
compared to the balance at the end of fiscal 2000, as current  assets  increased
$7.1 million, or 12 %, while current liabilities decreased $3.1 million, or 13%.
The increase in current assets was due primarily to higher  accounts  receivable
from increased sales in the specialty  generics business and higher  inventories
of branded  products.  Current  liabilities  decreased  primarily  due to a $2.2
million  decrease  in trade  accounts  payable  from  the  timing  of  inventory
purchases.

         The debt to equity ratio increased  during the quarter due primarily to
a net  increase  of $1.9  million  in  long-term  debt,  partially  offset by an
increase in  shareholder's  equity  attributable to the Company's net income for
the period.

         Inflation. The Company believes that the net effect of inflation on its
operations  has been minimal  during the current  quarter and the prior year. In
addition, changes in the mix of products sold and the effect of competition have
made a  comparison  of changes in selling  prices  less  meaningful  relative to
changes in the overall rate of inflation during the quarter and prior year.

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].  These  rates have gradually  increased  over the past
several years. A material increase in such rates,  however,  could significantly
increase borrowing  expenses.  For example,  an increase of 1% in the prime rate
would increase the borrowing  expense to the Company by  approximately  $130,000
annually on the principal  balance of the Company's  credit facility at June 30,
2000.

                                       13
<PAGE>


                           PART II. OTHER INFORMATION


Item 1.  Legal Proceedings

         Not Applicable

Item 2.  Changes in Securities and Use of Proceeds

         On May 10, 2000,  the Company  issued  300,000 shares of Class B Common
         Stock upon the  exercise of certain  options.  The  aggregate  exercise
         price was  $3,564,300.  The  issuance  of such  shares was exempt  from
         registration  under  Section  4(2) of the  Securities  Act of 1933,  as
         amended.

Item 3.  Defaults Upon Senior Securities

         Not Applicable

Item 4.  Submission of Matters to a Vote of Security Holders

         There were no matters submitted to a vote of security holders in the
         quarter ended June 30, 2000.

Item 5.  Other Information

         Not Applicable

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

         (a)  Exhibits

              Exhibit 27. Financial Data Schedule (Filed in EDGAR version only).

         (b)  Reports on Form 8-K

              There were no Current Reports on Form 8-K filed during the quarter
              ended June 30, 2000.


                                       14
<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:  August  14,  2000                 /s/ Marc S. Hermelin
            -----------------                 ----------------------------------
                                              Marc S. Hermelin
                                              Vice Chairman of the Board and
                                              Chief Executive Officer




     Date:  August  14,  2000                 /s/ Gerald R. Mitchell
            -----------------                 ----------------------------------
                                              Gerald R. Mitchell
                                              Vice President - Treasurer and
                                              Chief Financial Officer

                                       15