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Impax Laboratories beats estimates, updates guidance

Impax Laboratories (IPXL) beats estimates despite the impact of exclusivity loss on Zomig and lower sales of generic Adderall (due to "additional generic competition").

Sales of generic Trilipix and non-AB rated generic oxymorphone hydrochloride ER tablets helped to offset the decline.

Cash and cash equivalents were $436.6M at quarter's end, up sharply (+46%) from December 31, 2012 thanks largely to a pre-tax payment of $102M from Endo Pharmaceuticals.

Updates to FY13 outlook: Gross margins of 50% (versus previous guidance of "mid to upper 40% range"); R&D expense of $70-72M (versus previous guidance of $80-87M); patent litigation expense of $15-16M (versus previous guidance of $12-15M); SG&A expense of $113-115M (versus previous guidance of $113-118M); Hayward facility remediation costs of ~$30M (previous guidance was $10-15M, but some of the work is being pulled forward from 2014). (PR)

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