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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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