Impax has posted a net income of $75.16m for the third quarter 2010, or $1.15 per diluted share, compared to $6.69m, or $0.11 per diluted share, for the comparable period in 2009.
For the nine months ended 30 September 2010, Impax has posted a revenue of $780.41m, compared to $182.28m for the year ago period.
Impax has posted a net income of $238m, or $3.65 per diluted share for the nine months ended 30 September 2010, compared to $11.92m, or $0.2 per diluted share, for the year ago period.
Impax president and CEO Larry Hsu said that their positive third quarter results continued to reflect demand for their generic Adderall XR and fenofibrate products.
"However, on-going supply issues of generic Adderall XR with our supplier Shire Laboratories continued to constrain our ability to fill customer demand leading to lower than expected sales and market share," Hsu said.
"Following numerous attempts to resolve the recent and recurring supply issues, we have initiated litigation alleging breach of contract and other related claims due to Shire’s failure to fill our orders for product."
Impax is a technology based specialty pharmaceutical company applying its formulation expertise and drug delivery technology to the development of controlled-release and specialty generics in addition to the development of branded products.