Impax Laboratories Reports Q2 Net Income Of $3m

Impax Laboratories has reported net income of $3 million, or $0.05 per diluted share for the second quarter of 2009, as compared to $17.1 million for the prior year. Last year’s net income was higher due to the inclusion of $34.5 million in Rx Partner revenue, resulting from the licensed sales of generic OxyContin.

The company’s total revenues for the second quarter of 2009 was $58.4 million and income from operations was $4 million, as compared to $78.7 million and income from operations of $30.8 million for second quarter of 2008.

Larry Hsu, president and chief executive officer of Impax Laboratories, said: “We continue to be pleased with the strong year-to-date growth in our base generic business. Achieving this growth without any significant new product launches in the first half of 2009 is a reflection of our ability to capitalize on existing product opportunities. We are optimistic about our second half of 2009 with several product launches including generic versions of Adderall XR.

“Looking forward, we continue to see positive developments from our significant generic and brand R&D investments. We are on track to achieve our 2009 ANDA submission goal of 8 to 10 new applications, including 2 to 3 of these being first-to-file or first-to-market opportunities. As of today, we have 3 new ANDAs accepted for filing at the FDA. We are also pleased with the continued development of both of our leading brand product candidates,” he added.