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Press Release

Impax Reports Solid Second Quarter 2017 Results with Total Revenues Increasing 17% to $202 Million

Posted on: 11 Aug 17

HAYWARD, Calif., Aug. 9, 2017 /PRNewswire/ -- Impax Laboratories, Inc. (NASDAQ: IPXL), today announced second quarter 2017 financial results.

Total revenues in the second quarter 2017 were $202.1 million, an increase of 17.1%, compared to $172.6 million in the prior year period, driven by a 24.0% increase in generic product sales. 

GAAP net loss was $20.4 million or a loss of $0.28 per share for the second quarter 2017, compared to a loss of $2.7 million or a loss of $0.04 per share in the prior year period, primarily due to restructuring and severance charges related to the Company's previously announced consolidation and improvement plan, charges related to certain potential legal settlements, and higher acquisition-related amortization expenses compared to the prior year period.

Adjusted net income was $13.1 million or $0.18 per share in the second quarter 2017, compared to $15.0 million or $0.21 per share in the prior year period. Refer to the attached "Non-GAAP Financial Measures" for a reconciliation of all GAAP to non-GAAP items.

For the second quarter 2017, EBITDA (earnings before interest, taxes, depreciation and amortization) was $16.6 million, a decrease of 28.8%, compared to $23.4 million in the prior year period. Adjusted EBITDA was $39.2 million, a decrease of 3.6%, compared to the prior year period. Cash and cash equivalents were $171.4 million as of June 30, 2017.

"This was a solid quarter for Impax led by the growth in our Generics division," said Paul Bisaro, President and Chief Executive Officer of Impax. "Our results benefited from the prior year's acquisition of products from Teva Pharmaceuticals, as well as the successful second quarter launch of generic Vytorin® and continued growth of our epinephrine auto-injector product. In addition, we are pleased with the recent generic product approvals that should benefit future results, including our AB-rated generic version of Concerta®, which we expect to launch later this year."

"In our Specialty Pharma division, a 27% increase in sales of Rytary® helped to offset a decline in sales of Albenza®, which experienced a temporary supply disruption during the quarter."

"We continue to make progress on our consolidation and improvement plan aimed at enhancing operating efficiencies and improving our overall cost structure. We have completed the closure of the Middlesex manufacturing and R&D site, and expect to close the packaging facility by the end of the first quarter of 2018. Additionally, we recently divested a number of non-strategic approved products, the vast majority of which were not marketed, for $12 million and continue to work towards an efficient and timely exit of the Taiwan facility. These efforts better position us to advance our strategic objectives of driving earnings growth and maximizing shareholder value," concluded Bisaro.

Business Segment Information

The Company has two reportable segments, the Impax Generics division and the Impax Specialty Pharma division and does not allocate general corporate services to either segment. All information presented is on a GAAP basis unless otherwise noted.

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Editor's Details

Mike Wood

Last updated on: 11/08/2017

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