HAYWARD, Calif., May 10, 2016 /PRNewswire/ -- Impax Laboratories, Inc. (NASDAQ: IPXL), a specialty pharmaceutical company, today reported first quarter 2016 financial results for the quarter ended March 31, 2016.
Logo - http://photos.prnewswire.com/prnh/20150310/180590LOGO
- First quarter 2016 total revenues of $225.5 million compared to $143.1 million in the prior year period.
- Adjusted diluted earnings per share (Adjusted EPS) for the first quarter 2016 of $0.43 compared to Adjusted EPS of $0.09 in the prior year period. On a GAAP basis, the Company recorded a per share loss of $0.15, compared to a loss of $0.09 per share in the prior year period.
- Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) for the first quarter 2016 of $63.6 million compared to $24.0 million in the prior year period.
- Cash and cash equivalents increased $71.8 million to $412.2 million as of March 31, 2016, compared to $340.4 million as of December 31, 2015.
"We reported solid financial results for the first quarter and made progress towards achieving a number of our 2016 strategic priorities," said Fred Wilkinson, President and Chief Executive Officer of Impax. "Our generic and specialty pharma business segments delivered double digit revenue and operating income growth. This positive performance was driven by last year's acquisition of Tower Holdings, Inc., from the addition of more than a dozen generic and specialty products launched over the prior twelve months and from continued growth of our specialty pharma products."
"During the quarter, we initiated the expansion of our Specialty Pharma sales force in order to support the continued growth of Rytary® and Zomig® nasal spray, while also supporting the recent launch of EMVERM. We also announced a restructuring plan to close one of our manufacturing and packaging facilities in order to reduce costs, improve our operating efficiencies and enhance Impax's long term competitive position. The plan is currently expected to achieve annualized cost savings of between $23 million to $27 million, beginning in 2017. By creating a more favorable and sustainable cost structure over the next several years, we will have additional capital to invest in the most promising R&D and business development projects."
"We continue to remain confident in our financial outlook for 2016. The combination of new product launches and increased sales from several of our existing generic and specialty pharma products are expected to drive growth in 2016."
To read full press release, please click here.