HAYWARD, Calif., Feb. 22, 2016 /PRNewswire/ -- Impax Laboratories, Inc.(NASDAQ: IPXL), a specialty pharmaceutical company, today reported fourth quarter and full year 2015 financial results for the quarter and year ended December 31, 2015.
- Fourth quarter 2015 total revenues increased 115% to $282.1 million, compared to $131.2 million in the prior year period. Adjusted diluted earnings per share (Adjusted EPS) for the fourth quarter 2015 increased 288% to $0.62, compared to Adjusted EPS of $0.16 in the prior year period. On a GAAP basis, diluted EPS for the fourth quarter 2015 increased to $0.16, compared to break-even diluted EPS in the prior year period.
- Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) for the fourth quarter 2015 increased 186% to $78.4 million, compared to $27.4 million in the prior year period.
- Full year 2015 total revenues increased 44% to $860.5 million, compared to $596.0 million for the full year 2014. Adjusted EPS for the full year 2015 increased 10% to $1.45, compared to adjusted diluted EPS of $1.32 for the full year 2014. On a GAAP basis, diluted EPS for the full year 2015 decreased to $0.54, compared to $0.81 per diluted share in 2014.
- Adjusted EBITDA for the full year 2015 increased 21% to $225.7 million, compared to $186.7 million for the full year 2014.
A reconciliation of GAAP to non-GAAP specified items is provided in the “Non-GAAP Financial Measures” section.
“Our strong 2015 financial performance is a direct result of the successful implementation of our four pillar strategy. We are a stronger and more diversified company today than we were a year ago,” said Fred Wilkinson, President and Chief Executive Officer of Impax. “We established a positive compliance position across our global network and as a result, received 11 new generic product approvals. We achieved our goal of launching 14 generic products, while our Specialty Pharma division benefited from the approval and successful launch of Rytary and the continued growth of Zomig® Nasal Spray. In addition, we accelerated our business development efforts with the strategic acquisition and integration of Tower Holdings, Inc., while also strengthening our capital structure.”
“For 2016, our goal is to build on this momentum by continuing to focus on our strategic priorities. We currently expect that 2016 will be another growth year for Impax, with double-digit revenue and adjusted earnings per share growth. It will also be an investment year, as we will continue to invest in our quality and compliance programs, our R&D projects and expand our Specialty Pharma sales force to support organic growth. Additionally, we are initiating programs on cost efficiencies to drive future gross margin expansion.”
“We ended 2015 with $340 million in cash and cash equivalents, with no senior secured debt outstanding. With one of the most flexible balance sheets in the specialty pharma industry, we are well positioned to invest in organic growth as well as judiciously pursue external growth opportunities that can strengthen our portfolio and create long-term stockholder value.”
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