HAYWARD, Calif., Aug. 9, 2016 /PRNewswire/ -- Impax Laboratories, Inc.(NASDAQ: IPXL), a specialty pharmaceutical company, today reported second quarter 2016 financial results for the quarter ended June 30, 2016.
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- Total revenues in the second quarter 2016 declined 19% to $172.6 million, compared to $214.2 million in the prior year period. The decrease was primarily due to a 30% reduction in Generics division revenues which includes the impact of an approximate $15.0 million shelf-stock adjustment as a result of competition on diclofenac sodium gel 3% (Solaraze®) and metaxalone (Skelaxin®), as well as lower sales of mixed amphetamine salts (Adderall XR®) partially offset by a 29% increase in Specialty Pharma division revenues.
- On a GAAP basis, the Company recorded a per share loss of $0.04, compared to a loss of $0.03 per share in the prior year period. Adjusted diluted earnings per share (adjusted EPS) for the second quarter 2016 declined 38% to $0.21, compared to adjusted EPS of $0.34 in the prior year period.
- Cash and cash equivalents increased $26.5 million to $366.8 million as of June 30, 2016, compared to $340.4 million as of December 31, 2015.
"Our second quarter results reflect the unexpected and rapid decline in sales of diclofenac and metaxalone as a result of additional competition," said Fred Wilkinson, President and Chief Executive Officer of Impax. "In particular, the change in the diclofenac market quickly moved us from an exclusive supplier position to a five competitor market. Unfortunately, the swiftness of the change in both of these product markets combined with lower sales of mixed amphetamine salts, more than offset solid growth from our epinephrine auto-injector and oxymorphone products, as well as growth in sales across our Specialty Pharma portfolio."
"Last week we completed the acquisition of the generic product portfolio from Teva Pharmaceutical Industries Ltd. and its affiliates and initiated commercialization activities.
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