HAYWARD, Calif., Nov. 9, 2015 /PRNewswire/ -- Impax Laboratories, Inc.(NASDAQ: IPXL) today reported third quarter 2015 financial results for the quarter ending September 30, 2015.
- Total revenues for the third quarter 2015 increased 40% to $221.1 million, compared to $158.0 million in the prior year period.
- Adjusted diluted earnings per share (EPS) for the third quarter 2015 increased 21% to $0.40, compared to adjusted diluted EPS of $0.33 in the prior year period. On a GAAP basis, diluted EPS for the third quarter 2015 increased 123% to $0.49, compared to diluted EPS of $0.22 in the prior year period. A reconciliation of GAAP to non-GAAP specified items is provided in the “Non-GAAP Financial Measures” section.
- Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) for the third quarter 2015 increased 36% to $65.8 million, compared to $48.2 million in the prior year period.
“We delivered strong top-line growth during the third quarter driven by the addition of product revenues from all four areas of focus: the successful integration of brand and generic products following the strategic acquisition of Tower, increased sales from several key generic products, the addition of sales from continued growth of RYTARY® and Zomig® nasal spray, and additional revenue from generic products launched in 2015,” said Fred Wilkinson, President and Chief Executive Officer of Impax. “We also achieved 21% earnings growth despite quarter over quarter margin pressure created by the absence of sales of authorized generic RENVELA® in the current quarter.”
“Our generic product portfolio continues to expand, with 10 new approvals and 11 products launched through early November. We are currently on track to realizing our goal of launching up to 14 generic products this year. Additionally, our pipeline of 28 Abbreviated New Drug Applications pending approval at the U.S. Food and Drug Administration provides multiple opportunities to further expand our portfolio in 2016.”
“With a strong balance sheet and cash flow generation, we are well positioned to invest in internal R&D and to pursue external growth opportunities that strengthen our portfolio. We are confident that our strategic priorities will enhance our ability to grow in the future, while delivering value to patients and our stockholders.”
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