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Impax's Second Quarter 2014 Revenues Increased 45% to $188.1 Million
Date:8/6/2014

no comparable amount in the current year period. Excluding the severance charges, adjusted general and administrative expenses in the second quarter 2014 increased $4.3 million, compared to the prior year period due to the inclusion of executive management transitional expenses, and higher expenses for incentive compensation and litigation.

2014 Financial GuidanceImpax Laboratories full year 2014 estimates are based on management's current belief about prescription trends, pricing levels, inventory levels, and the anticipated timing of future product launches and events. The Company updated its estimated adjusted 2014 financial guidance as noted below.

  • UPDATED - Adjusted gross margins as a percent of total revenue are expected to be in the upper 50% range (previously mid 50% range).
  • Total research and development (R&D) expenses across the generic and brand divisions of approximately $82.0 million to $88.0 million; generic R&D expenses of approximately $46.0 million to $49.0 million and brand R&D expenses of approximately $36.0 million to $39.0 million.
  • Patent litigation expenses of approximately $11.0 million to $13.0 million.
  • Selling, general and administrative expenses of approximately $115.0 million to $120.0 million.
  • Capital expenditures of approximately $40.0 million to $45.0 million.
  • Hayward facility remediation costs of approximately $25.0 million to $30.0 million.
  • Effective tax rate of approximately 32% to 34% on a GAAP basis, which assumes that the U.S. R&D tax credit is renewed for 2014. The R&D tax credit expired on December 31, 2013. The Company anticipates that its non-GAAP effective tax rate may experience volatility as the Company's tax benefits may be high compared to the Company's operating income or loss.
  • Conference Call InformationThe Company will host a conference call on August 6, 2014 at 8:30 a.m. ET to discuss its results. The call c
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    SOURCE Impax Laboratories, Inc.
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