Impax Laboratories, Inc.reported first quarter ended March 31, 2011 financial results. Larry Hsu, Ph.D., president and CEO, Impax Laboratories, Inc. said, Our revenue related to the sale of our generic and brand products and services other than generic Flomax(R) and Adderall XR(R) increased 11% in the first quarter of 2011. This was primarily due to revenue recognized on milestones achieved during the quarter under development agreements with partners and higher sales of fenofibrate products. “As expected, our first quarter 2011 year over year performance was impacted by the one year anniversary of our exclusive launch of generic Flomax(R), the largest in our history, and to a lesser extent, our continuing inability and frustration in obtaining sufficient generic Adderall XR(R) product. While generic Flomax(R) opportunities don’t occur every quarter, the significant cash generated from this launch will be a large contributor to the external growth initiatives we continue to explore.”
“We believe our pending generic pipeline of 39 products and 77 under development potentially includes other exclusive launch opportunities. We are also enthused about the recent positive phase III results for IPX066, our leading brand product candidate for Parkinson’s disease. All of these pipeline opportunities provide the potential to fuel future growth.”
