Impax Laboratories Q2 Profit Declines - Quick Facts

(RTTNews) - Impax Laboratories Inc. (IPXL) reported second-quarter net income of $5.62 million or $0.08 per share, compared to $18.67 million or $0.27 per share, in the prior year period. Adjusted earnings per share for the quarter was $0.23.

The company noted that the current quarter decline was primarily the result of additional generic competition on the company's authorized generic Adderall XR products and its fenofibrate products, as well as the loss of exclusivity in mid-May 2013 for branded Zomig tablet products which provided higher profits in the prior year period compared to the current quarter.

On average, 12 analysts polled by Thomson Reuters expected the company to report profit of $0.04 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues were $129.6 million, compared to $166.5 million in the prior year period. Analysts expected revenue of $120.75 million for the quarter.