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Impax Laboratories Reports Second Quarter 2012 Adjusted EPS Increased To $0.60; GAAP EPS Increased To $0.27

For the second quarter 2012, Global product sales, net, were $126.4 million, up 14% from the prior year period, primarily due to higher sales of authorized generic Adderall XR®. Partially offsetting this increase was a $2.4 million decline in Rx Partner revenues due to lower customer demand.

Gross profit of $62.6 million represented a 47% gross margin in the second quarter 2012, and was in-line with the gross margin for the prior year period, primarily due to higher sales of our authorized generic Adderall XR® product.

Total generic operating expenses in the second quarter 2012 increased slightly compared to the prior year period, as higher patent litigation and selling, general and administrative (SG&A) expenses were offset by lower investments in research and development (R&D).

Impax Pharmaceuticals Division Information
(unaudited, amounts in thousands)  

Three Months Ended

June 30,

Six Months Ended

June 30,
2012   2011 2012   2011
Impax Pharma product sales, net $ 28,091 $ - $ 28,091 $ -
Rx Partner 1,437 1,437 2,875 2,875
Promotional Partner 3,535 3,535 7,070 7,070
Research Partner   329   329   659   659
Total Revenues 33,392 5,301 38,695 10,604
Cost of revenues   18,159   2,901   21,068   5,841
Gross profit   15,233   2,400   17,627   4,763
Operating expenses:
Research and development 7,733 10,512 15,887 20,227
Selling, general and administrative   6,707   1,377   9,768   2,483
Total operating expenses   14,440   11,889   25,655   22,710
Income (loss) from operations $ 793 $ (9,489) $ (8,028) $ (17,947)

Impax Pharmaceuticals Division revenues in the second quarter 2012 increased $28.1 million to $33.4 million, compared to the prior year period, due to U.S. sales of Zomig® tablets pursuant to the AstraZeneca License Agreement for which there was no comparable amount in the prior year period.

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