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Impax Laboratories Reports Third Quarter 2012 Results

Global Pharmaceuticals Division Information

      Three Months Ended       Nine Months Ended

(unaudited, amounts in thousands)

September 30, September 30,
2012     2011 2012     2011
Global Product sales, net $ 99,463 $ 97,661 $ 342,105 $ 301,124
Rx Partner (792 ) 12,621 4,652 20,169
OTC Partner 763 879 2,237 4,006
Research Partner   996     3,385   7,765   13,154
Total revenues 100,430 114,546 356,759 338,453
Cost of revenues   44,106     54,196   177,690   164,627
Gross profit   56,324     60,350   179,069   173,826
Operating expenses:
Research and development 12,392 11,487 35,190 34,728
Patent litigation (recovery) expense (371 ) 2,114 6,581 6,097
Selling, general and administrative   3,790     3,694   11,482   8,892
Total operating expenses   15,811     17,295   53,253   49,717
Income from operations $ 40,513   $ 43,055 $ 125,816 $ 124,109

Global Pharmaceuticals Division revenues in the third quarter 2012 were $100.4 million, compared to $114.5 million in the prior year period, primarily due to lower Rx Partner and Research Partner revenues.

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