- Adjusted gross margins as a percent of total revenue are expected to be in the low 50% range, excluding preliminary projections of Hayward facility remediation costs.
- Total research and development (R&D) expenses across the generic and brand divisions of approximately $82 million to $88 million; generic R&D expenses of approximately $46 million to $49 million and brand R&D expenses of approximately $36 million to $39 million.
- Patent litigation expenses of approximately $11 million to $13 million.
- Selling, general and administrative expenses of approximately $115 million to $120 million.
- Capital expenditures of approximately $40 million to $45 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.
Impax Laboratories Provides Financial Outlook For 2014
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