Impax Laboratories, Inc. (NASDAQ:IPXL) today provided its full year 2014 financial outlook. The Company will discuss its 2014 outlook at the 32 nd Annual J.P. Morgan Healthcare Conference at 8:00 a.m. Pacific Standard Time today. Individuals may listen to the live or an archived presentation made at the conference, which will be posted in the investor relations section of the Company’s web site at www.impaxlabs.com. This presentation will be archived on the Company’s web site for 30 days.
The Company’s full year 2014 estimates are based on management’s current belief about prescription trends, pricing levels, inventory levels, and the anticipated timing of future product launches and events. The Company’s estimates exclude the impact from any products for which the Company has not yet received approval from the U.S. Food and Drug Administration.
2014 Financial Outlook
- 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.
About Impax Laboratories, Inc.Impax Laboratories, Inc. (Impax) is a technology based specialty pharmaceutical company applying its formulation expertise and drug delivery technology to the development of controlled-release and specialty generics in addition to the development of central nervous system disorder branded products. Impax markets its generic products through its Global Pharmaceuticals division and markets its branded products through the Impax Pharmaceuticals division. Additionally, where strategically appropriate, Impax develops marketing partnerships to fully leverage its technology platform and pursues partnership opportunities that offer alternative dosage form technologies, such as injectables, nasal sprays, inhalers, patches, creams and ointments. For more information, please visit the Company's Web site at: www.impaxlabs.com. "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: