Technology based specialty pharmaceutical company Impax Laboratories, Inc. (IPXL: Quote) posted second-quarter net income of $18.67 million or $0.27 per share, higher than $12.55 million or $0.19 per share in the previous year.
On an adjusted basis, earnings increased to $0.60 per share from $0.19 per share a year ago, mainly attributable to the benefit of revenue and gross profit earned from the U.S., the company stated.
On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.45 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew 32 percent to $166.46 million from $125.86 million a year ago. Analysts anticipated revenues of $162.03 million for the quarter.
Larry Hsu, president and CEO of the company said, "The positive second quarter results reflect our Zomig tablets sales in the U.S. utilizing our expanded neurology focused brand sales force, as well as increased receipt of shipments of generic Adderall XR from our third-party supplier which led to higher sales in the quarter."
The company also updated its 2012 financial outlook and said it expects gross margins as a percent of total revenues of about 60%.
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by RTT Staff Writer
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