 |
 |
ARTICLE: Impax Surprised By Profitable Quarter (FDA Approved For Generic Sinemet CR) By Nicholas Yulico, BUSINESS WRITER Article Last Updated: Thursday, May 06, 2004 - 4:00:50 AM PST HAYWARD -- Generic drugmaker Impax Laboratories Inc. surprised analysts and investors by posting its first profitable quarter, with earnings buoyed by the launch of its generic version of antidepressant Wellbutrin SR. The company reported net income of more than $9 million, or 14 cents per share, for the period ending March 31. According to Thomson First Call, analysts expected a loss of 3 cents per share. Shares of the company rose $3.70, or more than 17 percent on the positive news, closing at $24.70 on the Nasdaq. Revenues in the quarter totaled $38.8 million, with generic Wellbutrin SR 100mg and 150mg accounting for more than 60 percent of total sales. "We are delighted to report our first profitable quarter since Impax Laboratories was formed in December 1999," CEO Barry Edwards said. Jeffrey Long-McGie, an analyst with ThinkEquity Partners, called the quarter "fantastic" and said the company's earnings per share of 14 cents came in 7 cents ahead of his best-case scenario. "It's a company that really has a pipeline that is starting to deliver major products to the market," he said. Adam Greene, an analyst with First Albany Capital, raised his price target on the stock from $26 to $28, and raised his 2004 EPS estimate from 78 cents to $1.01, while also dropping the 2005 EPS estimate from $1.47 to $1.33. Impax expects to launch five to six new drugs this year. According to Greene, these may include generic versions of Oxycontin 80mg, Wellbutrin SR 200mg, Rilutek (which fights Lou Gehrig's disease) and Sinemet CR (which fights Parkinson's disease). The company also has 17 drug applications pending with the Food and Drug Administration, including five tentatively approved, which the company says address more than $5.4 billion in U.S. branded product sales. "We continue to believe Impax is well positioned for above-average growth based on its impressive pipeline of generic products," Greene wrote in a research note Wednesday. SOURCE: Oakland Tribune, CA - May 6, 2004 http://www.oaklandtribune.com/Stories/0,1413,82~10834~2130807,00.html * * * ---------------------------------------------------------------------- To sign-off Parkinsn send a message to: mailto:[log in to unmask] In the body of the message put: signoff parkinsn