UPDATE: Goldman Sachs Trims Impax Laboratories' EPS, Lowers PT

In a research report published this morning, Goldman Sachs has lowered Impax Laboratories'

EPS estimates to reflect the Adderall XR market and supply agreement with Tolmar. According to Goldman Sachs, "While the impact from Actavis competition depends on multiple uncertain factors, our adjusted estimates reflect our base case assumptions that: (1) Actavis captures 50% of the market, with the remaining share split equally between Shire, Teva, and Impax; (2) generic prices decline of 20%; and (3) IPXL pays out a lower royalty to Shire, from around 50% to around 20%. The impact from new competition weighs primarily on 2013, given our prior assumptions for new competition." Goldman Sachs lowered PT from $20 to $19 on Impax Laboratories, which closed yesterday at $20.16.