Loading...
Loading...
Impax Laboratories
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:
To the extent any statements made in this news release contain information
that is not historical; these statements are forward-looking in nature and
express the beliefs and expectations of management. Such statements are
based on current expectations and involve a number of known and unknown
risks and uncertainties that could cause the Company's future results,
performance, or achievements to differ significantly from the results,
performance, or achievements expressed or implied by such forward-looking
statements. Such risks and uncertainties include, but are not limited to:
the effect of current economic conditions on the Company's industry,
business, financial position, and results of operations; fluctuations in
revenues and operating income; the Company's ability to promptly correct the
issues raised in the warning letter and Form 483 observations received from
the FDA; the Company's ability to successfully develop and commercialize
pharmaceutical products in a timely manner; reductions or loss of business
with any significant customer; the impact of consolidation of the Company's
customer base; the impact of competition; the Company's ability to sustain
profitability and positive cash flows; any delays or unanticipated expenses
in connection with the operation of the Company's Taiwan facility; the
effect of foreign economic, political, legal, and other risks on the
Company's operations abroad; the uncertainty of patent litigation; the
increased government scrutiny on the Company's agreements with brand
pharmaceutical companies; consumer acceptance and demand for new
pharmaceutical products; the impact of market perceptions of the Company and
the safety and quality of the Company's products; the difficulty of
predicting FDA filings and approvals; the Company's ability to achieve
returns on its investments in research and development activities; the
Company's inexperience in conducting clinical trials and submitting new drug
applications; the Company's ability to successfully conduct clinical trials;
the Company's reliance on third parties to conduct clinical trials and
testing; impact of illegal distribution and sale by third parties of
counterfeits or stolen products; the availability of raw materials and
impact of interruptions in the Company's supply chain; the use of controlled
substances in the Company's products; disruptions or failures in the
Company's information technology systems and network infrastructure; the
Company's reliance on alliance and collaboration agreements; the Company's
dependence on certain employees; the Company's ability to comply with legal
and regulatory requirements governing the healthcare industry; the
regulatory environment; the Company's ability to protect its intellectual
property; exposure to product liability claims; changes in tax regulations;
the Company's ability to manage growth, including through potential
acquisitions; the restrictions imposed by the Company's credit facility;
uncertainties involved in the preparation of the Company's financial
statements; the Company's ability to maintain an effective system of
internal control over financial reporting; the effect of terrorist attacks
on the Company's business; the location of the Company's manufacturing and
research and development facilities near earthquake fault lines and other
risks described in the Company's periodic reports filed with the Securities
and Exchange Commission. Forward-looking statements speak only as to the
date on which they are made, and the Company undertakes no obligation to
update publicly or revise any forward-looking statement, regardless of
whether new information becomes available, future developments occur or
otherwise.
Loading...
Loading...
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in