Tuesday, May 3, 2011

Impax Q1 sales drop 66%, profit falls 89%

Generic drug business Impax Laboratories Inc. reported a 66 percent drop in revenue in the first quarter -- sales fell to $108.7 million from $323.3 million a year earlier.
Hayward-based Impax (NASDAQ: IPXL) blamed the $214 million drop in revenue on the success a year ago of the launch of a new product, Flomax, and also on “our continuing inability and frustration in obtaining sufficient generic Adderall XR product.”

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