* Q1 EPS $2.06 vs est $0.51
* Q1 rev $323.3 mln vs est $163.4 mln
* Generic Flomax salesin Q1 $176.2 mln
* Shares up as much as 16 percent pre-mkt
(Recasts, adds details; updates stock movement)
May 4 Impax Laboratories Inc's (IPXL.O)
quarterly profit handily beat market estimates, helped by
higher sales in its generic drugs division and a new drug
launch, sending its shares up as much as 16 percent in Tuesday
The company said its recently launched generic urinary drug
added $176.2 million to its total revenue and $167.9 million to
its gross profit.
However, Chief Executive Larry Hsu said the company does
not expect future sales of generic Flomax to remain at
first-quarter levels as competing generic versions of the
product entered the market in late April and are likely to
result in price erosion and reduction of market share.
Impax got U.S. marketing approval for a copycat version of
Astellas Pharma's (4503.T) Flomax in March.
Net income for the first quarter was $131.5 million, or
$2.06 a share, compared with $2.2 million, or 4 cents a share,
in the prior-year quarter.
Revenue for the quarter increased more than four-fold to
Analysts on average were expecting the company to earn 51
cents a share, excluding items, on revenue of $163.4 million,
according to Thomson Reuters I/B/E/S.
The company said revenue from its generic Adderall used in
the treatment of narcolepsy and attention deficit hyperactivity
disorder, continued to remain strong in the first-quarter.
Impax launched the drug in October last year.
Chief Executive Hsu said the company was "aggressively
looking at generic and brand opportunities to acquire products,
technologies or companies with strategic value to create
long-term growth opportunities".
Shares of the company went up as much 16 percent to $20.85
in Tuesday pre-market trade. They closed at $17.96 Monday on
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(Reporting by Krishnakali Sengupta in Bangalore; Editing by