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UPDATE 1-Impax posts Q2 below Street view
August 3, 2010 / 12:45 PM / 7 years ago

UPDATE 1-Impax posts Q2 below Street view

* Q2 EPS $0.48 vs est $0.51

* Q2 revenue $153.1 mln vs est $166.8 mln

Aug 3 (Reuters) - Impax Laboratories Inc (IPXL.O) posted a lower-than-expected profit, hurt by higher operating expenses.

For the second quarter, the drugmaker reported net income of $31.3 million, or 48 cents a share, compared with $3.0 million, or 5 cents a share, a year ago.

Revenue rose 162 percent to 153.1 million, helped by strong sales of generic versions of Adderall, which is used for treatment of narcolepsy and attention deficit hyperactivity disorder, and urinary drug Flomax.

Impax launched generic Flomax in March and generic Adderall in October last year.

Analysts on average expected earnings of 51 cents a share, excluding special items, on revenue of $166.8 million, according to Thomson Reuters I/B/E/S.

Total operating expenses in the quarter were up 29 percent to $34.9 million. Shares of Impax were down 1 percent at $16.50 in pre-market trade. They closed at $16.74 Monday on Nasdaq. (Reporting by Shailesh Kuber in Bangalore; Editing by Prem Udayabhanu)

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