Needham & Company Maintains a 'Hold' on Impax Laboratories (IPXL); Concentrating Hard...On FDA Warning Letter Effects

August 1, 2012 8:43 AM EDT Send to a Friend
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Price: $27.09 +0.30%

Rating Summary:
    7 Buy, 10 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 29 | Down: 28 | New: 24
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Needham & Company maintains a 'Hold' on Impax Laboratories (NASDAQ: IPXL).

Analyst, Elliot Wilbur, said, "IPXL’s 2Q12 numbers easily outpaced expectations, with upside evenly split between solid gross profit outperformance driven by strong Adderall XR sales and larger than expected contribution from acquired Zomig franchise combined with light operating expenses. Financial outperformance however continues to be overshadowed by uncertainty and confusion related to the FDA warning letter for the Hayward manufacturing facility. A reinspection of the facility will be required to close out the warning letter, yet the work to rectify most recent 483 observations remains in-progress. The overhang has lead to value erosion for the generic pipeline (Welchol and Trilipix) and now could potentially affect the approval of Rytari."

FY12 EPS estimate raised from $1.74 to $2.15, but FY13 lowered from $2.05 to $1.95.

For an analyst ratings summary and ratings history on Impax Laboratories click here. For more ratings news on Impax Laboratories click here.

Shares of Impax Laboratories closed at $22.22 yesterday.


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