Impax Labs reports EPS in-line, misses on revs:
- Reports Q4 (Dec) earnings of $0.16 per share, in-line with the Capital IQ Consensus of $0.16; revenues fell 29.7% year/year to $198.4 mln vs the $219.25 mln Capital IQ Consensus.
- "During 2016, a number of our generic products faced aggressive competition and pricing pressure, which impacted our revenue and profitability. As we enter 2017, we expect these headwinds to persist and weigh on our results through the year," said Kevin Buchi, Interim President and Chief Executive Officer of Impax. "We continue to pursue opportunities to help offset these challenges by continuing the growth of our Specialty Pharma division, growing our share within key generic product markets, bringing new generic products to market and further reducing our cost base."
- 2017 Guidance
- The Company is not providing 2017 guidance estimates for total Company revenues or earnings per share due to ongoing revenue volatility within the Company's Generics division as a result of increased competition and the continued impact of lower pricing; pricing erosion is expected to be in the high single to low double-digit range in 2017.
- Adjusted gross margins as a percent of total revenue are expected to be approximately 47% to 49%.
- Adjusted research and development expenses, including patent litigation expenses, across the generic and brand divisions of approximately $90 million to $95 million.
- Adjusted selling, general and administrative expenses of approximately $190 million to $195 million.
- Adjusted interest expense of approximately $30 million.
- Capital expenditures of approximately $25 million to $30 million.
- Effective tax rate of approximately 34% to 35%.
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