Impax Laboratories Inc
) reached a 52-week high of $24.28 during the course of the
trading session on Nov 29, 2013. The closing price of $24.04 of
the company reflects a year-to-date return of 16.4%.
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This technology-based specialty pharmaceutical company, with a
Zacks #1 Rank (Strong Buy), has a market cap of $1.7 billion.
Average volume of shares traded during the trading session stood
What's Driving the Price?
Share price of the company has been on an uptrend ever since the
release of impressive third quarter results on Nov 4, 2013, aided
by positive estimate revisions.
The company's third quarter 2013 earnings of 25 cents per share
were way ahead of the Zacks Consensus Estimate of a loss of 6
cents. Total revenues of $132.6 million in the third quarter were
also above the Zacks Consensus Estimate of $109 million.
A strong performance of the Global Pharmaceuticals division was
driven by sales of new generic products. Segmental revenues
climbed 15.3% to $115.7 million during the quarter. Growth was
partially offset by lower sales of Impax' authorized generic
) attention-deficit hyperactivity disorder (ADHD) treatment,
A few weeks ago, Impax announced the launch of its generic
) Solaraze gel approved for the topical treatment of actinic
keratoses. According to IMS Health, Solaraze generated revenues
of approximately $78 million in the 12 months ending Sep 2013
from the U.S.
The company expects gross margins to be approximately 50% in
2013, which is higher than the previous guidance of mid-to-high
Following better than expected results analysts have increased
their estimates for the company. The Zacks Consensus Estimate for
2013 and 2014 now stand at 75 cents and 61 cents per share
respectively up from 41 cents and 49 cents per share, 30 days
The company has beaten the Zacks Consensus Estimate in all of the
last four quarters, with an average positive surprise of 275.6%.
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). The stock carries a Zacks Rank #1.