Impax reports sales, profit increases in third quarter

Profits increased 26%

HAYWARD, Calif. — Drug maker Impax Labs reported sales of $119.8 million and profits of $20 million in third quarter 2011, according to an earnings report released Tuesday.

The latest sales figures represented a $12.2 million increase over third quarter 2010, while profits were $4.2 million higher.

"During the third quarter, we continued to make significant quality improvements and are diligently working to resolve the manufacturing observations raised in the June warning letter," Impax president and CEO Larry Hsu said. "These efforts remain a top priority throughout the company. However, it has not distracted us from continuing to focus on our business as evidenced by our profitable results in the third quarter or hindered our investments in new product opportunities."

The Food and Drug Administration sent a warning letter to the company in June saying the agency had found "deviations" from current good manufacturing practice, or cGMP, related to inspections of a Hayward, Calif., plant that took place between December 2010 and January 2011. The inspections led to a wholesale-level recall of fenofibrate capsules in the 200 mg strength, a drug used to lower cholesterol and triglycerides in the blood.

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