HAYWARD, Calif. (AP) — Generic drug maker Impax Laboratories Inc. said Tuesday its net income rose 16 percent in the third quarter after it gained the U.S. marketing rights to the migraine drug Zomig.
Early this year Impax licensed the U.S. marketing rights to Zomig from AstraZeneca PLC, allowing it to sell the drug, giving it profits dating back to Jan. 1, and allowing Impax to develop new versions. Impax paid AstraZeneca $130 million and agreed to make royalty payments to AstraZeneca on sales. The company said its sales grew 21 percent in the third quarter, mostly because of Zomig.
Impax said its net income rose to $20 million, or 29 cents per share, from $17.2 million, or 26 cents per share. Excluding one-time acquisition-related charges and other items, the company said it earned 48 cents per share. Revenue grew to $145.6 million from $119.8 million.