Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

First Albany Upgrades Impax Laboratories to 'Buy'


First Albany upgraded Impax Laboratories (IPXL) to buy from neutral.

Analyst Adam Greene says the upgrade follows news Monday that a judge in the Southern District of New York ruled three Oxycontin patents to be invalid and unenforceable in favor of Endo Pharmaceuticals. Greene finds this news extremely positive for both Impax and Teva Pharmaceuticals; each company has its own abbreviated new-drug application pending, and the ruling removes a remaining legal hurdle.

Greene says the news accelerates the anticipated timing of the launch for Impax by almost a year; he had initially assumed a launch during the second half of 2005, and he's now adding sales to his model of Impax starting in the third-quarter of 2004. He upped the 74 cents 2004 earnings per share estimate to 96 cents (62 cents when taxed at 35%), and upped the $15 target to $19.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus