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Company Contacts:                      Investor Relations Contacts:
IMPAX Laboratories, Inc.               Lippert/Heilshorn & Associates, Inc.
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Barry R. Edwards, CEO                  Kim Sutton Golodetz (kgolodetz@lhai.com)
(215) 289-2220 Ext. 1771               (212) 838-3777
Larry Hsu, Ph.D. President             Bruce Voss (bvoss@lhai.com)
(510) 476-2000 Ext. 1111               (310) 691-7100
Cornel C. Spiegler, CFO                www.lhai.com
(215) 289-2220 Ext. 1706               ------------
www.impaxlabs.com
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                        IMPAX RECEIVES FINAL FDA APPROVAL
                 FOR GENERIC VERSION OF WELLBUTRIN(R) SR 150 MG


HAYWARD, Calif. (March 22, 2004) - IMPAX Laboratories, Inc. (NASDAQ NM: IPXL)
today announced that the U.S. Food and Drug Administration (FDA) has granted
final marketing approval to the Company's Abbreviated New Drug Application
(ANDA) for its generic version of Wellbutrin(R) SR (Bupropion Hydrochloride) 150
mg Controlled Release Tablets. The FDA had previously granted final approval for
the Company's application for the 100 mg strength. GlaxoSmithKline (NYSE: GSK)
markets Wellbutrin SR for the treatment of depression. According to NDCHealth,
U.S. sales of Wellbutrin SR 150 mg were approximately $1.3 billion in the twelve
months ended December 31, 2003.

"We are pleased to have received this, our most significant ANDA approval to
date," said Larry Hsu, Ph.D., IMPAX's President.

IMPAX currently has 18 applications pending at the FDA, including five
tentatively approved, which address approximately $5.5 billion in U.S. branded
product sales for the twelve months ended December 31, 2003. Thirteen of these
filings were made under Paragraph IV of the Hatch-Waxman Amendments.

IMPAX Laboratories, Inc. is a technology based specialty pharmaceutical company
applying its formulation expertise and drug delivery technology to the
development of controlled-release and specialty generics in addition to the
development of branded products. IMPAX markets its generic products through its
Global Pharmaceuticals division and intends to market its branded products
through the IMPAX Pharmaceuticals division. Additionally, where strategically
appropriate, IMPAX has developed marketing partnerships to fully leverage its
technology platform. IMPAX Laboratories is headquartered in Hayward, California,
and has a full range of capabilities in its Hayward and Philadelphia facilities.
For more information, please visit the Company's Web site at: www.impaxlabs.com.

"Safe Harbor" statement under the Private Securities Litigation Reform Act of
1995:

To the extent any statements made in this news release contain information that
is not historical, these statements are forward-looking in nature and express
the beliefs and expectations of management. Such statements are based on current
expectations and involve a number of known and unknown risks and uncertainties
that could cause Impax's future results, performance or achievements to differ
significantly from the results, performance or achievements expressed or implied
by such forward-looking statements. Such risks and uncertainties include, but
are not limited to, Impax's ability to obtain sufficient capital to fund its
operations, the difficulty of predicting FDA filings and approvals, consumer
acceptance and demand for new pharmaceutical products, the impact of competitive
products and pricing, Impax's ability to successfully develop and commercialize
pharmaceutical products, Impax's reliance on key strategic alliances, the
uncertainty of patent litigation, the availability of raw materials, the
regulatory environment, dependence on patent and other protection for innovative
products, exposure to product liability claims, fluctuations in operating
results and other risks detailed from time to time in Impax's filings with the
Securities and Exchange Commission. Forward-looking statements speak only as to
the date on which they are made, and Impax undertakes no obligation to update
publicly or revise any forward-looking statement, regardless of whether new
information becomes available, future developments occur or otherwise.