- Tenth consecutive quarter of growth in core revenue, adjusted EBITDA and gross margin. Akorn’s core business consists of the ophthalmic, hospital drugs & injectables and contract services segments.
- Core business revenue growth of 77% over the prior year quarter and annual 2011 core revenue growth of 69% over the prior year.
- Expanded our consolidated annual gross margins from 50% in 2010 to 58% in 2011 and ended the year with fourth quarter 2011 consolidated gross margins of 60%.
- Completed the first full year of product development from new R&D center established in early 2010. Completed the development of 30 ANDAs and filed 22.
- Raised $120 million in a convertible debt offering with the proceeds earmarked for business development.
- Acquired Advanced Vision Research (“AVR”), a leading OTC ophthalmic player in the dry eye market.
- Acquired three niche, branded injectable products from H. Lundbeck A/S (“Lundbeck”).
- Additionally, acquired 4 approved products: 3 NDAs and 1 ANDA, and in-licensed 2 products in development.
- Entered into agreement to acquire certain assets of Kilitch Drugs (India) Limited to expand the Company’s capacity and capabilities in sterile injectables. The acquisition closed on February 28, 2012.
- Acquired a minority stake in Aciex Therapeutics Inc., an ophthalmic drug development company with a focus on developing novel therapeutics to treat front-of-eye diseases, and signed a global licensing and manufacturing agreement for one of Aciex’s lead products under development.
Akorn Reports 2011 Fourth Quarter And Year-End Financial Results
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