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Akorn Reports 2011 Fourth Quarter And Year-End Financial Results

Consolidated revenue for the year 2011 was $136.9 million, up 58% over the prior year consolidated revenue of $86.4 million.

Consolidated gross margin for the fourth quarter of 2011 was 60% compared to 53% in the comparable prior year period. Improvements in gross margin were largely the result of higher utilization of plant capacities.

Net income for the fourth quarter of 2011 was $5.7 million, or $0.05 per diluted share, compared to net income of $23.7 million, or $0.23 per diluted share, in the prior year quarter. Fourth quarter 2010 net income per diluted share benefited from a $0.21 gain on the sale of the Akorn-Strides, LLC joint venture product portfolio to Pfizer.

Non-GAAP adjusted net income for the fourth quarter of 2011 was $11.4 million, or $0.11 per diluted share, compared to non-GAAP adjusted net income of $5.3 million, or $0.05 per diluted share, in the prior year quarter. Non-GAAP financial measures are defined further below under “Non-GAAP Financial Measures.”

The Company generated $7.0 million in positive cash flow from operating activities in the fourth quarter of 2011 and ended the year with $84.0 million in cash and cash equivalents.

2012 Outlook

The Company’s 2012 outlook has been updated to include the impact of the acquisition of certain assets of Kilitch Drugs (India) Limited. This revised outlook excludes the impact of any new approvals after March 6, 2012 as well as the impact of the Kilitch transaction on 2012 capital expenditures.
Total revenues $228 – 238 Million
Total gross margin percentage 58 – 60 %
SG&A expenses $49 – 51 million
R&D expenses $15 – 18 million
Tax provision $24 – 26 million
GAAP net income $36 – 39 million
GAAP net income per diluted share $0.33 – 0.36
Adjusted net income $48 – 51 million
Adjusted net income per diluted share $0.44 – 0.46
Adjusted EBITDA $88 – 93 million
Capital expenditures $15 – 20 million

Akorn’s R&D Pipeline

The Company has 37 ANDAs filed with the FDA with a combined annual market size of approximately $3.7 billion. The Company has completed development work on 8 additional products with a combined annual market size of approximately $1.8 billion and expects to file these products with the FDA shortly.

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