Akorn, Inc. (NASDAQ: AKRX), a niche generic pharmaceutical company, today reported financial results for the first quarter of 2012.
First Quarter Highlights
- Eleventh consecutive quarter of growth in core revenue and adjusted EBITDA. Akorn’s core business consists of the ophthalmic, hospital drugs & injectables and contract services segments.
- Revenue growth of 103% over the comparable prior year quarter, or 46% excluding the impact of acquisitions.
- Generated $8.2 million in operating cash flow and ended quarter with $28.3 million in cash and cash equivalents.
- Completed the acquisition of certain assets of Kilitch Drugs (India) Limited which expands the Company’s capacity and capabilities in sterile injectables.
- Filed three new internally developed ANDAs with a combined annual market size of $625 million.
- On April 10, announced the FDA approval of vancomycin hydrochloride capsules, the generic version of ViroPharma’s Vancocin©.
Raj Rai, Chief Executive Officer commented, “Our business continues to demonstrate solid growth metrics as a result our ability to re-launch products amidst drug shortages and the recently closed acquisition of products from Lundbeck and operating assets from Kilitch Drugs (India) Limited. We are excited about the growth opportunities going into the second half of this year, in particular, the recently announced FDA approval of our generic oral Vancocin®.”
Consolidated revenue for the first quarter of 2012 was $51.7 million, up 103% over the comparable prior year quarter consolidated revenue of $25.4 million, and up 46% excluding the impact of acquisitions. Organic growth came from market share gains in established products, injectable drug shortages and the relaunch of certain injectable and ophthalmic products, partially offset by decreases in contract services revenue. Additional year-over-year growth came from the acquisitions of AVR, Lundbeck products and certain assets of Kilitch Drugs (India) Limited.
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