Akorn, Inc. (NASDAQ: AKRX), a niche generic pharmaceutical company, today reported preliminary financial results for the second quarter of 2012, subject to further review by the Company and its auditors. Final financial results will be filed by the Company in its second quarter 2012 Form 10-Q.
Second Quarter Highlights
- Twelfth 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 97% over the comparable prior year quarter, or 37% excluding the impact of acquisitions.
- Filed three new internally developed ANDAs and completed the development on an additional twelve ANDAs with a combined annual market size of $1.6 billion.
- Launched vancomycin hydrochloride capsules, the generic version of ViroPharma’s Vancocin©.
- Relaunch of two drug shortage injectables: Fentanyl Citrate Injection and Midazolam Hydrochloride Injection.
Raj Rai, Chief Executive Officer commented, “We delivered another solid quarter as a result of the continued strong demand for our core products, the recently acquired Akorn India business as well as the launch of oral vancomycin. We expect a strong second half of the year due to new contract awards while we continue to make strategic investments in sales and R&D in order to position ourselves for continued long-term growth.”
Consolidated revenue for the second quarter of 2012 was $63.3 million, up 97% over the comparable prior year quarter consolidated revenue of $32.1 million, and up 37% excluding the impact of acquisitions. Organic growth came from market share gains in established products, the launch of oral vancomycin, injectable drug shortages and the relaunch of certain injectable and ophthalmic products, partially offset by decreases in our US 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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