This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Akorn Reports Preliminary Second Quarter 2012 Financial Results

Stocks in this article: AKRX

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.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs