Akorn, Inc. (NASDAQ: AKRX), a niche generic pharmaceutical company, today reported financial results for the third quarter of 2012.
Third Quarter Highlights
- Thirteenth consecutive quarter of growth in core business revenue and adjusted EBITDA. Akorn’s core business consists of the ophthalmic, hospital drugs & injectables and contract services segments.
- Revenue growth of 90% over the comparable prior year quarter.
- Strong operating cash flow of $15.0 million.
- Received FDA approval for three new ANDAs including Progesterone Capsule, which launched in late October.
- Launched three new products: Latanoprost Ophthalmic Solution; Neomycin and Polymyxin B Sulfates, Bacitracin Zinc and Hydrocortisone Ophthalmic Ointment; and Benztropine Mesylate Injection, the authorized generic of Cogentin®.
- Filed 5 new internally developed ANDAs and completed the development on an additional 5 ANDAs with a combined annual market size of approximately $1.0 billion.
Raj Rai, Chief Executive Officer commented, “We had another outstanding quarter with solid growth, sustained gross margins and impressive cash flow. The third quarter results are a culmination of successful execution of our strategic initiatives consisting of completing acquisitions and reviving and re-launching products in which the market dynamics have improved. In the third quarter we also launched three new products and we are particularly excited about the recent approval of generic Prometrium®. These recent approvals and launches are expected to be meaningful growth drivers in 2013.”
Rai further added, “We were forced to close our manufacturing plant in Somerset, NJ for more than one week due to power outages caused by Hurricane Sandy. The good news is that all of our employees are safe and accounted for, and our plant did not suffer any infrastructure damage. As a result of the storm, we expect to lose approximately two weeks of production. Consequently, we anticipate 2012 revenues will be in the mid-range of our previously issued guidance of $248 to $258 million.”
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