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Akorn Provides Financial Guidance For 2013

Stocks in this article: AKRX

Akorn, Inc. (NASDAQ: AKRX), a niche pharmaceutical company, today provided full year 2013 financial guidance. The Company’s guidance excludes the impact from any products for which the Company has not yet received FDA approval. The Company will provide a more detailed update during its year-end 2012 conference call.

2013 Financial Guidance

  Total revenues     $325 – 335   million

Total gross margin percentage

54 – 56

%

SG&A expenses

$51 – 54

million

R&D expenses

$22 – 26

million

Intangible asset amortization expense

$7

million

Income tax rate

~ 37

%

GAAP net income

$53 – 57

million

GAAP net income per diluted share

$0.46 – 0.50

Adjusted net income 1

$65 – 69

million

Adjusted net income per diluted share 1

$0.57 – 0.61

Capital expenditures

~ $25

million

 
  1   See Non-GAAP Financial Measures below for the reconciliation of Adjusted net income and Adjusted net income per diluted share to GAAP net income and GAAP net income per diluted share.
 

Raj Rai, chief executive officer, commented, “We had a fantastic 2012 as a result of great execution on many fronts by the entire organization and are reaffirming our earlier issued guidance. We are excited about the long term growth prospects of our company given the growing product pipeline and the incremental manufacturing capacities achieved through our investments in our plants in the US as well the acquisition of the manufacturing assets in India. Our focus in 2013 is on accelerating our pipeline development through further investments in R&D and on preparing our Indian location for US FDA approval.”

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