Akorn Provides Third Quarter 2016 Results

- Q3 2016 Revenue Increase of 11% to $284 million -

- Q3 2016 GAAP EPS of $0.38; Adjusted Q3 2016 EPS of $0.56 -

- Updates 2016 Revenue, EPS and Adjusted EBITDA Guidance -

- Repurchased $25 Million of Shares -

- Conference Call and Webcast to Be Held November 3, 2016 at 10:00 a.m. EDT -

LAKE FOREST, Ill., Nov. 03, 2016 (GLOBE NEWSWIRE) -- Akorn, Inc. (Nasdaq:AKRX), a leading specialty generic pharmaceutical company, today announced its financial results for the third quarter of 2016.

Akorn reported net revenue of $284 million for the third quarter 2016, an 11% increase from the third quarter 2015.

GAAP net income for the third quarter 2016 was $48 million, or $0.38 per diluted share, compared to GAAP net income of $48 million, or $0.39 per diluted share, for the same quarter of 2015. Including a net adjustment of $22 million to net income for non-GAAP items, adjusted diluted earnings per share for the third quarter 2016 were $0.56, compared to $0.56 in the same quarter 2015, after a net adjustment of $22 million to net income for non-GAAP items.

Raj Rai, Akorn's Chief Executive Officer, commented, "We are pleased with our third quarter results. We remain focused on investing in our company to support future growth endeavors through expansion of our research and development capabilities, modernization of our plants, expansion of our capacities and technology enhancements."

Rai further added, "We expect to finish the year with strong results and momentum, despite the regulatory challenges and industry headwinds.  We completed a $25 million share buyback in the third quarter, however, our focus for capital deployment is on business development opportunities to further enhance our long-term growth prospects."

Earnings before interest, taxes, depreciation and amortization was $117 million for the third quarter 2016 compared to $108 million for the third quarter 2015. Adjusted EBITDA, which is another non-GAAP measure used by management to evaluate the continuing operations of the Akorn business, was $127 million for the third quarter 2016, compared to $125 million for the third quarter 2015. As of the quarter ended September 30, 2016, Akorn had GAAP debt of $832 million and trailing twelve months net debt to adjusted EBITDA ratio of approximately 1.3x.

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