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Financial Report: Akorn

Revenues up 19% in the quarter

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By: Kristin Brooks

Managing Editor, Contract Pharma

Akorn

4Q Revenues: $85.0 million (+19%)

4Q Earnings: $16.7 million (+89%)

FY Revenues: $317.7 million (+24%)

FY Earnings: $52.4 million (+48%)

Comments: In the quarter, the company announced the acquisition of Hi-Tech Pharmacal, expanding its branded ophthalmic portfolio, filed 12 ANDAs and completed the development of an additional 11 ANDAs, and completed the acquisition of the U.S. rights to three branded ophthalmic products from Merck: AzaSite, COSOPT and COSOPT PF. The company’s overall gross profit margin was down 6% due to a significant percentage of Akorn’s revenue growth coming from products that were contract manufactured, some of which include profit sharing arrangements with development partners.

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