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Financial Report: Akorn

Revenues down 32% in the second quarter

By: Contract Pharma

Contract Pharma Staff

Akorn

2Q Revenues: $120 million (-32%)

2Q Loss: $69 million (loss of $112 million 2Q19)

YTD Revenues: $325 million (-6%)

YTD Loss: $325.4 million (loss of $193.8 million 2Q19)

Comments: Decrease in revenue in the quarter resulted from a $54.9 million decline in organic revenue, and a $5.6 million decline in revenue from discontinued products, partially offset by a $2.8 million increase in net revenue from new products. Goodwill impairments during the six month period ended June 30, 2020 were $267.9 million, an increase of $251.9 million, over the corresponding prior year amount of $16.0 million. The $251.9 million increase in impairments was from events that occurred that created significant uncertainty in our business and caused a significant decline in the Company’s enterprise value.

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