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Financial Reports: Akorn 2Q11

AVR purchase boosts sales, JV selloff boosts earnings

By: Gil Roth

President, Pharma & Biopharma Outsourcing Association

Akorn 2Q11

2Q Revenues: $32.1 million (+59%)

2Q Earnings: $17.9 million (loss of $9.4 million in 2Q10)

YTD Revenues: $57.6 million (+41%)

YTD Earnings: $23.8 million (loss of $5.9 million YTD10)

Comments: During 2Q11, Akorn acquired Advanced Vision Research (AVR), an OTC dry-eye marketer. Revenues from AVR accounted for 18 points of Akorn’s 59% revenue boost. The remaining 41% growth was due to continued growth of new products, strong organic growth in established injectable and ophthalmic products, and an uptick in seasonal allergy ophthalmic sales. Net earnings were boosted $13.4 million by the sale to Pfizer of the company’s share in the Akorn-Strides joint venture.

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