Breaking News, Financial News

Financial Report: Akorn

Revenues up 19% in the quarter

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.

Add us as a preferred source on Google

Get the latest Contract Pharma news, insights and analysis in your Google Search and AI experiences.

Keep Up With Our Content. Subscribe To Contract Pharma Newsletters