Akorn (AKRX) Tops Q3 EPS by 2c

Akorn (NASDAQ: AKRX) reported Q3 EPS of $0.27, $0.02 better than the analyst estimate of $0.25. Revenue for the quarter came in at $132.7 million versus the consensus estimate of $155.2 million.

Third Quarter 2014 Key Highlights and Accomplishments

• Received FDA approval on four new products with a combined IMS market size of $228 million. Product approvals included: Zoledronic Acid Injection 5mg/100 mL; Adenosine Injection USP, 3mg/mL 20mL and 30mL; Tobramycin Injection USP, 40mg/mL 2mL and 30mL; and Gatifloxacin Ophthalmic Solution, 0.5%.
• Completed the acquisition of VPI Holdings Corp., the parent company of VersaPharm Incorporated, in early August.
• In early October, completed the acquisition of Xopenex® inhalation solution from Sunovion Pharmaceuticals, which is expected to add $18 million to $20 million in annual revenue and $0.07 to $0.08 adjusted net income per diluted share in 2015.
• In early October, completed the acquisition of five FDA (CVM) approved veterinary injectable brands: AnaSed®, Tolazine®, Yobine®, Butorphic® and VetaKet®, and a pipeline of four injectable drugs from LLOYD, Inc.
• Adjusts fourth quarter 2014 outlook to reflect the full impact of improved pricing. Fourth quarter revenue, excluding the impact of costs associated with price increases are projected between $215 and $225 million. Adjusted net income per diluted share is projected between $0.44 and $0.46.

Akorn sees FY2014 EPS of $1.13-$1.15, versus prior guidance of $1.13-$1.18 and the consensus of $1.03. Akorn sees FY2014 revenue of $630-640 million, versus prior guidance of $605-625 million and the consensus of $596.7 million.

For earnings history and earnings-related data on Akorn (AKRX) click here.

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