Akorn (AKRX) Tops Q2 EPS by 3c, Approves $200M Buyback

Akorn (NASDAQ: AKRX) reported Q2 EPS of $0.58, $0.03 better than the analyst estimate of $0.55. Revenue for the quarter came in at $280.7 million versus the consensus estimate of $272.99 million.

2016 Guidance Update:

The Company expects that full year net revenue will be at the upper end of the previously communicated range of $1,060 - $1,080 million. In addition, the Company expects that full year GAAP diluted earnings per share and adjusted diluted earnings per share will be at the upper end of the previously communicated ranges of $1.56 - $1.66 and $2.10 - $2.20, respectively.

Stock Repurchase Program Authorization:

Akorn's Board of Directors authorized a stock repurchase program pursuant to which the Company may repurchase up to $200 million of the Company’s common stock. The shares may be repurchased from time to time in open market transactions at prevailing market prices, in privately negotiated transactions or others, including accelerated stock repurchase arrangements, pursuant to a Rule 10b5-1 repurchase plan or by other means in accordance with federal securities laws. The timing and the amount of repurchases, if any, will be determined by the Company’s management based on its evaluation of market conditions, capital allocation alternatives, and other factors.

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

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