Please wait while we load the requested 10-K report or click the link below:
Akorn Reports 2013 Fourth Quarter and Year-End Financial Results
-Reports Q4 Revenue of $85.0 million and Q4 Adjusted EPS of $0.14-
LAKE FOREST, Ill.--(BUSINESS WIRE)--March 3, 2014--Akorn, Inc. (NASDAQ: AKRX), a niche generic pharmaceutical company, today reported financial results for the fourth quarter and year-ended December 31, 2013.
Raj Rai, Chief Executive Officer commented, “2013 was a pivotal year for Akorn. As a result of investment in our sales infrastructure and new product launches, we grew our business by over 20% year-over-year. In addition, we announced the planned acquisition of Hi-Tech and completed acquisitions that expanded our branded ophthalmic portfolio. We expect 2014 to be a transformational year as we evolve into a well diversified company, with a variety of niche dosage forms, and a commercial platform to launch novel ophthalmic formulations through partnerships and acquisitions.”
2013 Key Highlights and Accomplishments
- Achieved record year-end consolidated revenue of $317.7 million, an increase of 24% over the prior year.
- Generated record operating cash flow of $57.3 million.
- Announced the planned acquisition of Hi-Tech Pharmacal (Hi-Tech) to build scale, breadth of products and dosage forms, and enhance the diversification of the Company’s product portfolio.
- Filed 12 ANDAs and completed the development on an additional 11 ANDAs with a combined annual IMS market size of approximately $2.3 billion.
- Completed the acquisition of the U.S. rights to three branded ophthalmic products from Merck; AzaSite®, COSOPT® and COSOPT® PF.
Financial Results for the Quarter Ended December 31, 2013
Consolidated revenue for the fourth quarter of 2013 was $85.0 million, which was an increase of 19% over the fourth quarter 2012 consolidated revenue of $71.5 million. The increase in consolidated revenue was largely driven by the sale of products launched late in the fourth quarter of 2012 and at the beginning of 2013. Consolidated gross margin for the fourth quarter of 2013 was 55.3% compared to 58.7% in the comparable prior year period. The decrease in the Company’s overall gross profit margin was due to a significant percentage of Akorn’s revenue growth coming from products that were contract manufactured, some of which also contain profit sharing arrangements with development partners. Pricing pressure for various products was also a contributing factor to the overall decrease in gross profit margin.
Net income for the fourth quarter of 2013 was $16.7 million, or $0.14 per diluted share, compared to net income of $8.8 million, or $0.08 per diluted share, in the prior year quarter. Non-GAAP adjusted net income for the fourth quarter of 2013 was $16.1 million, or $0.14 per diluted share, compared to non-GAAP adjusted net income of $14.6 million, or $0.13 per diluted share, in the prior year quarter.
The following information was filed by Akorn Inc (AKRX) on Monday, March 3, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Akorn Inc's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Akorn Inc.