Akorn Inc. (NASDAQ:AKRX) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are down 7.59%.
Akorn Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 23.08% to $0.1 in the quarter versus EPS of $0.13 in the year-earlier quarter.
Revenue: Rose 42.88% to $73.9 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Akorn Inc. reported adjusted EPS income of $0.1 per share. By that measure, the company missed the mean analyst estimate of $0.14. It missed the average revenue estimate of $74.07 million.
Quoting Management: Raj Rai, Chief Executive Officer, commented, “We are pleased with our first quarter results although we were behind in the launches of certain products that were approved late last year due to capacity constraints with our contract manufacturing partners as well as market challenges. We expect resolution sometime in the second half of this year. We are also excited about the establishment of our new R&D center in Vernon Hills, Illinois. The new center, with its added capacities and capabilities, will make it possible for us to file 35 to 40 ANDAs with the USFDA from our US and India facilities starting next year, which is the cornerstone of our long term growth strategy.”
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