Akorn Q3 Profit Edges Down, Lifts FY16 Earnings Outlook

(RTTNews) - Akorn Inc. (AKRX) Thursday reported a slight decline in third quarter net income to $47.909 million from $47.967 million in the previous year. On a per share basis, earnings were $0.38 from $0.39 in the prior year.

Revenue for the quarter increased to $284.095 million from $256.801 million in the previous year.

Looking ahead to the full year 2016, the company said it expects earnings of $1.65 per share, while its previously expected range was $1.56 to $1.66 per share. On a per share basis, earnings raised its earnings outlook to $2.25 per share, from its previous outlook range of $2.10 to $2.20 per share. Adjusted EBITDA is raised to $515 million from its prior projection range of $485 to $505 million.

Net revenue of $1.125 billion, while its earlier outlook was in a range of $1.060 to $1.080 billion.

Raj Rai, CEO of the company said, "Rai further added, "We expect to finish the year with strong results and momentum, despite the regulatory challenges and industry headwinds. We completed a $25 million share buyback in the third quarter, however, our focus for capital deployment is on business development opportunities to further enhance our long-term growth prospects."