Akorn quarterly sales up 32%, gross profit up 62%

By Lisa Kerner

Charlotte, N.C., Oct. 30 - Akorn, Inc.'s net sales rose 32% to $14.5 million for the third quarter ended Sept. 30 from $11.0 million for the third quarter of 2005, according to a company news release.

Gross profit rose 62% to $6.0 million for the period from $3.7 million for the prior-year period.

The company had a net loss for the third quarter of $1.2 million, or $0.02 per diluted share, compared with a net loss of $3.6 million, or $0.14 per diluted share, in the third quarter of 2005.

"Our third-quarter results continue to reflect our commitment to achieve our 2006 stated objectives: 50% year-over-year revenue increase, 40% gross margin, positive net income, 20 Abbreviated New Drug Application regulatory filings, 10 product approvals and the completion of our lyophilization validation efforts," president and chief executive officer Arthur S. Przybyl said in the release.

For the nine months ended Sept. 30, net sales rose 68% to $56.7 million from $33.7 million for the nine-month period of 2005.

Akorn had gross profit of $22.6 million for the nine-month period, up from $11.9 million for the prior-year period.

The company's net loss for the nine months was $600,000, compared with a net loss of $8.0 million for the same period of 2005.

Akorn, based in Decatur, Ill., manufactures and markets sterile specialty pharmaceuticals.

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