LAKE FOREST, Ill. (AP) – Generic drugmaker Akorn Inc. issued a 2012 profit and revenue forecast that fell short of Wall Street expectations.
Akorn said it expects to earn between 31 cents and 34 cents per share for the year. Excluding one-time items, it is forecasting a profit of 42 cents to 45 cents per share, and it is projecting revenue of $210 million to $220 million.
Analysts expect Akorn to report a profit of 49 cents per share and $221.1 million in revenue, according to FactSet.
In October Akorn agreed to buy a manufacturing plant from Kilitch Drugs Ltd., and it will also acquire the facility’s contracts and business. Akorn agreed to pay up to $58 million in that deal, and said in October that the acquisition would add to its 2012 profit if one-time costs were excluded. The company’s guidance does not include any profit or revenue from the Kilitch deal, which is still pending.
The Lake Forest, Ill., company also said it will invest more in research and development and expand its sales force, organizing it into two areas, ophthalmic drugs and injectable drugs given in hospitals. Akorn bought three generic injectable drugs from H. Lundbeck A/S in December, and earlier in 2011, it acquired Advanced Vision Research Inc., which makes over-the-counter eye drugs.
Date: January 17, 2012
Source: Associated Press
