Akorn 4Q loss higher as it winds down vaccines

Posted March 16, 2010 at 5:40 a.m.

By Ameet Sachdev | Akorn Inc., a generic pharmaceutical company, said its fourth-quarter loss increased slightly from a year ago, as the company wound down its vaccine business.

The Lake Forest company reported a net loss of $2.5 million, or 3 cents a diluted share, compared with a loss of $1.9 million, or two cents a share, in the same period a year ago. Sales fell 30 percent to $18.1 million, from $26 million.

Akorn said sales in its core business, which no longer includes vaccines, totaled $15 million, a 35 percent increase from the year-ago fourth quarter. Improved results contributed to the removal of the going concern uncertainty previously disclosed in its 2008 annual report. Akorn sells hospital and ophthalmic drugs.

For all of 2009, Akorn reported a net loss of $25.3 million, or 28 cents a diluted share, compared with a loss of $7.9 million, or 9 cents a share, a year ago. Sales fell 18.9 percent to $75.8 million, from $93.5 million.

The company also announced after the markets closed Monday the opening of a research and development center in Skokie.

 

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