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Akorn

akorn.com

Founded Year

1971

Stage

Take Private | Alive

Total Raised

$14.1M

Revenue

$0000 

About Akorn

Akorn is a specialty generic pharmaceutical company engaged in the development, manufacture, and marketing of multisource and branded pharmaceuticals.

Headquarters Location

1925 West Field Court Suite 300

Lake Forest, Illinois, 60045,

United States

800-932-5676

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Akorn Patents

Akorn has filed 4 patents.

The 3 most popular patent topics include:

  • Cosmetics chemicals
  • Diseases of the eye and adnexa
  • Inflammations
patents chart

Application Date

Grant Date

Title

Related Topics

Status

8/11/2017

10/1/2019

Grant

Application Date

8/11/2017

Grant Date

10/1/2019

Title

Related Topics

Status

Grant

Latest Akorn News

Prestige Consumer Healthcare Inc. Reports Third Quarter Results

Feb 2, 2023

Tarrytown, New York, UNITED STATES Revenue of $275.5 Million in Q3 fiscal 2023 increased 0.4% versus Prior Year and 1.8% excluding Currency Diluted EPS of $1.04 for Q3 fiscal 2023 increased 5.1% versus Prior Year Reduced leverage ratio to 3.5x in Q3, enabled by strong profitability and cash flow TARRYTOWN, N.Y., Feb. 02, 2023 (GLOBE NEWSWIRE) -- Prestige Consumer Healthcare Inc. (NYSE:PBH) today reported financial results for its third fiscal quarter ended December 31, 2022. “In Q3 our business continued to generate solid revenue and earnings growth in a dynamic consumer and retail environment driven by our diversified portfolio of brands and proven business model. Our continued strong sales and profit growth drives our cash flow that continued to reduce our leverage ratio during the quarter and has us well positioned as we finish our fiscal year,” said Ron Lombardi, Chief Executive Officer of Prestige Consumer Healthcare. Third Fiscal Quarter Ended December 31, 2022 Reported revenues in the third quarter of fiscal 2023 of $275.5 million increased 0.4% from $274.5 million in the third quarter of fiscal 2022. Revenues increased 1.8% excluding the impact of foreign currency. The revenue growth for the quarter was led by strong performance in our International OTC segment and strong Cough & Cold category sales versus the prior year comparable period. Reported net income for the third quarter of fiscal 2023 totaled $52.0 million, compared to the prior year third quarter’s net income of $50.2 million. Diluted earnings per share of $1.04 for the third quarter of fiscal 2023 compared to diluted earnings per share of $0.99 in the prior year comparable period. Nine Months Ended December 31, 2022 Reported revenues for the first nine months of fiscal 2023 totaled $841.9 million, an increase of 2.7%, compared to revenues of $819.9 million for the first nine months of fiscal 2022. Revenues increased 2.0% excluding the impact of foreign currency and a $12.6 million contribution from the acquisition of Akorn in Q1 fiscal 2023. The revenue growth for the first nine months was driven by strong International OTC segment performance and improved demand for certain brands, categories and channels that had been impacted by the COVID-19 virus in the first nine months of the prior fiscal year. Reported net income for the first nine months of fiscal 2023 totaled $158.2 million versus the prior year comparable period net income and adjusted net income of $153.3 million and $160.0 million, respectively. Diluted earnings per share were $3.14 for the first nine months of fiscal 2023 compared to diluted earnings per share and adjusted earnings per share of $3.02 and $3.15 in the prior year comparable period, respectively. Adjustments to net income in the first nine months of fiscal 2022 included integration, transition, purchase accounting, legal and various other costs associated with the Akorn acquisition, as well as a loss on extinguishment of debt and the related income tax effects of the adjustments. Free Cash Flow and Balance Sheet The Company's net cash provided by operating activities for third quarter fiscal 2023 was $54.9 million, compared to $66.3 million during the prior year comparable period. Non-GAAP free cash flow in the third quarter of fiscal 2023 was $53.1 million, a decrease compared to $64.1 million in the prior year comparable period. The Company's net cash provided by operating activities for the first nine months of fiscal 2023 was $170.7 million, compared to $196.8 million during the prior year comparable period. Non-GAAP free cash flow in the first nine months of fiscal 2023 was $165.5 million compared to $193.8 million in the prior year comparable period. The change in free cash flow for the nine months is largely due to an increase in working capital as the Company has focused on increasing inventory to improve service levels. The Company's net debt position as of December 31, 2022 was approximately $1.4 billion, resulting in a covenant-defined leverage ratio of 3.5x. Segment Review North American OTC Healthcare: Segment revenues of $236.9 million for the third quarter fiscal 2023 compared to the prior year comparable quarter's segment revenues of $240.9 million. The revenue performance for the quarter was driven by strong performance across many of our key brands, particularly in the Cough & Cold and Gastrointestinal categories but was offset by lower Women’s Health and Eye & Ear Care category sales compared to the prior year comparable period. For the first nine months of the current fiscal year, reported revenues for the North American OTC segment were $731.5 million compared to $735.0 million in the prior year comparable period. The change was driven by increased demand for certain brands, categories and channels that had previously been impacted by the COVID-19 virus, most notably Cough & Cold and motion sickness products and an approximate $12.4 million contribution from the acquisition of Akorn in the first quarter fiscal 2023, but more than offset by lower Women’s Health category sales. International OTC Healthcare: Record segment fiscal third quarter 2023 revenues of $38.6 million increased 15.0% from $33.6 million reported in the prior year comparable period. The revenue increase versus the prior year third quarter was driven by increased consumer demand across the segment’s key brands, partially offset by a $2.8 million currency headwind. For the first nine months of the current fiscal year, reported revenues for the International OTC Healthcare segment were $110.4 million, an increase of 30.0% over the prior year comparable period’s revenues of $84.9 million. The increase compared to the prior year was driven by large increases in the segment’s Australia business led by the Hydralyte brand, partially offset by a foreign currency headwind of $5.3 million. Commentary and Updated Outlook for Fiscal 2023 Ron Lombardi, Chief Executive Officer, stated, “Our third quarter marked another period of successful execution against our long-term three-pillar strategy, with solid top-line revenue organic growth of approximately 2% and mid-single-digit earnings growth. The strong sales performance was driven by strength in our international segment and the Cough & Cold category and resulted in cash flow generation that enabled us to continue investing in our business while reducing our leverage to the lowest level in over 10 years. These investments included increasing our inventory levels during the quarter in order to improve service levels to our customers and positions us for continued growth in fiscal 2024.” “With one quarter to go in fiscal year 2023 we anticipate sales between $1,120 and $1,122 equating to over 3% growth on top of our record fiscal 2022 results. Looking ahead, our proven business strategy, portfolio positioning, and improvements in our service levels have us well positioned for further revenue, earnings, and free cash flow growth in fiscal 2024,” Mr. Lombardi concluded.

Akorn Frequently Asked Questions (FAQ)

  • When was Akorn founded?

    Akorn was founded in 1971.

  • Where is Akorn's headquarters?

    Akorn's headquarters is located at 1925 West Field Court, Lake Forest.

  • What is Akorn's latest funding round?

    Akorn's latest funding round is Take Private.

  • How much did Akorn raise?

    Akorn raised a total of $14.1M.

  • Who are the investors of Akorn?

    Investors of Akorn include Merlin Biomed Group, Tekla Capital Management, Nite Capital Management, Heights Capital Management, Jennison Associates and 13 more.

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