WASHINGTON (dpa-AFX) - Akorn Inc. (AKRX, AKRN.OB), a niche generic pharmaceutical company, posted a surge in GAAP net income to $10.84 million, or $0.10 a share, from $3.11 million, or $0.03 a share last year. On a non-GAAP basis, net income for the recent quarter stood at $14.4 million, or $0.13 per share. On average, 5 analysts polled by Thomson Reuters expected earnings per share of $0.14 for the quarter. Analysts' estimates typically exclude one-time items.
Consolidated revenue for the first quarter of 2013 was $73.9 million, up 43% over the prior year quarter's $51.7 million, helped by the sale of new products launched late in 2012, organic growth of established products and products re-launched in prior periods, and a full quarter's sales generated by Akorn India. Analysts estimated revenues of $74.07 million for the quarter.
For the full year, Akorn sees net income per share of $0.53 - 0.55 on an adjusted basis, and $0.42 - 0.44 on a GAAP basis on total revenues ranging between $305 million and $315 million. Analysts project earnings of $0.62 per share and revenue of $333.62 million for 2013.
The company said its 2013 outlook has been updated to include the impact of slower than expected sales of products launched late in 2012 and a slower than expected recovery of sales of products impacted by the unplanned shutdown of our Somerset, New Jersey plant as a result of Hurricane Sandy. The annual forecast excludes the impact of any new approvals after May 6, 2013 as well as the already approved Clindamycin Phosphate Injection in 5% Dextrose premix which the company expects launching early in the third quarter.
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