Akorn beats by $0.05, beats on revs; reaffirms FY19 guidance (3.72)
- Reports Q2 (Jun) adj. loss of $0.02 per share, $0.05 better than the S&P Capital IQ Consensus of ($0.07); revenues fell 6.8% year/year to $178 mln vs the $171.97 mln S&P Capital IQ Consensus. The $15.0 million decline in organic revenue was due to approximately $29.2 million, or 15.3% in volume declines partially offset by $14.2 million, or 7.5%, of favorable price variance. The volume decline was principally due to the effect of competition on a number of products, including Fluticasone Rx, Methylene Blue and Clobetasol Cream, as well as supply shortfalls from the continued production ramp-up at our Somerset manufacturing facility.
- Co reaffirms guidance for FY19, sees FY19 revs of $690-710 mln vs. $692.99 mln S&P Capital IQ Consensus. Net loss for the year is expected to be in the range of ($273) to ($258) million, an increase of $107 million from initial guidance, primarily driven by the estimated charge related to the securities class action litigation non-binding agreement in principle as well as the impact of our previously disclosed Standstill Agreement Adjusted EBITDA for the year is expected to be in the range of $71 to $86 million