LAKE FOREST, Ill. (AP) — Generic drug maker Akorn Inc. said Tuesday its profit slipped 76 percent in the fourth quarter compared to a year earlier, when it sold off a joint venture.
The company's 2012 revenue forecast fell short of Wall Street expectations, and its stock sank 65 cents, or 5.2 percent, to $11.93 in morning trading.
Akorn said its net income for the quarter ended in December fell to $5.7 million, or 5 cents per share, from $23.7 million, or 23 cents per share. In the fourth quarter of 2010 the company sold the products of its Akorn-Strides joint venture to Pfizer Inc., and it reported a gain of $22 million, or 21 cents per share. Its revenue jumped 77 percent, to $42.6 million from $24 million.
Analysts expected Akorn to report a profit of 8 cents per share on $38.5 million in revenue, according to FactSet.
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