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.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
