Akorn: 3Q Earnings Snapshot
LAKE FOREST, Ill. (AP) _ Akorn Inc. (AKRX) on Tuesday reported a loss of $70.1 million in its third quarter.
The Lake Forest, Illinois-based company said it had a loss of 56 cents per share. Losses, adjusted for asset impairment costs and amortization costs, were 6 cents per share.
The results did not meet Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 10 cents per share.
The generic drugmaker posted revenue of $165.6 million in the period, also missing Street forecasts. Three analysts surveyed by Zacks expected $185.4 million.
Akorn shares have dropped 77 percent since the beginning of the year. The stock has declined 77 percent in the last 12 months.