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news.Akorn, a niche pharmaceutical company engaged in the manufacture, development and marketing of multi-source and branded pharmaceuticals, has reported revenues of $21.66m for the third quarter ended 30 September 2010, compared to $19.37m for the same period in 2009.
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Akorn has posted a net income of $3.99m for the third quarter 2010, or $0.04 per diluted share, compared to net loss of $5.1m, or $0.06 loss per diluted share, for the comparable period in 2009.
Operating income was $3.99m, compared to operating loss of $3.84m for the comparable period in 2009.
For the nine months ended 30 September 2010, Akorn has posted a revenue of $62.36m, compared to $57.71m for the year ago period.
For the nine months ended 30 September 2010, Akorn has posted a net loss of $1.92m, or $0.02 loss per diluted share, compared to net loss of $22.74m, or $0.25 loss per diluted share, for the year ago period.
Operating income was $7.23m, compared to operating loss of $19.15m for the year ago period.
CEO Raj Rai said that they had an outstanding quarter as they continued to show momentum in revenues and profitability as a result of newly launched products, and the company continues to improve on cash flow from operations.
"We remain disciplined on cost containment while expanding our product portfolio. We are on track with our strategic initiatives in R&D and investments in plant capacity and operational efficiencies. We believe these activities will drive the long-term success of our company," Rai said.