Akorn Q1 Loss Widens; But Stock Surges

(RTTNews) - Akorn Inc. (AKRX) reported that its GAAP net loss for the first quarter 2019 widened to $82.2 million or $0.65 per share, from $28.7 million, or $0.23 per share last year.

In Tuesday pre-market trade, AKRX is trading at $3.60, up $0.57 or 18.81 percent.

Adjusted loss per share for the first quarter 2019 were $0.10, compared to adjusted net income per share $0.05 in the same quarter 2018.

Net revenue was $165.9 million, decrease of $18.2 million, or 9.9% from last year, primarily due to $18.1 million decline in organic revenue that was partially offset by $0.7 million net revenue increase in new products and product relaunches.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.20 per share and revenues of $153.52 million. Analysts' estimates typically exclude special items.

For 2019, the company expects net Loss to be in the range of $151 million - $166 million, net revenue of $690 million to $710 million. Analysts expect revenue of $633.47 million for 2019.