Akorn Updates 2019 Net Loss Guidance - Quick Facts

(RTTNews) - Akorn Inc. (AKRX, AKRN.OB) said, for 2019, net loss is expected to be in the range of $193 million to $178 million. The company said the change in guidance is primarily driven by a tax benefit during the three month period ended September 30, 2019. The company affirmed its net revenue and adjusted EBITDA guidance. Adjusted EBITDA for the year is expected to be in the range of $71 million to $86 million. Net revenue is expected to be in the range of $690 million to $710 million. Analysts polled by Thomson Reuters expect the company to report revenue of $700.91 million. Analysts' estimates typically exclude special items.

For the third-quarter, adjusted earnings per share was $0.02, compared to a loss of $0.06 in the same quarter of 2018. On average, seven analysts polled by Thomson Reuters expected the company to report a loss per share of $0.04, for the quarter. Adjusted EBITDA was $29 million, compared to $10 million in the prior year quarter.

Third-quarter reported net revenue was $176.2 million, an increase of 6.4 percent, as compared to net revenue of $165.6 million, a year ago. Analysts expected revenue of $176.09 million, for the quarter.