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Akorn quarterly revenue up 59% from last year

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LAKE FOREST, Ill. — Akorn posted a revenue of $32.1 million for the second quarter, up 59% over last year’s second quarter posting of $20.2 million, according to a company press release.

This increase was the result of the acquisition of AVR, which specializes in the over-the-counter dry eye market, including partial-quarter AVR sales totaling $3.7 million, the continued growth of products launched in 2010, strong organic growth in injectable and ophthalmic products, and a rise in seasonal allergy ophthalmic sales, the release said.

Consolidated gross margin was 56% compared with 49% last year. Sustained improvements in gross margin resulted from a favorable product mix, selected price increases, higher utilization of plant capacities and increased sales of higher margin products introduced in 2010.

Akorn also announced that it has gained a minority stake in Aciex Therapeutics, an ophthalmic drug development company that focuses on developing novel therapeutics to treat front-of-the-eye diseases, according to the release.