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Akorn reports $3.52 million in income, 7% revenue decline in first quarter

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LAKE FOREST, Ill. — Akorn posted $3.52 million in net income for the first quarter, compared with a net loss of approximately $10.7 million reported during the first quarter of 2009, the company announced.

First-quarter consolidated revenue totaled $20.5 million, representing a 7% decrease compared with $22 million in consolidated revenue posted during the same period last year, according to a press release from the company.

Akorn attributed the decline to the winding down of its vaccine business segment, the release said.

First-quarter revenue for Akorn's core business segment, consisting of ophthalmic, hospital drugs and injectables, and contract services, totaled $15.4 million in 2010, up 36% from $11.3 million during last year's first quarter.

Akorn expects full-year revenue to range between $76 million and $80 million and for its core business revenue to increase by between 59% and 67%, according to the release.

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