Akorn reports $5 million net loss, 40% increase in ophthalmic revenue for fourth-quarter 2007

BUFFALO GROVE, Ill. — Akorn reported a net loss available to common shareholders of $5 million, or $0.06 per diluted share, for the fourth quarter of 2007, an increase compared with a net loss of $6.2 million, or $0.07 per diluted share, for the fourth quarter of 2006, the company announced in a press release.

Akorn's revenue for the fourth quarter of 2007 totaled $13.7 million, down from $14.6 million for the fourth quarter of 2006, which the company largely attributed to the lack of revenue from DTPA during the quarter.

Revenue for the full-year 2007 totaled $52.9 million, down from $71.3 million for 2006. However, excluding DTPA product returns, total revenues for 2007 increased about 11.6% over the previous year, according to the release.

During the fourth quarter of 2007, revenues from its ophthalmic business segment increased by about 40% and revenues from its hospital drugs and injectables business segment, excluding DTPA revenues, increased by about 11%, both compared with the fourth quarter of 2006.

For the full-year 2007, however, ophthalmic business segment revenues decreased by about 5% due to delayed customer shipments after the company relocated its site for manufacturing indocyanine green, according to the release.

Akorn predicts an annual cost savings of approximately $2 million for 2008 because of its completion of a recent restructuring, the release said.