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Akorn reports $5.5 million net loss, 24% rise in revenue

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BUFFALO GROVE, Ill. — Akorn reported a first quarter net loss of $5.5 million, or $0.06 per diluted share, an increase compared with a net loss of $4.8 million, or $0.06 per diluted share, for the first quarter of 2007, the company announced in a press release.

Akorn's revenue for the first quarter totaled $14.5 million, a 24% increase from $11.7 million in the first quarter of 2007, the release said.

First-quarter ophthalmic business segment revenues totaled $6 million, up 41% compared with revenues during last year's first quarter. Specifically, hospital drugs and injectables revenues, excluding DTPA revenues, rose 21% to $5 million for the quarter, according to the release.

Akorn's first-quarter gross profit totaled $3.7 million, up 48% from $2.5 million in the first quarter 2007, largely due to a favorable product mix of ophthalmic and hospital drugs and injectables, the release said.