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Akorn reports 69% revenue growth in third quarter

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LAKE FOREST, Ill. — Strong growth in established ophthalmic and injectable products led Akorn to a 69% increase in consolidated revenue in the third quarter as compared with the same period in 2010, according to a company press release.

Total third-quarter revenue was $36.7 million, up from $21.7 million in 2010, the release said. Excluding the impact of Akorn's acquisition of AVR, which specialized in the over-the-counter dry eye market, Akorn experienced revenue growth of 44%.

"Our results reflect a strong demand for all products across our portfolio," Raj Rai, CEO of Akorn, said in the release. "We continue to increase our market share as a result of increasing existing contract penetration and new contract wins, and as a result of drug shortages impacting hospital injectables. We remain excited about the growth opportunities ahead of us."

During the quarter, Akorn acquired an ophthalmic product it intends to launch in 2012, the release said.