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Akorn reports revenue of $63.3 million in second quarter

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Akorn reported second-quarter consolidated revenue of $63.3 million, a 97% increase from $32.1 million in the same quarter last year, according to a company news release.

Net income fell to $10.6 million, or $0.10 per diluted share, compared with $17.9 million, or $0.17 per diluted share, a year ago.

This was the 12th consecutive quarter of growth in Akorn’s core revenue, the release said.

“We expect a strong second half of the year due to new contract awards while we continue to make strategic investments in sales and [research and development] in order to position ourselves for continued long-term growth,” Raj Rai, CEO of Akorn, said in the release.

The company’s outlook for the full year includes total revenues of $248 million to $258 million, adjusted net income of $55 million to $57 million and adjusted net income per diluted share of $0.50 to $0.52, according to the release.