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Quarterly net income up 30% for Akorn

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Akorn reported generally accepted accounting principles net income of $12.6 million for the quarter ended June 30, up 30.2% from the $9.7 million in net income for the same period last year, according to a company news release.

The company set a record with its $77 million in quarterly consolidated revenue, up from $63.3 million in the second quarter of 2012, for an increase of 22%. Consolidated gross margin, however, fell to 54.7% from 56.5%, the release said.

Sales of new products launched late in 2012 and an increase in sales volume led to the rise in revenue, Akorn said in the release. The lower margin is also related to the new products launched, however, due to partnering with and manufacturing by third parties.

For the year, Akorn predicts generally accepted accounting principles net income per share of 42 to 44 cents on revenues of $305 million to $315 million.