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Quarterly loss widens for Akorn

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Akorn reported a GAAP net loss of $70.1 million, or $0.56 per diluted share, in the third quarter of 2018 compared with a GAAP net loss of $2.9 million, or $0.02 per diluted share, in 2017’s third quarter, according to a press release.

Net revenue decreased 18.2% from $202.4 million in 2017’s third quarter to $165.6 million this year. The decrease was attributed to a $39.6 million decline in organic revenue, predominately due to competition regarding ephedrine sulfate injection, lidocaine ointment, methylene blue injection and Nembutal (pentobarbital sodium injection), the release said.

Total operating expenses increased from $89 million to $133.2 million for the quarter.