Akorn (AKRX +1.7%) is up in early trade, albeit on light volume, on the heels of preliminary Q3 results. Highlights:
Revenue: $176M (+6%) Increase in organic revenue driven principally by price increases on certain exclusive products partially offset by lower volumes.
Net income: $48M (+169%); non-GAAP EBITDA: $29M (+190%).
Positive cash flow ops.
Two U.S. marketing applications approved for generic products: Azelastine Hydrochloride Nasal Spray and Betamethasone Dipropionate Lotion.
2019 guidance: Revenue: $690M – 710M; non-GAAP EBITDA: $71M – 86M, both unchanged.
Previously: Akorn EPS beats by $0.06, revenue in-line (Oct. 31)
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