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AKORN INC

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2020 10-Q, filed Aug 7, 2020. Its latest SEC filing is a SC 13G/A from Feb 10, 2021.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Developed, manufactured and marketed generic and branded prescription medicines, consumer health products and animal medicines for drug wholesalers, hospitals and veterinary professionals.

How Did They Make Money?

Customers paid for products upon delivery; payment terms were primarily less than 90 days.

FY2019 revenue

Who Were Their Customers?

Wholesalers distributed prescription products; sales representatives promoted ophthalmic products directly to specialists and other pharmaceuticals directly to hospitals. Chain pharmacies were major Consumer Health customers.

Did Revenues Turn Into Profits?

No. It lost $226.8M in FY2019.

Operating income, FY2019
−28% of revenue
▼ −52% (Loss) vs FY2018 (−$388.4M, −56%)
Net income, FY2019
−33% of revenue
▼ −44% (Loss) vs FY2018 (−$401.9M, −58%)
Free cash flow, FY2019
−10% of revenue
▼ −51% (Loss) vs FY2018 (−$138M, −20%)

How Were They Changing?

Since the FY2019 annual report
Latest quarter: Q2 FY2020, the three months to Jun 30, 2020
Revenue
▼ −32%
vs $178.1M in Q2 FY2019
Net income
▼ −38% (Loss)
vs −$111.6M in Q2 FY2019
  • Oct 2, 2020 Sold substantially all assets to its existing lenders The sale closed after the bankruptcy plan took effect; all common shares were cancelled.

Shrank. Revenue fell 31% in 4 years, from $985.1M in FY2015 to $682.4M in FY2019, about 9% a year.

Who Did They Compete With?

Competes with Teva Pharmaceutical Industries, Apotex, Fresenius Kabi, Hikma Pharmaceuticals, Novartis International, Alcon, Perrigo, Pfizer, Mylan, Amneal Pharmaceuticals, Taro Pharmaceutical Industries, Allergan, and Johnson & Johnson

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