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Akorn Provides Business And Financial Guidance Update EXHIBIT 99.1

The following excerpt is from the company's SEC filing.

Akorn Provides Business and Financial Guidance Update

LAKE FOREST, Ill., Nov. 4, 2015 (GLOBE NEWSWIRE) -- Akorn, Inc. (Nasdaq:AKRX), a leading specialty generic pharmaceutical company, today provided an update on the company's ongoing restatement process as well as a business and financial guidance update.

Audited 2014 Financial Statements Expected to Be Filed in First Quarter 2016

Akorn continues to work to complete the previously disclosed restatement of its 2014 quarterly and audited annual financials and it is the company's goal to file restated 2014 financial results with the SEC by the en d of the first quarter of 2016. Akorn's estimate of the errors related to the understatements of rebates and other sales allowances, as disclosed on August 10, 2015, is estimated to have resulted in an overstatement to net revenue and pretax income from continuing operations slightly above the upper end of the $20 million to $35 million range initially estimated. These estimates are based on management's ongoing assessments and are subject to the completion of the restatement and the audit of the restated financial statements for the year ended December 31, 2014.

Akorn Will Seek Another NASDAQ Listing Extension

As previously disclosed, on July 15, 2015, the Listing Qualifications Staff of The NASDAQ Stock Market LLC granted Akorn's request for an extension through November 9, 2015 to file the Company's delinquent periodic reports with the SEC and thereby evidence full compliance with all applicable requirements for continued listing on The NASDAQ Global Select Market. Following Akorn's notice to the Staff that Akorn did not expect to timely satisfy the terms of the Staff's extension, the Staff formally notified the Company on November 3, 2015 that, in accordance with Listing Rule 5250(c)(1), the Company's securities would be subject to suspension and delisting unless the Company timely requests a hearing before the NASDAQ Listing Qualifications Panel.

The Company will request a hearing before the Panel to address the Staff's November 3, 2015 determination. The Panel will separately notify the Company once it has made a determination regarding the Company's request for an extension of the stay. While the Company is diligently working to regain compliance with the NASDAQ Filing Requirement, there can be no assurance that the Panel will grant the Company's request for continued listing pending its return to compliance. Pursuant to the Listing Rules, the Panel has the discretion to grant the Company an extension through early May 2016.

Investigation Update

Akorn expects that the previously disclosed independent investigation commissioned by the Audit Committee of the company's Board of Directors will be completed by the end of 2015.

The Chicago Regional Office of the Securities and Exchange Commission (SEC) is conducting an investigation regarding the previously disclosed restatement, internal controls and other related matters. Additionally, the United States Attorney's Office for the Southern District of New York (USAO) has requested information regarding these matters. Akorn has been furnishing requested information and is fully cooperating with the SEC and USAO.

Raj Rai, Akorn's Chief Executive Officer, commented, "We are working diligently with our external auditors and advisors toward resolution of the previously disclosed restatement of our 2014 financials. We have initiatives underway to remediate and strengthen our financial controls and I am pleased to report that we continue to deliver on our operational and financial objectives for 2015. We plan to provide you with updates when additional information is available."

Updated 2015 Financial Guidance

Based on preliminary results for the first three quarters of 2015, Akorn updates its 2015 non-GAAP revenue and non-GAAP net income per diluted share (EPS) projections to project 2015 non-GAAP revenue of between $970 and $980 million and non-GAAP EPS of between $1.93 and $1.98. The Company also updates expected non-GAAP gross margin, non-GAAP SG&A expense, R&D expense and other items as detailed in Table 1 below. Akorn's results for the first three quarters of 2015 have not been reviewed by external auditors.

Akorn's 2015 guidance contemplates adjusted revenue and expense items that are non-GAAP measures the Company believes present a picture of Akorn's continuing operations. A full reconciliation of GAAP to non-GAAP guidance metrics is presented in Tables 5, 6 and 7 at the end of this release.

Table 1: Revised 2015 Financial Guidance, November 4, 2015

values in millions, except per-share amounts

Initial 2015 Outlook

February 26, 2015

Revised 2015 Outlook

November 4, 2015

Total Revenue (Non-GAAP)

$960 - 980

$970 - 980

Total gross margin percentage (Non-GAAP)

62% - 63%

61.5% - 62%

SG&A expense (Non-GAAP)

$107 - 112

approx. $118

R&D expense

$45 - 50

approx. $40

Non-operating expense (Non-GAAP)


approx. $52

Income tax rate


Adjusted net income per diluted share (EPS, Non-GAAP)

$1.88 - 1.98

$1.93 - 1.98

Fully diluted shares outstanding


approx. 126.5

Capital expenditures

$50 - 60

$35 - 40

Liquidity Update

Akorn's unaudited liquidity position for the three quarters ending March 31, 2015, June 30, 2015 and September 30, 2015 is detailed in Table 2 below.

Table 2: Unaudited Cash, Debt and Share Balances

Unaudited; values in millions

Cash & Equivalents




Short- and Long-Term Debt




Fully Diluted Shares Outstanding



R&D Update

At October 31, 2015, Akorn had 78 abbreviated new drug applications (ANDAs) pending at the U.S. Food & Drug Administration (FDA), representing approximately $9.8 billion in annual branded and generic market value according to IMS Health. Akorn has 80 additional ANDAs in various stages of development, representing approximately $12.4 billion in annual branded and generic market value.

As of October 31, 2015, Akorn has received a total of 31 target action dates (TADs) for pending ANDAs in the company's development portfolio. A TAD is indicative of an internal goal of action at FDA and should not be construed as an anticipated approval date for a generic filing.

In 2015 Akorn and its development partners have received 11 product approvals and one tentative approval for human products. Akorn also received two veterinary approvals through the first three quarters of 2015.

Through October 31, 2015, Akorn filed four ANDAs and one NDA with FDA and acquired two filed ANDAs. The Company expects to file approximately 14 additional ANDAs by the end of 2015. In addition to the two acquired pending ANDAs, Akorn acquired five additional products in development.

Table 3: Status of Akorn Pending ANDA Filings, October 31, 2015

Filed Age


<24 months

24-36 months

>36 months

values in...