Akorn Continues to Struggle in First Quarter Performance; Fresenius Deal Remains Wildcard
Competitive pressure on no-moat Akorn continues to put the company’s performance below our expectations. We may moderately lower our $12 stand-alone intrinsic value estimate for Akorn as a result of ongoing weak performance in the first quarter. This would slightly lower our fair value estimate, which continues to incorporate a 25% probability the deal closes at the previously announced takeover price. The situation remains highly uncertain and rests on Fresenius' ability to prove its claims in ...Akorn is a generic pharmaceutical company that develops, manufactures and markets generic and branded prescription pharmaceuticals, branded as well as private-label over-the-counter consumer health products and animal health pharmaceuticals. The company's segments include: Prescription Pharmaceuticals, which primarily consists of generic and branded prescription pharmaceuticals in a variety of dosage forms including sterile ophthalmics, injectables and inhalants and non-sterile oral liquids, topicals, nasal sprays and otics; and Consumer Health, which primarily consists of branded and private-label over-the-counter products and animal health products dispensed by veterinary personnel.
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