Akorn’s Self-Inflicted Wounds and Generic Industry Pressure Lead to Challenging 2019
Between termination of the Fresenius SE deal, erosion of key products, and addressing regulatory issues flagged by the FDA, Akorn remains in a tough spot. These three factors, which included temporary manufacturing facility shutdowns during the quarter to address compliance issues, led to a 17.6% decline in revenue and a significant drop in gross margin to 16.5% from the year-ago period. We’re lowering our fair value estimate to $5 on the weak results and longer expected recovery time. While the...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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