Akorn 2Q revenue increases 27 percent

LAKE FOREST - Generic pharmaceutical company Akorn Inc. reported second quarter 2016 revenues increased 27 percent on the strength of the company's product portfolio.

Revenues were $281 million for the second quarter 2016, the company reported. Net income for the second quarter 2016 was $62 million, or 50 cents per diluted share, compared to $33 million, or 27 cents per diluted share, in the same quarter of 2015.

Adjusted diluted earnings per share were 58 cents in the second quarter 2016, compared to a net adjustment of $19 million to net income for non-GAAP items and adjusted diluted earnings per share of $0.41 in the same quarter 2015.

"The record second quarter results reflected the strength of our differentiated product portfolio and the efforts of every Akorn associate around the world," said Akorn Chief Executive Officer Raj Rai,

Chief Financial Officer Duane Portwood said the company will "remain focused on investing in growth through organic initiatives and business development activities.

"At the same time, given our financial position and cash flow profile, the share repurchase authorization would allow for efficient return of capital to our shareholders in the event that our cash balances exceed our investment needs," Portwood added.

Akorn's board of directors also approved a share repurchase program, authorizing Akorn to purchase up to $200 million of Akorn's outstanding common stock.