Shares of Akorn Inc. jumped Thursday after the generic-drug maker's fourth-quarter results and its outlook for 2015 surpassed Wall Street expectations.
Akorn said its net income and revenue more than doubled after it acquired two other companies, Hi-Tech Pharmacal and VersaPharm, and had 14 drugs approved during the year. The company forecast $960 million to $980 million in revenue in 2015, about $60 million more than analysts expected.
Akorn stock rose $5.47, or 11.8 percent, to $51.87 in afternoon trading. Earlier it reached an all-time high of $52.34.
The company said it earned $32.4 million, or 29 cents per share, in the fourth quarter. Excluding one-time costs and gains Akorn said its profit totaled 50 cents per share, and it posted $227.8 million in revenue.
Analysts expected net income of 46 cents per share and $218.3 million in revenue, according to Zacks Investment Research.
The Lake Forest, Illinois-based company posted a profit of $40.9 million, or 38 cents per share, in 2014. Excluding special items Akorn said it earned $1.16 per share on $601.9 million in revenue.
Akorn expects $1.88 to $1.98 per share in adjusted net income in 2015. Analysts surveyed by FactSet expect a profit of $1.84 per share and $910.6 million in revenue.
Akorn shares have risen 28 percent since the beginning of the year. The stock has advanced 68 percent over the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AKRX at http://www.zacks.com/ap/AKRX
Keywords: Akorn, Earnings Report