Akorn emerges from audit with better-than-expected 2015 results

Generic drugmaker Akorn ($AKRX) has been quiet for the past year--releasing no financial reports after admitting it would have to restate its 2014 earnings. The Lake Forest, IL-based company, which has an animal health division, finally re-emerged on March 22 with a 2015 report that pleased its investors. The company reported sales of $985 million, fueled by 15 product approvals, including two animal drugs. That beat estimates polled by Thomson Reuters by $14 million. Akorn posted earnings per share minus one-time items of $1.93. Just how all that compared to 2014's results remains to be seen, however, because Akorn has yet to file its restated financials, saying only that it estimates it overstated its full-year revenue and pretax income by $35 million. The company said in its earnings release that it plans to file its revised 2014 results to the SEC by May 9. And it's expecting 2016 sales of a little over $1 billion and EPS between $2.10 to $2.20. Akorn's shares jumped 21% to $26.67 following the earnings release, before settling back to $24.74. Release

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