Akorn, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2016. Consolidated revenue for the first quarter of 2016 was $268.35 million, an increase of $41 million or 18% over the first quarter 2015 consolidated revenue of $227.38 million. The increase in consolidated revenue was largely driven by organic growth. GAAP net income for the first quarter 2016 was $41.89 million, compared to $37.54 million in the first quarter of 2015. Earnings before interest, taxes, depreciation and amortization were $100.09 million in the first quarter 2016, compared to $93.2 million in the first quarter 2015. Adjusted EBITDA, which is another non-GAAP measure used by management to evaluate the continuing operations of the Akorn business, was $124.16 million in the first quarter of 2016, compared to $103.91 million in the first quarter of 2015. GAAP fully diluted earnings per share (EPS) was $0.34 in the first quarter of 2016, compared to $0.31 in the first quarter of 2015. Including a net adjustment of $26 million to net income for non-GAAP items, adjusted fully diluted EPS was $0.54 in the first quarter of 2016. Including a net adjustment of $18 million to net income for non-GAAP items, adjusted fully diluted EPS was $0.45 in the first quarter of 2015. Operating income was $87.579 million against $73.267 million a year ago. Income before income taxes was $66.572 million against $58.328 million a year ago. Net cash provided by operating activities was $8.985 million against $45.266 million a year ago. The primary drivers of the change were timing of receivables collections and increased income tax payment. Purchases of property, plant and equipment was $9.918 million against $7.088 million a year ago. Adjusted income before income tax was $108.014 million against $86.589 million a year ago. Adjusted net income was $67.961 million or $0.54 diluted against $56.246 million or $0.45 diluted per share a year ago. Net debt was $734,155,000.

The company reaffirms 2016 guidance as reported on March 22, 2016 including the net revenue range of $1,060 million - $1,080 million, diluted GAAP earnings per share range of $1.56 - $1.66 and diluted adjusted non-GAAP earnings per share range of $2.10 - $2.20. The company expects its adjusted tax rate to be approximately 37.0% for the full year 2016. The company expects $70 million to $95 million of capital expenditures in 2016.

The company reported impairment of intangible assets was $0.158 million for the first quarter ended March 31, 2016.