8-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K
CURRENT REPORT


Pursuant to Section 13 or 15(d) of the Securities Exchange Act

Date of Report: May 6, 2014(Date of Earliest Event Reported: May 2, 2014)


Akorn, Inc.
(Exact Name of Registrant as Specified in its Charter)

Louisiana	001-32360	72-0717400
(State or other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

1925 W. Field Court, Suite 300
Lake Forest, Illinois 60045

(Address of principal executive offices)

(847) 279-6100
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02           Results of Operations and Financial Condition

On May 6, 2014, Akorn, Inc. (the “Company”) issued a press release announcing financial results for the quarter ended March 31, 2014.  A copy of the press release is furnished as Exhibit 99.1 to this report.

The information in this Item 2.02, including exhibit 99.1 attached hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 5.07           Submission of Matters to a Vote of Security Holders

On May 2, 2014, the Company held its annual meeting of shareholders.  At that meeting, by proxy vote, the shareholders of the Company voted affirmatively to elect seven directors, to ratify the Audit Committee’s selection of KPMG LLP to serve as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2014, to approve the adoption of the Akorn, Inc. 2014 Stock Option Plan, and to approve by non-binding advisory vote the Company’s current executive compensation program.  A total of 96,653,483 shares were entitled to vote of which 92,835,523, or 96.04%, voted.

1. Election of Directors. The following seven individuals were elected to serve as directors of the Company for a one-year term beginning immediately and ending on the date of the Company’s 2015 annual meeting of shareholders:

Nominee	Votes For	% Voted For		Votes Withheld	% Voted Withheld
John N. Kapoor, Ph.D. (Chairman)	84,309,830	97.85	%	1,852,204	2.15	%
Kenneth S. Abramowitz	48,466,563	56.25	%	37,695,471	43.75	%
Adrienne L. Graves, Ph.D.	85,227,333	98.92	%	934,701	1.08	%
Ronald M. Johnson	37,821,749	43.90	%	48,340,285	56.10	%
Steven J. Meyer	48,478,188	56.26	%	37,683,846	43.74	%
Brian Tambi	84,511,417	98.08	%	1,650,617	1.92	%
Alan Weinstein	81,280,113	94.33	%	4,881,921	5.67	%

2. Ratification of KPMG LLP to serve as our independent registered public accounting firm for the fiscal year ending December 31, 2014. Ratification required affirmative vote of a majority of the votes cast. Voting results were as follows:

	Shares Voted	Percent of Votes Cast
For	92,205,134	99.32	%
Against	377,516	0.41	%
Abstain	252,873	0.27	%
Broker Non-Votes	0	n/a

3. Approval of the Akorn, Inc. 2014 Stock Option Plan. Approval requires affirmative vote of a majority of votes cast. Voting results were as follows:

	Shares Voted	Percent of Votes Cast
For	74,479,614	86.44	%
Against	11,403,299	13.24	%
Abstain	279,121	0.32	%
Broker Non-Votes	6,673,489	n/a

4. Non-binding advisory vote to approve the Company’s current executive compensation program. The advice of shareholders is based on the majority of votes cast, with abstentions and non-votes having no impact on the results. Voting results were as follows:

	Shares Voted	Percent of Votes Cast
For	85,598,356	99.34	%
Against	204,544	0.24	%
Abstain	359,134	0.42	%
Broker Non-Votes	6,673,489	n/a

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.  See attached exhibit index.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.

		Akorn, Inc.
		By:	/s/ Timothy A. Dick
			Timothy A. Dick
			Chief Financial Officer
Date:	May 6, 2014

Exhibit Index

Exhibit No.	Description of Exhibit
99.1	Press release issued by Akorn, Inc. on May 6, 2014 announcing financial results for the quarter ended March 31, 2014.

EX-99.1

Exhibit 99.1

Akorn Reports 2014 First Quarter Results

-Reports Record Q1 Revenue of $90.6 million and Q1 Adjusted EPS of $0.16 -

-Completes Acquisition of Zioptan® ophthalmic solution -

- Raises 2014 Adjusted EPS Guidance Range to between $0.79 and $0.82 -

LAKE FOREST, Ill.--(BUSINESS WIRE)--May 6, 2014--Akorn, Inc. (NASDAQ: AKRX), a niche generic pharmaceutical company, today reported financial results for the first quarter ended March 31, 2014.

First Quarter 2014 Key Highlights and Accomplishments

• Achieved record first quarter consolidated revenue of $90.6 million, an increase of 23% over last year’s first quarter.
• Generated record operating cash flow of $23.4 million.
• Completed the acquisition of Hi-Tech Pharmacal Co., Inc. (Hi-Tech) on April 17. The acquisition adds scale, breadth of products and dosage forms, and further diversification of the Company’s product portfolio.
• Acquired the rights to two branded ophthalmic products, Betimol® and Zioptan®, in January and April respectively.

Raj Rai, Chief Executive Officer commented, “We are excited with the great start that we’ve seen for 2014. Our team continues to execute on multiple growth initiatives. In addition to completing the transformative acquisition of Hi-Tech a few weeks ago, we also acquired two more branded ophthalmic products, bringing to five the branded ophthalmic products acquired over the last few months. The acquisition of Hi-Tech further diversifies our niche branded and generic product base and brings with it capabilities that will help us continue to grow and diversify our pipeline and revenue base into the future.”

Financial Results for the Quarter Ended March 31, 2014

Consolidated revenue for the first quarter of 2014 was $90.6 million, an increase of 23% over the first quarter 2013 consolidated revenue of $73.9 million. The increase in consolidated revenue was largely driven by the newly acquired branded ophthalmic products – Azasite®, Cosopt®, CosoptPF®, and Betimol®. Consolidated gross margin for the first quarter of 2014 was 54.8% compared to 53.0% in the comparable prior year period. The increase in the Company’s consolidated gross margin was also due to the newly acquired branded ophthalmic products which generate gross margins higher than the Company’s historical average.

Net income for the first quarter of 2014 was $9.8 million, or $0.08 per diluted share, compared to net income of $10.8 million, or $0.10 per diluted share, in the prior year quarter. First quarter 2014 net income included $6.4 million of acquisition-related expenses, the largest component of which was fees incurred pre-close on the Hi-Tech term loan commitments. Non-GAAP adjusted net income for the first quarter of 2014 was $18.4 million, or $0.16 per diluted share, compared to non-GAAP adjusted net income of $14.4 million, or $0.13 per diluted share, in the prior year quarter.

2014 Updated Outlook

The Company’s previous guidance assumed that Akorn would acquire Hi-Tech effective April 1, 2014. However, the acquisition was not completed until April 17, 2014. The updated outlook adjusts for the later Hi-Tech acquisition date as well as the addition of the branded ophthalmic product, Zioptan®, which the Company acquired in April. While Akorn and Hi-Tech currently have over 73 ANDAs on file with the FDA, this guidance does not include the impact of any future new product approvals given the timing uncertainty of the regulatory approval process.

Total revenues	$540 – 560	million
Total gross margin percentage	52 – 54	%
SG&A expenses (GAAP)	$101 – 106	million
SG&A expenses (non-GAAP)	$80 – 83	million
R&D expenses	$39 – 42	million
Intangible asset amortization expense	$33	million
Income tax rate	~ 37	%
GAAP net income	$51 – 53	million
GAAP net income per diluted share	$0.43 – 0.45
Adjusted net income	$94 – 97	million
Adjusted net income per diluted share	$0.79 – 0.82
Capital expenditures	$45 – 55	million
Fully diluted share count	118	million

2014 Outlook Assumptions

• Assumes no generic is launched for Nembutal.
• Cost synergies that result from the Hi-Tech acquisition are expected to be realized throughout the year and will accelerate as the year progresses. The Company anticipates ending the year at a $20 million annual run-rate for synergies.
• The Company anticipates that it will incur approximately $20-22 million in one-time acquisition-related expenses to close the Hi-Tech transaction and realize synergies. These expenses are reflected as add-backs to adjusted net income per diluted share in the GAAP to non-GAAP reconciliation later in this release.
• Fully diluted share count is based on most recent share price.

First quarter 2014 Conference Call

The Company will host a conference call at 10:00 a.m. Eastern Time on Tuesday, May 6, 2014, to discuss first quarter 2014 results followed by a Q&A session. The domestic call-in number is 800-768-6570 and the international call-in number is 785-830-1942. The confirmation code for all callers is 5699967. The URL for the webcast is http://www.videonewswire.com/event.asp?id=98908. A live broadcast of the conference call will also be available online at www.akorn.com under the Investor Relations tab and available for replay for 30 days.

About Akorn, Inc.

Akorn, Inc. is a niche generic pharmaceutical company engaged in the development, manufacture and marketing of multisource and branded pharmaceuticals. Akorn has manufacturing facilities located in Decatur, Illinois; Somerset, New Jersey; Amityville, New York and Paonta Sahib, India where the Company manufactures ophthalmic, injectable and niche, non-sterile pharmaceuticals. Additional information is available on the Company’s website at www.akorn.com.

Forward Looking Statements

This press release includes statements that may constitute "forward-looking statements", including projections of certain measures of Akorn's results of operations, projections of sales, projections of certain charges and expenses, projections related to the number and potential market size of ANDAs, projections with respect to timing and impact of pending acquisitions, and other statements regarding Akorn's goals, regulatory approvals and strategy. Akorn cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward-looking statements. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Factors that could cause or contribute to such differences include, but are not limited to: statements relating to future steps we may take, prospective products, prospective acquisitions, future performance or results of current and anticipated products and acquired assets, sales efforts, expenses, the outcome of contingencies such as legal proceedings, and financial results. These cautionary statements should be considered in connection with any subsequent written or oral forward-looking statements that may be made by the Company or by persons acting on its behalf and in conjunction with its periodic SEC filings. You are advised, however, to consult any further disclosures we make on related subjects in our reports filed with the SEC. In particular, you should read the discussion in the section entitled "Cautionary Statement Regarding Forward-Looking Statements" in our most recent Annual Report on Form 10-K, as it may be updated in subsequent reports filed with the SEC. That discussion covers certain risks, uncertainties and possibly inaccurate assumptions that could cause our actual results to differ materially from expected and historical results. Other factors besides those listed there could also adversely affect our results.

Non-GAAP Financial Measures

In addition to reporting financial information required in accordance with U.S. generally accepted accounting principles (GAAP), Akorn is also reporting Adjusted EBITDA, Adjusted net income and Adjusted net income per diluted share, which are non-GAAP financial measures. Since Adjusted EBITDA, Adjusted net income and Adjusted net income per diluted share are non-GAAP financial measures, they should not be used in isolation or as a substitute for consolidated statements of operations and cash flow data prepared in accordance with GAAP. In addition, Akorn’s definitions of Adjusted EBITDA, Adjusted net income and Adjusted net income per diluted share may not be comparable to similarly titled non-GAAP financial measures reported by other companies. For a full reconciliation of Adjusted EBITDA and Adjusted net income to GAAP net income, please see the attachments to this earnings release.

Adjusted EBITDA, as defined by the Company, is calculated as follows:

Net income, plus:

• Interest income (expense), net
• Provision for income taxes
• Depreciation and amortization
• Non-cash expenses, such as share-based compensation expense, and amortization of financing costs
• Other adjustments, such as legal settlements and various acquisition related expenses
• Less settlement of product warranty liability
• Less gains (or plus losses) on foreign currency transactions
• Less gains related to bargain purchase transaction
• Less elimination of unfavorable contract accruals

The Company believes that Adjusted EBITDA is a meaningful indicator, to both Company management and investors, of the past and expected ongoing operating performance of the Company. EBITDA is a commonly used and widely accepted measure of financial performance. Adjusted EBITDA is deemed by the Company to be a useful performance indicator because it includes an add back of non-cash and non-recurring operating expenses which have little to no bearing on cash flows and may be subject to uncontrollable factors not reflective of the Company’s true operational performance (i.e. fair value adjustments to the carrying value of stock warrants liability).

Adjusted net income, as defined by the Company, is calculated as follows:

Net income, plus:

• The recorded provision for income taxes
• Intangible asset amortization
• Non-cash expenses, such as non-cash interest, share-based compensation expense, and amortization of financing costs
• Other adjustments, such as legal settlements and various acquisition related expenses
• Less an estimated cash tax provision, net of the benefit from utilizing NOL carry-forwards
• Less settlement of product warranty liability
• Less gains (or plus losses) on foreign currency transactions
• Less gains related to bargain purchase transaction
• Less elimination of unfavorable contract accruals

Adjusted net income per diluted share is equal to Adjusted net income divided by the actual or anticipated diluted share count for the applicable period.

The Company believes that Adjusted net income and Adjusted net income per diluted shares are meaningful financial indicators, to both Company management and investors, in that they exclude non-cash income and expense items that have no impact on current or future cash flows, as well as other income and expense items that are not expected to recur and therefore are not reflective of continuing operating performance. Adjusted net income and Adjusted net income per diluted share provide the Company and investors with income figures that would be expected to be more aligned with cash flows than GAAP net income, which includes a number of non-cash income and expense items.

While the Company uses Adjusted EBITDA, Adjusted net income and Adjusted net income per diluted share in managing and analyzing its business and financial condition and believes these non-GAAP financial measures to be useful to investors in evaluating the Company’s performance, each of these financial measures has certain shortcomings. Adjusted EBITDA does not take into account the impact of capital expenditures on either the liquidity or the financial performance of the Company and likewise omits share-based compensation expenses, which may vary over time and may represent a material portion of overall compensation expense. Adjusted net income does not take into account non-cash expenses that reflect the amortization of past expenditures, or include stock-based compensation, which is an important and material element of the Company’s compensation package for its directors, officers and other key employees. Due to the inherent limitations of each of these non-GAAP financial measures, the Company’s management utilizes comparable GAAP financial measures to evaluate the business in conjunction with Adjusted EBITDA, Adjusted net income and Adjusted net income per diluted share and encourages investors to do likewise.

AKORN, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
IN THOUSANDS, EXCEPT PER SHARE DATA
(UNAUDITED)
	THREE MONTHS ENDED
	March 31,
		2014			2013
Revenues	$	90,622		$	73,854
Cost of sales (excluding amortization of intangibles)		40,966			34,709
GROSS PROFIT		49,656			39,145
Selling, general and administrative expenses		16,587			12,335
Acquisition-related costs		454			519
Research and development expenses		4,418			5,969
Amortization of intangibles		4,757			1,733
TOTAL OPERATING EXPENSES		26,216			20,556
OPERATING INCOME		23,440			18,589
Amortization of financing costs		(6,154	)		(204	)
Non-cash interest expense		(1,249	)		(1,226	)
Equity in earnings of unconsolidated joint venture		-			76
Interest expense, net		(912	)		(978	)
Other non-operating income, net		567			-
INCOME BEFORE INCOME TAXES		15,692			16,257
Income tax provision		5,864			5,415
NET INCOME	$	9,828		$	10,842
NET INCOME PER SHARE:
BASIC	$	0.10		$	0.11
DILUTED	$	0.08		$	0.10
SHARES USED IN COMPUTING NET INCOME
PER SHARE:
BASIC		96,633			95,926
DILUTED		116,884			111,551
COMPREHENSIVE INCOME:
Net income		9,828			10,842
Foreign currency translation gain (loss)		1,705			358
Comprehensive income		11,533			11,200

AKORN, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
IN THOUSANDS, EXCEPT SHARE DATA
(UNAUDITED)
	MARCH 31,			DECEMBER 31,
		2014			2013
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	45,606		$	34,178
Trade accounts receivable, net		65,500			64,998
Inventories		62,013			55,982
Deferred taxes, current		8,038			7,945
Prepaid expenses and other current assets		4,559			5,753
TOTAL CURRENT ASSETS		185,716			168,856
PROPERTY, PLANT AND EQUIPMENT, NET		87,675			82,108
OTHER LONG-TERM ASSETS:
Goodwill		30,437			29,831
Product licensing rights, net		122,933			115,900
Other intangibles, net		14,283			14,605
Deferred financing costs		3,570			5,676
Deferred taxes, non-current		3,330			1,643
Long-term investments		10,012			10,006
Other		3,556			3,180
TOTAL OTHER LONG-TERM ASSETS		188,121			180,841
TOTAL ASSETS	$	461,512		$	431,805
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade accounts payable	$	30,632		$	22,999
Purchase consideration payable		18,898			14,728
Income taxes payable		6,559			1,459
Accrued royalties		6,480			6,004
Accrued compensation		4,453			7,692
Accrued expenses and other liabilities		9,039			8,363
TOTAL CURRENT LIABILITIES		76,061			61,245
LONG-TERM LIABILITIES:
Convertible notes due 2016		109,825			108,750
Lease incentive obligations and other long-term liabilities		1,577			1,630
TOTAL LONG-TERM LIABILITIES		111,402			110,380
TOTAL LIABILITIES		187,463			171,625
SHAREHOLDERS' EQUITY:
Common stock, no par value -- 150,000,000 shares authorized, 96,697,545 and 96,569,186 shares issued and outstanding March 31, 2014 and December 31, 2013, respectively		241,571			239,235
Warrants to acquire common stock		17,946			17,946
Retained earnings		25,194			15,366
Accumulated other comprehensive loss		(10,662	)		(12,367	)
TOTAL SHAREHOLDERS' EQUITY		274,049			260,180
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	461,512		$	431,805

AKORN, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
IN THOUSANDS (UNAUDITED)
	THREE MONTHS ENDED
	MARCH 31,
		2014			2013
OPERATING ACTIVITIES
Consolidated net income	$	9,828		$	10,842
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization		6,675			3,289
Amortization of financing costs		2,129			204
Amortization of favorable contract asset		18			(159	)
Non-cash stock compensation expense		1,282			1,703
Non-cash interest expense		1,249			1,226
Deferred tax assets, net		(1,689	)		798
Excess tax benefit from stock compensation		(33	)		(238	)
Equity in earnings of unconsolidated joint venture		-			(76	)
Changes in operating assets and liabilities:
Trade accounts receivable		(450	)		(7,958	)
Inventories		(5,987	)		(1,441	)
Prepaid expenses and other assets		1,026			1,002
Trade accounts payable		6,100			(1,861	)
Accrued expenses and other liabilities		3,228			(409	)
NET CASH PROVIDED BY OPERATING ACTIVITIES		23,376			6,922
INVESTING ACTIVITIES
Payments for acquisitions and equity investments		(7,500	)		(269	)
Purchases of property, plant and equipment		(5,198	)		(2,689	)
NET CASH USED IN INVESTING ACTIVITIES		(12,698	)		(2,958	)
FINANCING ACTIVITIES
Debt financing costs		(408	)		-
Excess tax benefit from stock compensation		33			238
Proceeds under stock option and stock purchase plans		1,022			868
NET CASH PROVIDED BY FINANCING ACTIVITIES		647			1,106
Effect of changes in exchange rates on cash & cash equivalents		103			12
INCREASE IN CASH AND CASH EQUIVALENTS		11,428			5,082
Cash and cash equivalents at beginning of period		34,178			40,781
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	45,606		$	45,863

AKORN, INC.
RECONCILIATION OF NET INCOME TO NON-GAAP ADJUSTED EBITDA
IN THOUSANDS (UNAUDITED)
	THREE MONTHS ENDED
	March 31,
	2014			2013
NET INCOME	$	9,828		$	10,842
ADJUSTMENTS TO ARRIVE AT EBITDA:
Depreciation expense		1,918			1,556
Amortization expense		4,757			1,733
Interest expense, net		912			978
Non-cash interest expense		1,249			1,226
Income tax provision		5,864			5,415
EBITDA	$	24,528		$	21,750
NON-CASH AND OTHER NON-RECURRING INCOME
AND EXPENSES:
Acquisition-related expenses		454			840
Non-cash stock compensation expense		1,282			1,703
Gain from foreign currency forward contracts		(579	)		-
Amortization of financing costs		6,154			204
ADJUSTED EBITDA	$	31,839		$	24,497
AKORN, INC.
RECONCILIATION OF NET INCOME TO NON-GAAP ADJUSTED NET INCOME
IN THOUSANDS, EXCEPT PER SHARE DATA (UNAUDITED)
	THREE MONTHS ENDED
	March 31,
	2014			2013
NET INCOME	$	9,828		$	10,842
INCOME TAX PROVISION		5,864			5,415
INCOME BEFORE INCOME TAXES		15,692			16,257
ADJUSTMENTS TO ARRIVE AT ADJUSTED NET INCOME:
Acquisition-related expenses		454			840
Non-cash stock compensation expense		1,282			1,703
Non-cash interest expense		1,249			1,226
Amortization expense		4,757			1,733
Gain from foreign currency forward contracts		(579	)		-
Amortization of financing costs		6,154			204
ADJUSTED INCOME BEFORE INCOME TAXES		29,009			21,963
ADJUSTED INCOME TAX PROVISION		10,623			7,526
ADJUSTED NET INCOME		18,386			14,437
ADJUSTED NET INCOME PER DILUTED SHARE	$	0.16		$	0.13

AKORN, INC.
2014 FINANCIAL GUIDANCE
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED NET INCOME:
GAAP NET INCOME	$51 - 53	million
Add:
Intangible asset amortization expense	$33	million
Share-based compensation expense	$6	million
Non-cash interest expense	$5	million
Amortization of financing costs	$2	million
Acquisition-related expenses	$22 - 24	million
Subtract:
Tax effect of adjustments	($25 - 26)	million
ADJUSTED NET INCOME	$94 - 97	million
ADJUSTED NET INCOME PER DILUTED SHARE	$0.79 - 0.82	million
SHARES USED IN COMPUTING ADJUSTED NET INCOME PER DILUTED SHARE	118	million
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EBITDA:
GAAP NET INCOME	$51 - 53	million
Add:
Depreciation and amortization expense	$45	million
Interest expense, net (cash & non-cash)	$27	million
Income tax provision	$30 - 31	million
EBITDA	$153 - 156	million
Add:
Share-based compensation expense	$6	million
Amortization of financing costs	$2	million
Acquisition-related expenses	$22 - 24	million
ADJUSTED EBITDA	$183 - 188	million

CONTACT:
Investor Relations:
Alpha IR Group
Chris Hodges, 312-445-2870
or
At the Company:
Akorn, Inc.
Tim Dick, 847-279-6150
Chief Financial Officer