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Q2 Results: COVID-19 Kicks Akorn While It’s Down

Double-Digit Revenue Drop Reported After Bankruptcy Filing

Executive Summary

Akorn’s second-quarter revenues fell by $58m, as it braces for a restructuring and sale process.

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Generics Industry Counts Cost Of Stormy Second Quarter

As the global generics industry had predicted, the unexpected growth seen in the first quarter of 2020 due to forward buying caused by COVID-19 levelled off in the second quarter. However, a few companies managed to report a “mixed” second quarter or a positive first half for 2020, even after experiencing challenges, such as operational interruptions, posed by the pandemic.

Fresenius Kabi’s EU Biosimilars ‘Lagging Behind Expectations’

Fresenius Kabi is looking to make headway into biosimilars but saw its progress limited by COVID-19 in Q2. Management gave an update on the company’s endeavors during the Q2 earnings call, including key tender victories.

Beleaguered Akorn Files For Bankruptcy

Akorn and its subsidiaries in the US have gone ahead with a Chapter 11 bankruptcy filing, paving the way for an in-court sale of the business and bringing the curtain down for now on the story of one of the hottest generic injectable properties of the last decade.

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