Several IBD 50 drug and tech companies release quarterly earnings results on Thursday: Akorn, Salix Pharmaceuticals and Skyworks Solutions. All three have IBD’s highest possible Composite Rating, a 99, meaning their shares outperform 99% of all stocks in the market as measured by fundamental and technical factors. Those factors include price performance over the past 12 months, sales growth and earnings growth. Generic-drug maker Akorn (AKRX)
RBC Capital Markets upgraded generic drugmaker Akorn (AKRX) to outperform from sector perform Monday, sending the stock up 1.5% in morning trading on the stock market today, near 36. Analyst Randall Stanicky cited a good environment for U.S. generic drugs in general, with an accelerating approval rate and strong pricing trends. “AKRX’s pipeline sets up well for FDA action with 44% of its 93 ANDAs filed in 2012 or earlier (at least 24 months old)
Specialty drugmaker Akorn (AKRX) said Friday that it’s buying privately held VersaPharm for $440 million, sending shares up nearly 5% after a brief trading halt in the stock market today. Akorn said the buyout, which it expects to close in Q3, will add $90 million to $100 million in annual sales and 10 to 12 cents to EPS. Analysts’ current 2015 forecast calls for sales of $693 million and EPS of $1.11. VersaPharm’s 20-product pipeline is focused