The New Leader in Ophthalmology.............
September 11, 2013
The global ophthalmology drug and devices market is seeing substantial growth recently due to the increasing frequency of eye disorders in the older population.
This space has a bright future outlook, and according to Markets and Markets, it is projected to reach a market size of $36 billion by 2014, increasing at a CAGR of 5.4% during 2009-2014. The drugs addressable market is expected to rise to $19.8 billion by the year 2014, increasing at a CAGR of 4% during the period 2009-2014.
Akorn (NASDAQ: AKRX ) specializes in the manufacture and marketing of diagnostic and therapeutic ophthalmic pharmaceuticals products. It has been trying to secure a higher market share by making a series of acquisitions. The company recently acquired rival Hi-Tech Pharmacal (NASDAQ: HITK ) to enhance its product offerings outside ophthalmics.
Source: Company filings 10-K.
The company is on its road to success and has registered an exceptionally high revenue growth in the last few years. This growth was the result of new product launches, the revival of dormant products, and acquisitions. The company received Food and Drug Administration approval for vancomycin hydrochloride capsules and progesterone capsules. Some drugs were relaunched to establish an ongoing market presence for these products, as well as filling any market shortage needs. Akorn took over the business assets and principal manufacturing plant of Kilitch Drugs (India) Limited three branded, injectable drugs from Lundbeck, and AVR, the makers of the TheraTears line of over-the-counter eye care products.
What results to expect ahead? Bottom line:
After its recent acquisition, Akorn is expected to become the third largest U.S. generic pharmaceutical company in the field of ophthalmology. The company has been working rigorously to achieve its strategic objectives and was able to register a healthy growth in its revenues and profits. In the midst of the risin