|   |
|--------|

| þ | Annual Report Pursuant to Section 13 or 15(d) of the SecuritiesExchange Act of 1934     |
|--------|-----------------------------------------------------------------------------------------|
|   |                                                                                    |
|   | For the fiscal year ended December 31, 2014                                             |
|   |                                                                                    |
| o      | Transition Report Pursuant to Section 13 or 15(d) of the SecuritiesExchange Act of 1934 |

| LOUISIANA                       | 72-0717400                           |
|---------------------------------|--------------------------------------|
| (State or other jurisdiction of | (I.R.S. Employer Identification No.) |
| incorporation or organization)  |                                 |

| Title of each class   | Name of each exchange on which registered |
|----------------------------|-------------------------------------------|
| Common Stock, No Par Value | The NASDAQ Stock Market LLC               |

| Large accelerated filer: þ | Accelerated filer: o | Non-accelerated filer: o | Smaller reporting company: o |
|---------------------------------|----------------------|--------------------------|------------------------------|

|   |
|--------|

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|     |                                                                                           | Page  |
|----------|------------------------------------------------------------------------------------------------|------------|
|     |
| PART III |
| Item 10. | Directors, Executive Officers and Corporate Governance                                         | 4          |
| Item 11. | Executive Compensation                                                                         | 8          |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 27         |
| Item 13. | Certain Relationships and Related Transactions and Director Independence                       | 29         |
| Item 14. | Principal Accounting Fees and Services                                                         | 30         |
| PART IV  |
| Item 15. | Exhibits, Financial Statement Schedules                                                        | 31         |

----

|   | Name                     | Age    | Director Since | Present Position with Akorn |
|--------|--------------------------|--------|----------------|-----------------------------|
|   |                     |   |           |
|   | John N. Kapoor, Ph.D.    | 71     | 1990           | Chairman of the Board       |
|   | Kenneth S. Abramowitz 1  | 64     | 2010           | Director                    |
|   | Adrienne L. Graves 2,3   | 61     | 2012           | Director                    |
|   | Ronald M. Johnson 1,2, 4 | 69     | 2003           | Director                    |
|   | Steven J. Meyer1,3       | 58     | 2009           | Director                    |
|   | Brian Tambi              | 70     | 2009           | Director                    |
|   | Alan Weinstein2,3        | 72     | 2009           | Director                    |
|   | Terry Rappuhn 1          | 58     | 2015           | Director                    |

----

| 1 | Member of the Audit Committee. Mr. Meyer is Chair of this committee.                                                                                                              |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2 | Member of the Compensation Committee. Dr. Graves is Chair of this committee.                                                                                                      |
| 3 | Member of the Nominating and Corporate Governance Committee. Mr. Weinstein is Chair of this committee.                                                                            |
| 4 | As stated on the Form 8-K filed March 12, 2015, Ronald Johnson informed Akorn of his decision to not stand for reelection for the Board of Directors for personal health reasons. |

----

----

| Name               | Position                                                                              | Age    | Year BecameOfficer |
|--------------------|---------------------------------------------------------------------------------------|--------|--------------------|
|               |                                                                                  |   |               |
| Raj Rai            | Chief Executive Officer (“CEO”)                                           | 48     | 2009               |
| Timothy A. Dick    | Chief Financial Officer (“CFO”)                                           | 45     | 2009               |
| Joseph Bonaccorsi  | Senior Vice President, General Counsel, and Secretary (“General Counsel”) | 50     | 2009               |
| Bruce Kutinsky     | Chief Operating Officer (“COO”)                                           | 49     | 2010               |
| John R. Sabat      | Senior Vice President, National Accounts and Trade Relations                          | 66     | 2004               |
| Mark M. Silverberg | Executive Vice President, Global Quality Assurance and Alliance Management            | 61     | 2006               |

----

----

----

|   | · | Attract and retain results-oriented executives with proven track records of success to ensure the Company has the caliber of executives needed to perform at the highest levels of the industry, |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Support Company growth, alignment with shareholder interests, and the achievement of other key corporate goals and objectives, |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------|

|   | · | Be designed to achieve external competitiveness, internal equity, and be cost-effective, |
|--------|--------|------------------------------------------------------------------------------------------|

|   | · | Focus attention on and appropriately balance current priorities and the longer-term strategy of the Company through short-and long-term incentives, |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Encourage teamwork and cooperation while recognizing individual contributions by linking variable compensation to Company and individual performance based on position responsibilities and ability to influence financial and organizational results, |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Promote ownership of Company stock by executives to enhance the alignment of interests with shareholders, |
|--------|--------|-----------------------------------------------------------------------------------------------------------|

|   | · | Motivate and reward a prudent level of risk and decision making in an effort to drive reasonable performance, |
|--------|--------|---------------------------------------------------------------------------------------------------------------|

|   | · | Provide flexibility and some discretion in applying the compensation principles to appropriately reflect individual circumstances as well as changing healthcare and pharmaceutical industry conditions and priorities, and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Involve a limited use of perquisites and supplemental benefits which will only be provided if a compelling business rationale exists. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------|

----

|   | ● | Base Salary |
|--------|---------|-------------|

|   | ● | Performance-Based Annual Bonus, |
|--------|---------|---------------------------------|

|   | ● | Long-Term Incentive Compensation, including periodic grants of long-term stock-based compensation, such as stock options and restricted stock awards, which are subject to time-based vesting requirements, and |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ● | Health and Welfare Benefits. |
|--------|---------|------------------------------|

----

|               | Base Pay for Bonus Calculation(a) | Base Bonus Opportunity(b) | Base Bonus Paid(c) (*) | Stretch Bonus Opportunity(d) | Stretch BonusPaid(e) (*) | Discretionary Bonus Paid(f) (*) | Total Bonus Paid(g) (*) |
|--------------------|-----------------------------------|---------------------------|------------------------|------------------------------|--------------------------|---------------------------------|-------------------------|
| Raj Rai            | $ 750,000                         | 100%                      | $ 750,000              | 50%                          | $ 375,000                | $ 375,000                       | $ 1,500,000             |
| Timothy A. Dick    | 385,000                           | 50%                       | ─                | 25%                          | ─                  | ─                         | ─                 |
| Joseph Bonaccorsi  | 350,000                           | 40%                       | 112,000                | 20%                          | 56,000                   | ─                         | 168,000                 |
| Bruce Kutinsky     | 425,000                           | 50%                       | 170,000                | 25%                          | 85,000                   | ─                         | 255,000                 |
| John R. Sabat      | 288,564                           | 40%                       | 115,426                | 20%                          | 57,713                   | ─                         | 173,139                 |
| Mark M. Silverberg | 288,400                           | 40%                       | 69,216                 | 20%                          | 34,608                   | ─                         | 103,824                 |
| TOTALS             | $ 2,486,964                       |                      | $1,216,642             |                         | $ 608,321                | $ 375,000                       | $ 2,199,963             |

----

| A.   | A base bonus tied to personal objectives linked to Company’s overall strategic plan and the achievement of the target Adjusted EBITDA, as defined by the Company.  The Adjusted EBITDA targets for Mr. Rai were established by the Compensation Committee at the commencement of the year and are the same targets applied to our annual cash bonus program for our other executive officers. The personal objectives were not specifically assigned percentages. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| B.   | An “over-achievement” bonus which equals 50% of the base bonus, provided the Company achieves its “stretch” Adjusted EBITDA. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Achieve a determined level of sales and adjusted EBITDA |
|--------|--------|---------------------------------------------------------|

|   | · | Complete development of a certain number of new molecules |
|--------|--------|-----------------------------------------------------------|

|   | · | Submit a determined number of ANDA / ANADA filings |
|--------|--------|----------------------------------------------------|

|   | · | Increase annual adjusted EBITDA by a certain percentage through various growth opportunities |
|--------|--------|----------------------------------------------------------------------------------------------|

|   | · | Complete identified infrastructure improvement projects |
|--------|--------|---------------------------------------------------------|

|   | · | Maintain and achieve defined FDA related compliance standards at domestic and international facilities |
|--------|--------|--------------------------------------------------------------------------------------------------------|

|               | Number of Options Granted in 2014 | Grant Date Fair Value                    |
|--------------------|-----------------------------------|------------------------------------------|
| Raj Rai            | 211,690                           | $     1,948,882 |
| Timothy A. Dick    | 46,570                            | 428,737                                  |
| Joseph Bonaccorsi  | 42,330                            | 389,703                                  |
| Bruce Kutinsky     | 59,970                            | 552,102                                  |
| John R. Sabat      | 23,220                            | 213,770                                  |
| Mark M. Silverberg | 23,220                            | 213,770                                  |
|               | 407,000                           | $     3,746,964 |

----

|               | Number of RSAs Granted in 2014 | Grant Date Fair Value                    |
|--------------------|--------------------------------|------------------------------------------|
| Raj Rai            | 124,864                        | $     4,412,253 |
| Timothy A. Dick    | 45,789                         | 1,669,754                                |
| Joseph Bonaccorsi  | 104,414                        | 3,913,930                                |
| Bruce Kutinsky     | 7,443                          | 184,140                                  |
| John R. Sabat      | 2,882                          | 71,301                                   |
| Mark M. Silverberg | 22,535                         | 821,259                                  |
|               | 307,927                        | $  11,072,637                  |

| Role                               | Guideline           |
|------------------------------------|---------------------|
| Chief Executive Officer            | 5 times base salary |
| All Other Named Executive Officers | 3 times base salary |

----

----

----

| SUMMARY COMPENSATION TABLE           |
|--------------------------------------|
| Name and principal position          | Year  | Salary($) | Bonus($) (1) (*) | StockAwards($) (2) | OptionAwards($) (3) | Non-EquityIncentive PlanCompensation($) (4) (*) | NonqualifiedDeferredCompen-sationEarnings ($) | All OtherCompen- sation($) (5) | Total($) (*) |
|                                 |   |   |   |   |   |   |   |   |   |
| Raj Rai                              | 2014 | 746,575 | 375,000 | 4,412,253 | 1,948,882 | 1,125,000 |   | 3,721 | 8,611,431 |
| Chief Executive Officer              | 2013 | -0- | 250,000 | -0- | 443,725 | 500,000 |   | 500,000 | 1,693,725 |
|                                 | 2012 | -0- | -0- | -0- | -0- | 675,000 |   | 500,000 | 1,175,000 |
|                                 |   |   |   |   |   |   |   |   |   |
| Timothy A. Dick                      | 2014 | 383,959 | -0- | 1,669,754 | 428,737 | -0- |   | 9,007 | 2,491,457 |
| Chief Financial Officer              | 2013 | 309,000 | -0- | -0- | 133,390 | 77,250 |   | 9,110 | 528,750 |
|                                 | 2012 | 299,808 | -0- | -0- | -0- | 180,000 |   | 9,110 | 488,918 |
|                                 |   |   |   |   |   |   |   |   |   |
| Joseph Bonaccorsi                    | 2014 | 349,128 | -0- | 3,913,930 | 389,703 | 168,000 |   | 10,769 | 4,831,530 |
| Senior Vice President,               | 2013 | 286,340 | -0- | -0- | 82,348 | 114,400 |   | 9,290 | 492,378 |
| General Counsel and Secretary        | 2012 | 278,170 | -0- | -0- | -0- | 150,120 |   | 9,290 | 437,580 |
|                                 |   |   |   |   |   |   |   |   |   |
| Bruce Kutinsky                       | 2014 | 423,630 | -0- | 184,140 | 552,102 | 255,000 |   | 4,668 | 1,419,540 |
| Chief Operating Officer              | 2013 | 313,685 | -0- | -0- | 144,279 | 122,070 |   | 6,453 | 586,487 |
|                                 | 2012 | 260,769 | -0- | -0- | 799,140 | 130,174 |   | 6,453 | 1,196,536 |
|                                 |   |   |   |   |   |   |   |   |   |
| John R. Sabat                        | 2014 | 288,449 | -0- | 71,301 | 213,770 | 173,139 |   | 12,874 | 759,533 |
| Senior Vice President, National      | 2013 | 280,160 | -0- | -0- | 80,987 | 77,701 |   | 8,218 | 447,066 |
| Accounts & Trade Relations       | 2012 | 271,769 | -0- | -0- | -0- | 110,160 |   | 8,218 | 390,147 |
|                                 |   |   |   |   |   |   |   |   |   |
| Mark M. Silverberg                   | 2014 | 288,287 | -0- | 821,259 | 213,770 | 103,824 |   | 10,812 | 1,437,952 |
| Executive  Vice President, | 2013 | 280,160 | -0- | -0- | 80,987 | 58,800 |   | 11,126 | 431,073 |
| Global Quality Assurance &       | 2012 | 271,846 | -0- | -0- | -0- | 97,920 |   | 11,126 | 380,892 |
| Alliance Management                  |   |   |   |   |   |   |   |   |   |

|   | (*) | For the reasons discussed under “Performance-Based Annual Bonus”, the Compensation Committee will reevaluate, in consultation with the NEOs, the base, “stretch” and discretionary bonuses paid to our NEOs for 2014. We will report the Compensation Committee’s determinations, including what actions, if any, the Compensation Committee and/or the NEOs decide to take, when they are made. See “Performance-Based Annual Bonus” for additional information. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | The amounts shown in this column are discretionary cash bonus awards earned in the applicable year and paid to the Named Executive Officers in the following year.  See “Performance-Based Annual Bonus” for additional information. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | This column shows the grant-date fair value of restricted stock awards granted during the applicable year.  Additional information regarding restricted stock awards is included in the notes to the “Grants of Plan-Based Awards” and “Outstanding Equity Awards” tables. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (3) | This column shows the grant-date fair value of stock options granted during the applicable year.  These amounts were determined as of the options’ grant dates in accordance with FASB ASC Topic 718.  The assumptions used were the same as those reflected in Note 9 to our consolidated financial statements for the year ended December 31, 2014.   |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (4) | The amounts shown in this column are annual cash incentive awards, earned in the applicable year and paid to the Named Executive Officers in the following year.  See “Performance-Based Annual Bonus” for additional information.                                       |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (5) | The amounts reported in this column represent the dollar amount for each Named Executive Officer for consulting services (CEO only), perquisites and other personal benefits, tax reimbursements, incremental option term extension value, insurance premiums, and other benefits as follows:  |
|   |   |                           |         |                           |            |                                    |            |                |   |
|--------|--------|--------------------------------|--------------|--------------------------------|-----------------|-----------------------------------------|-----------------|---------------------|--------|
|   |   | Name                           | Year         | Fess for ConsultingServices($) | 401(k)Match($)  | GroupTerm LifeInsurancePremium($)       | AllOther($) (1) | Total($)            |   |
|   |   |  Raj Rai             | 201420132012 | -0-500,000500,000              | 481-0--0-       | 540-0--0-                               | 2,700-0--0-     | 3,721500,000500,000 |   |
|   |   |  Timothy A. Dick     | 201420132012 | -0--0--0-                      | 7,3568,7508,500 | 571360360                               | 1,080-0--0-     | 9,0079,1109,110     |   |
|   |   |  Joseph Bonaccorsi   | 201420132012 | -0--0--0-                      | 7,8008,7508,500 | 844540540                               | 2,125-0--0-     | 10,7699,2909,290    |   |
|   |   | Bruce Kutinsky                 | 201420132012 | -0--0--0-                      | 4,1385,9135,178 | 530540540                               | -0--0--0-       | 4,6686,4536,453     |   |
|   |   |  John R. Sabat       | 201420132012 | -0--0--0-                      | 9,0935,8425,695 | 3,7812,376  2,376             | -0--0--0-       | 12,8748,2188,218    |   |
|   |   |  Mark M. Silverberg  | 201420132012 | -0--0--0-                      | 7,8008,7508,250 | 2,422  2,376  1,548 | 590-0--0-       | 10,81211,12611,126  |   |

|   | (1)    | The amounts shown in this column represent the incremental fair value of the extension of the term of certain stock options, calculated as of the date of the extension in accordance with FASB ASC Topic 718. See “Long Term Incentive Compensation” for more information. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                    |

----

| GRANTS OF PLAN-BASED AWARDS                                         |
|---------------------------------------------------------------------|
| Name                                                                | Grant Date | Estimated Future Payouts UnderNon-Equity Incentive Plan Awards (1) | Estimated Future Payouts UnderEquity Incentive Plan Awards | All Other Stock Awards: Numberof Sharesof Stocks | All OtherOptionAwards:Number ofSecuritiesUnderlyingOptions | Exerciseor BasePrice ofOptionAwards(2)($/Sh) | Grant Date Fair Valueof Stockand OptionAwards($)(3) |
|                                                                |   |  Threshold($) |  Target($) |  Maximum($) |  Thresh-old($) |  Target($) |  Maximum($) |   |   |   |   |
| Raj Rai                                                             |   |   |   |   |   |   |   |   |   |   |   |
|   Non-Equity  Incentive  Compensation |   | $0 | $750,000 | $1,125,000 |   |   |   |   |   |   |   |
|   Option  Extensions                            | 5/2/14 |   |   |   |   |   |   |   | 250,000 | $0.01 | $2,700 |
|   Stock Option                                            | 5/2/14 |   |   |   |   |   |   |   | 211,690 | $9.21 | $1,948,882 |
|   Restricted  Stock Award                       | 5/2/14 |   |   |   |   |   |   | 26,271 |   |   | $649,945 |
|   Restricted  Stock Award                       | 9/5/14 |   |   |   |   |   |   | 98,593 |   |   | $3,762,309 |
| Timothy A. Dick                                                     |   |   |   |   |   |   |   |   |   |   |   |
|   Non-Equity  Incentive  Compensation |   | $0 | $192,500 | $288,750 |   |   |   |   |   |   |   |
|   Option  Extensions                            | 5/2/14 |   |   |   |   |   |   |   | 100,000 | $0.01 | $1,080 |
|   Stock Option                                            | 5/2/14 |   |   |   |   |   |   |   | 46,570 | $9.21 | $428,737 |
|   Restricted  Stock Award                       | 5/2/14 |   |   |   |   |   |   | 5,779 |   |   | $142,972 |
|   Restricted  Stock Award                       | 9/5/14 |   |   |   |   |   |   | 40,010 |   |   | $1,526,782 |
| Joseph Bonaccorsi                                                   |   |   |   |   |   |   |   |   |   |   |   |
|   Non-Equity  Incentive  Compensation |   | $0 | $140,000 | $210,000 |   |   |   |   |   |   |   |
|   Option  Extensions                            | 5/2/14 |   |   |   |   |   |   |   | 250,000 | $0.01 | $2,125 |
|   Stock Option                                            | 5/2/14 |   |   |   |   |   |   |   | 42,330 | $9.21 | $389,703 |
|   Restricted  Stock Award                       | 5/2/14 |   |   |   |   |   |   | 5,254 |   |   | $129,984 |
|   Restricted  Stock Award                       | 9/5/14 |   |   |   |   |   |   | 99,160 |   |   | $3,783,946 |
| Bruce Kutinsky                                                      |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                |   |   |     |     |   |   |   |   |   |   |     |
|---------------------------------------------------------------------|--------|--------|----------|----------|--------|--------|--------|--------|--------|--------|----------|
|   Non-Equity  Incentive  Compensation |   | $0     | $212,500 | $318,750 |   |   |   |   |   |   |     |
|   Stock Option                                            | 5/2/14 |   |     |     |   |   |   |   | 59,970 | $9.21  | $552,102 |
|   Restricted  Stock Award                       | 5/2/14 |   |     |     |   |   |   | 7,443  |   |   | $184,140 |
| John R. Sabat                                                       |   |   |     |     |   |   |   |   |   |   |     |
|   Non-Equity  Incentive  Compensation |   | $0     | $115,426 | $173,138 |   |   |   |   |   |   |     |
|   Stock Option                                            | 5/2/14 |   |     |     |   |   |   |   | 23,220 | $9.21  | $213,770 |
|   Restricted  Stock Award                       | 5/2/14 |   |     |     |   |   |   | 2,882  |   |   | $71,301  |
| Mark M. Silverberg                                                  |   |   |     |     |   |   |   |   |   |   |     |
|   Non-Equity  Incentive  Compensation |   | $0     | $115,360 | $173,040 |   |   |   |   |   |   |     |
|   Option  Extensions                            | 5/2/14 |   |     |     |   |   |   |   | 50,000 | $0.01  | $590     |
|   Stock Option                                            | 5/2/14 |   |     |     |   |   |   |   | 23,220 | $9.21  | $213,770 |
|   Restricted  Stock Award                       | 5/2/14 |   |     |     |   |   |   | 2,882  |   |   | $71,301  |
|   Restricted  Stock Award                       | 9/5/14 |   |     |     |   |   |   | 19,653 |   |   | $749,958 |

|   | (1)    | For information on performance-based annual bonus awards granted in 2014, see “Performance-Based Annual Bonus” and “Summary Compensation Table – Non-Equity Incentive Plan Compensation.”                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | (2)    | The per-share exercise or base price of the options granted in the fiscal year is based on the closing price of our common stock on the grant date of each respective option.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | (3)    | The grant date fair value of the option award granted during 2014 was based on the closing prices of our common stock on the grant date, and was calculated in accordance with FASB ASC Topic 718.   The assumptions used for this grant were the same as those reflected in Note 9 to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2014. In the case of the stock option extensions for Messrs. Rai, Dick, Bonaccorsi and Silverberg, the table includes the incremental fair value of the extension as of the date of the extension, calculated in accordance with FASB ASC Topic 718. The calculation of the incremental fair value was developed as the difference between the fair value of the options before the modification and the revised fair value calculation adjusted for a longer expected term and a longer period used for the calculation of the underlying volatility.   See “Long Term Incentive Compensation” for more information. |

----

| OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END |
|----------------------------------------------|
| OPTION AWARDS (1)                            | STOCK AWARDS |
| Name                                         | Number ofSecuritiesUnderlyingUnexercisedOptionsExercisable | Number ofSecuritiesUnderlyingUnexercisedOptionsUnexercisable | Equity IncentivePlan Awards:Number ofSecuritiesUnderlyingUnexercisedUnearnedOptions | OptionExercisePrice($) | OptionExpirationDate | Number ofShares orUnits ofStock ThatHave NotVested | MarketValue ofShares orUnits ofStock ThatHave NotVested($) | EquityIncentivePlanAwards:Number ofUnearnedShares,Units orOtherRights ThatHave NotVested | EquityIncentivePlanAwards:Market orPayoutValue ofUnearnedShares,Units orOther RightsThat HaveNot Vested |
| Raj Rai                                      | 150,000 (2) | -0- |   | 1.46 | 2/22/2020 |   |   |   |   |
|                                         | 750,000 (3) | -0- |   | 2.61 | 5/21/2015 |   |   |   |   |
|                                         | 800,000 (5) | -0- |   | 6.62 | 4/29/2016 |   |   |   |   |
|                                         | 16,300 (7) | 48,900 |   | 15.36 | 5/3/2018 |   |   |   |   |
|                                         | -0- (8) | 211,690 |   | 24.74 | 5/2/2019 |   |   |   |   |
|                                         |   |   |   |   |   | 26,271 (9) | 951,010 |   |   |
|                                         |   |   |   |   |   | 98,593 (10) | 3,569,067 |   |   |
|                                         |   |   |   |   |   |   |   |   |   |
| Timothy A. Dick                              | 122,223 (3) | -0- |   | 2.61 | 5/21/2015 |   |   |   |   |
|                                         | 125,000 (5) | -0- |   | 6.62 | 4/29/2016 |   |   |   |   |
|                                         | 4,900 (7) | 14,700 |   | 15.36 | 5/3/2018 |   |   |   |   |
|                                         | -0- (8) | 46,570 |   | 24.74 | 5/2/2019 |   |   |   |   |
|                                         |   |   |   |   |   | 5,779 (9) | 209,200 |   |   |
|                                         |   |   |   |   |   | 40,010 (10) | 1,448,362 |   |   |
|                                         |   |   |   |   |   |   |   |   |   |
| Joseph Bonaccorsi                            | 100,000 (2) | -0- |   | 1.46 | 2/22/2020 |   |   |   |   |
|                                         | 100,000 (3) | -0- |   | 2.61 | 5/21/2015 |   |   |   |   |
|                                         | 78,000 (5) | -0- |   | 6.62 | 4/29/2016 |   |   |   |   |
|                                         | 3,025 (7) | 9,075 |   | 15.36 | 5/3/2018 |   |   |   |   |
|                                         | -0- (8) | 42,330 |   | 24.74 | 5/2/2019 |   |   |   |   |
|                                         |   |   |   |   |   | 5,254 (9) | 190,195 |   |   |
|                                         |   |   |   |   |   | 99,160 (10) | 3,589,592 |   |   |
|                                         |   |   |   |   |   |   |   |   |   |
| Bruce Kutinsky                               | 250,000 (4) | -0- |   | 5.43 | 12/10/2015 |   |   |   |   |
|                                         | 125,000 (5) | -0- |   | 6.62 | 4/29/2016 |   |   |   |   |
|                                         | 50,000 (6) | 50,000 |   | 13.35 | 8/3/2017 |   |   |   |   |
|                                         | 5,300 (7) | 15,900 |   | 15.36 | 5/3/2018 |   |   |   |   |
|                                         | -0- (8) | 59,970 |   | 24.74 | 5/2/2019 |   |   |   |   |
|                                         |   |   |   |   |   | 7,443 (9) | 269,437 |   |   |
|                                         |   |   |   |   |   |   |   |   |   |
|                                         |   |   |   |   |   |   |   |   |   |
|                                         |   |   |   |   |   |   |   |   |   |
|                                         |   |   |   |   |   |   |   |   |   |

----

| OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END (continued) |
|----------------------------------------------------------|
| OPTION AWARDS (1)                                        | STOCK AWARDS |
| Name                                                     | Number ofSecuritiesUnderlyingUnexercisedOptionsExercisable | Number ofSecuritiesUnderlyingUnexercisedOptionsUnexercisable | Equity IncentivePlan Awards:Number ofSecuritiesUnderlyingUnexercisedUnearnedOptions | OptionExercisePrice($) | OptionExpirationDate  | Number ofShares orUnits ofStock ThatHave NotVested | MarketValue ofShares orUnits ofStock ThatHave NotVested($) | EquityIncentivePlanAwards:Number ofUnearnedShares,Units orOtherRights ThatHave NotVested | EquityIncentivePlanAwards:Market orPayoutValue ofUnearnedShares,Units orOther RightsThat HaveNot Vested |
|  John R. Sabat                                      | 100,000 (5) | -0- |   | 6.62 | 4/29/2016 |   |   |   |   |
|                                                     | 2,975 (7) | 8,925 |   | 15.36 | 5/3/2018 |   |   |   |   |
|                                                     | -0- (8) | 23,220 |   | 24.74 | 5/2/2019 |   |   |   |   |
|                                                     |   |   |   |   |   | 2,882 (9) | 104,328 |   |   |
|                                                     |   |   |   |   |   |   |   |   |   |
| Mark M. Silverberg                                       | 80,000 (2) | -0- |   | 1.46 | 2/22/2020 |   |   |   |   |
|                                                     | 60,000 (3) | -0- |   | 2.61 | 5/21/2015 |   |   |   |   |
|                                                     | 100,000 (5) | -0- |   | 6.62 | 4/29/2016 |   |   |   |   |
|                                                     | 2,975 (7) | 8,925 |   | 15.36 | 5/3/2018 |   |   |   |   |
|                                                     | -0- (8) | 23,220 |   | 24.74 | 5/2/2019 |   |   |   |   |
|                                                     |   |   |   |   |   | 2,882 (9) | 104,328 |   |   |
|                                                     |   |   |   |   |   | 19,653 (10) | 711,439 |   |   |

| (1)    | Outstanding stock options at December 31, 2014, become exercisable in accordance with the vesting schedule below: |
|--------|-------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                              |   |
|   | Grant Date                                                                                                        |                    Vesting Schedule                                                                              . |
|   |                                                                                                              |
| (2)    | 2/22/2010                                                                                                         | 1/3 per year beginning on the first anniversary of the grant |
|   |                                                                                                              |   |
| (3)    | 5/21/2010                                                                                                         | 1/3 per year beginning on the first anniversary of the grant |
|   |                                                                                                              |   |
| (4)    | 12/21/2010                                                                                                        | 1/3 per year beginning on the first anniversary of the grant |
|   |                                                                                                              |   |
| (5)    | 4/29/2011                                                                                                         | 1/3 per year beginning on the first anniversary of the grant |
|   |                                                                                                              |   |
| (6)    | 8/3/2012                                                                                                          | 1/4 per year beginning on the first anniversary of the grant |
|   |                                                                                                              |   |
| (7)    | 5/3/2013                                                                                                          | 1/4 per year beginning on the first anniversary of the grant |
|   |                                                                                                              |   |
| (8)    | 5/2/2014                                                                                                          | 1/4 per year beginning on the first anniversary of the grant |
|   |                                                                                                              |   |
| (9)    | 5/2/2014                                                                                                          | 1/4 per year beginning on the first anniversary of the grant |
|   |                                                                                                              |   |
| (10)   | 9/5/2014                                                                                                          | 1/4 per year beginning on the first anniversary of the grant |

----

| OPTION EXERCISES AND STOCK VESTED |
|-----------------------------------|
|                              | OPTION AWARDS | STOCK AWARDS |
| Name                              | Number ofSharesAcquiredon Exercise(#) | ValueRealizedonExercise ($) (1) | Number ofSharesAcquiredonVesting(#) | Number ofShares Withheldto Cover TaxLiability | Value Realized onVesting($) |
| Raj Rai (2)                       | 2,250,000 | $ 73,508,000 | -0- | -0- | -0- |
| Tim A. Dick (3)                   | 527,777 | $ 19,586,893 | -0- | -0- | -0- |
| Joe Bonaccorsi (4)                | 250,000 | $ 9,269,500 | -0- | -0- | -0- |
| Bruce Kutinsky                    | -0- | -0- | -0- | -0- | -0- |
| John R. Sabat (5)                 | 43,173 | $ 1,667,023 | -0- | -0- | -0- |
| Mark M. Silverberg (6)            | 210,000 | $ 8,088,500 | -0- | -0- | -0- |

| (1)    | The stock option exercises included above were either same-day sales or were sales to cover the exercise price and taxes due upon exercise of the options. The value realized on exercise of these options equaled the difference between the average sales prices and the exercise prices for the underlying shares. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                  |
| (2)    | Of the 2,250,000 options exercised by Mr. Rai during the year ended December 31, 2014, 1,050,659 shares were sold to cover the exercise price and taxes due upon exercise of options and the remaining 1,199,341 shares were held by Mr. Rai.                                                                         |
|   |                                                                                                                                                                                                                                                                                                                  |
| (3)    | Of the 527,777 options exercised by Mr. Dick during the year ended December 31, 2014, 75,875 shares were sold to cover the exercise price and taxes due upon exercise of options, 366,666 shares were sold for cash and the remaining 85,236 shares were held by Mr. Dick.                                            |
|   |                                                                                                                                                                                                                                                                                                                  |
| (4)    | Of the 250,000 options exercised by Mr. Bonaccorsi during the year ended December 31, 2014, 116,800 shares were sold to cover the exercise price and taxes due upon exercise of options and the remaining 133,200 shares were held by Mr. Bonaccorsi.                                                                 |
|   |                                                                                                                                                                                                                                                                                                                  |
| (5)    | Of the 43,173 options exercised by Mr. Sabat during the year ended December 31, 2014, all shares were sold for cash.                                                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                  |
| (6)    | Of the 210,000 options exercised by Mr. Silverberg during the year ended December 31, 2014, 72,491 shares were sold to cover the exercise price and taxes due upon exercise of options and the remaining 137,509 shares were held by Mr. Silverberg.                                                                  |

----

|                                     |  Raj Rai | Timothy A. Dick                  | Joseph Bonaccorsi                | Bruce Kutinsky                   | John R. Sabat                                                                      | Mark Silverberg                                                                    |
|------------------------------------------|---------------|----------------------------------|----------------------------------|----------------------------------|------------------------------------------------------------------------------------|------------------------------------------------------------------------------------|
| Cash Severance Payments                  | $ 2,250,000   | $    770,000 | $    700,000 | $    850,000 | $             -0- | $             -0- |
| Cash Bonus Payments                      | 2,250,000     | 577,500                          | 525,000                          | 765,000                          | -0-                                                                                | -0-                                                                                |
| Accelerated Vesting of Stock Options (1) | 3,445,043     | 840,040                          | 674,225                          | 2,161,112                        | -0-                                                                                | -0-                                                                                |
| Employee Benefits Continuation (2)       | 24,000        | 16,000                           | 16,000                           | 16,000                           | -0-                                                                                | -0-                                                                                |
| Tax Gross-Up                             | -0-           | -0-                              | -0-                              | -0-                              | -0-                                                                                | -0-                                                                                |
| TOTAL                                    | $ 7,969,043   | $ 2,203,540                      | $ 1,915,225                      | $ 3,792,112                      | $             -0- | $             -0- |

| (1)   | Represents the intrinsic value of “in-the-money” unvested stock options based on $36.20 per share, which was the closing stock price of Akorn, Inc. common stock on December 31, 2014. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | For Messrs. Rai, Dick and Bonaccorsi and Dr. Kutinsky, the amount represents the estimated cost to continue health and life insurance coverage for 2 years after a change in control.  For Mr. Rai, the amount represents continued health and life insurance coverage for 3 years after a change in control. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                 |  Raj Rai                    | Timothy A. Dick                  | Joseph Bonaccorsi                | Bruce Kutinsky                   | John R. Sabat                                                                      | Mark Silverberg                                                                    |
|--------------------------------------|----------------------------------|----------------------------------|----------------------------------|----------------------------------|------------------------------------------------------------------------------------|------------------------------------------------------------------------------------|
| Cash Severance Payments              | $    750,000 | $    385,000 | $    350,000 | $    425,000 | $             -0- | $             -0- |
| Cash Bonus Payments                  |     750,000  |     385,000  |     350,000  |     425,000  | -0-                                                                                | -0-                                                                                |
| Accelerated Vesting of Stock Options | -0-                              | -0-                              | -0-                              | -0-                              | -0-                                                                                | -0-                                                                                |
| Employee Benefits Continuation (1)   | 8,000                            | 8,000                            | 8,000                            | 8,000                            | -0-                                                                                | -0-                                                                                |
| Tax Gross-Up                         | -0-                              | -0-                              | -0-                              | -0-                              | -0-                                                                                | -0-                                                                                |
| TOTAL                                | $ 1,508,000                      | $    778,000 | $    708,000 | $    858,000 | $             -0- | $             -0- |

|   | (1) | For Messrs. Rai, Dick and Bonaccorsi and Dr. Kutinsky, the amount represents the estimated cost to continue health and life insurance coverage for 1 year after a change in control. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                  |   | Fee schedule adoptedon April 29, 2011 |   | Fee schedule adoptedon May 4, 2012 |   | Fee schedule adoptedon May 1, 2014 |
|-------------------------------------------------------|--------|---------------------------------------|--------|------------------------------------|--------|------------------------------------|
| Board Fees:                                           |   |                                  |   |                               |   |                               |
|    Chairman of the Board               |   | $ 70,000                              |   | $ 90,000                           |   | $ 125,000                          |
|    Board Members                       |   | $ 50,000                              |   | $ 70,000                           |   | $  75,000                |
| Committee and ad hoc subcommittee fees:               |   |                                  |   |                               |   |                               |
|    Audit Committee                     |   | -0-                                   |   | -0-                                |   | $  20,000                |
|    Compensation Committee              |   | -0-                                   |   | -0-                                |   | $  12,750                |
|    Nominating and Governance Committee |   | -0-                                   |   | -0-                                |   | $  10,000                |
|    Ad Hoc Subcommittees                |   | -0-                                   |   | -0-                                |   | $  10,000                |

| 2014 DIRECTOR COMPENSATION    |
|-------------------------------|
| Name(a)                       | Fees Earnedor Paidin Cash($)(b) (1) | StockAwards($)(c) (2) | OptionAwards($)(d) (3) | Non-equity incentive plan compensation($)(e) | Change in pension value and nonqualified deferred compensation earnings(f) | All other compensation($)(g) (4) | Total($)(h) |
| Dr. John N. Kapoor (Chairman) | $       107,500 | -0- | $      94,830 | -0- | -0- | -0- | $        202,330 |
| Kenneth S. Abramowitz         | 72,500 | -0- | 94,830 | -0- | -0- | 1,471 | 168,801 |
| Dr. Adrienne Graves           | 78,876 | -0- | 94,830 | -0- | -0- | 2,678 | 176,384 |
| Ronald M. Johnson 5           | 77,500 | -0- | 94,830 | -0- | -0- | 4,145 | 176,475 |
| Steven Meyer                  | 82,500 | -0- | 94,830 | -0- | -0- | -0- | 177,330 |
| Brian Tambi                   | 72,500 | 306,577 | 94,830 | -0- | -0- | 943 | 474,850 |
| Alan Weinstein                | 77,500 | -0- | 94,830 | -0- | -0- | 1,377 | 173,707 |
| Terry Rappuhn                 | -0- | -0- | -0- | -0- | -0- | -0- | -0- |

----

----

| (1)    | The dollar amount of all fees earned or paid in cash for services as a director, including annual retainer fees and committee, sub-committee and/or chairmanship fees.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| (2)    | This column presents the aggregate grant date fair value of restricted stock awards issued during 2014. Note that the Company granted restricted shares to Mr. Tambi to make him whole given increased tax liabilities related to the receipt of extended option terms on prior option grants during the year ended December 31, 2014.                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| (3)    | This column represents the aggregate grant date fair value of stock options granted during the year. The options vest 100% one year from the grant date.  The grant date fair values are be determined in accordance with FASB ASC Topic 718, and the assumptions used would be the same as those reflected in Note 9 to our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2014.  As of December 31, 2014, each director had the following number of options outstanding: Dr. Kapoor – 10,753; Mr. Abramowitz – 40,738; Dr. Graves – 30,753; Mr. Johnson – 60,753; Mr. Meyer – 35,753; Mr. Tambi – 60,753; Mr. Weinstein – 60,753; and Ms. Rappuhn - 0. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| (4)    | The amounts shown in this column represent reimbursed travel expenses, other ancillary expenses and the fair incremental value of the extension of the term of certain of Mr. Tambi’s options. In the case of the stock option extensions, the table includes the incremental fair value of the extension as of the date of the extension, calculated in accordance with FASB ASC Topic 718. The calculation of the incremental fair value was developed as the difference between the fair value of the options before the modification and the revised fair value calculation adjusted for a longer expected term and a longer period used for the calculation of the underlying volatility.                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| (5)    | As stated on the Form 8-K filed March 12, 2015, Ronald Johnson informed Akorn of his decision to not stand for reelection for the Board of Directors for personal health reasons                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

|  Beneficial Owner                                                                        |   | SharesBeneficially Owned (1) |       | Percent of Class |
|-----------------------------------------------------------------------------------------------|--------|------------------------------|------------|------------------|
| Holders of 5% or more of our common stock (excluding Directors and Named Executive Officers): |   |                         |       |             |   |   |   |   |
| BlackRock, Inc.                                                                               |   |                         | 7,622,511  | (2)              |   |   |   | 6.7% |
| Columbia Wanger Asset Management, LLC                                                         |   |                         | 6,524,486  | (3)              |   |   |   | 5.7% |
|                                                                                          |   |                         |       |             |   |   |   |   |
| Directors:                                                                                    |   |                         |       |             |   |   |   |   |
| John N.  Kapoor, Ph.D.                                                              |   |                         | 31,482,967 | (4)              |   |   |   | 27.5% |
| Kenneth S. Abramowitz                                                                         |   |                         | 61,315     | (5)              |   |   |   | * |
| Adrienne L. Graves, Ph.D.                                                                     |   |                         | 20,000     | (6)              |   |   |   | * |
| Ronald Johnson                                                                                |   |                         | 149,964    | (7)              |   |   |   | * |
| Steven J. Meyer                                                                               |   |                         | 98,556     | (8)              |   |   |   | * |
| Brian Tambi                                                                                   |   |                         | 83,591     | (9)              |   |   |   | * |
| Alan Weinstein                                                                                |   |                         | 128,857    | (10)             |   |   |   | * |
| Terry Rappuhn                                                                                 |   |                         | 500        |             |   |   |   | * |
|                                                                                          |   |                         |       |             |   |   |   |   |
| Named Executive Officers:                                                                     |   |                         |       |             |   |   |   |   |
| Raj Rai                                                                                       |   |                         | 2,177,535  | (11)             |   |   |   | 1.9% |
| Timothy A. Dick                                                                               |   |                         | 345,461    | (12)             |   |   |   | * |
| Joseph Bonaccorsi                                                                             |   |                         | 548,887    | (13)             |   |   |   | * |
| Bruce Kutinsky, Pharm. D.                                                                     |   |                         | 445,980    | (14)             |   |   |   | * |
| John R.  Sabat                                                                      |   |                         | 143,231    | (15)             |   |   |   | * |
| Mark M. Silverberg                                                                            |   |                         | 359,497    | (16)             |   |   |   | * |
| Directors and Named Executive Officers as a group (14 persons)                                |   |                         | 36,046,341 |             |   |   |   | 31.1% |

----

----

| (1)  | Includes all shares beneficially owned, whether directly and indirectly, individually or together with associates, jointly or as community property with a spouse, as well as any shares as to which beneficial ownership may be acquired within 60 days of April 24, 2015 by the exercise of options, warrants or other convertible securities. Unless otherwise specified in the footnotes that follow, the indicated person or entity has sole voting power and sole investment power with respect to the shares.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| (2)       | The stock ownership of BlackRock, Inc. is as of December 31, 2014 as reflected in the Schedule 13G/A filed with the SEC on January 29, 2015. The address of BlackRock, Inc. is 40 East 52nd Street, New York, New York 10022.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| (3)       | The stock ownership of Columbia Wanger Asset Management, LLC is as of December 31, 2014 as reflected in the Schedule 13G/A filed with the SEC on February 11, 2015. The address of Columbia Wanger Asset Management, LLC is 227 West Monroe Street, Suite 3000, Chicago, Illinois 60606.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| (4)       | Includes (i) 19,938,524 shares of common stock owned by the Kapoor Trust, of which Dr. Kapoor is the sole trustee and beneficiary, (ii) 4,224,185 shares owned by various grantor retained annuity trusts (“GRATs”) of which Dr. Kapoor is the sole trustee and various family members are the beneficiaries, (iii) 500,730 shares of common stock owned directly by Dr. Kapoor, (iv) 2,970,644 shares owned by EJ Financial / Akorn Management L.P., of which Dr. Kapoor is the managing general partner, (v) 133,439 shares of common stock owned by several trusts, the trustee of which is an employee of EJ Financial Enterprises Inc., a company for which Dr. Kapoor serves as President, and the beneficiaries of which are Dr. Kapoor’s children, (vi) 3,590,445 shares of common stock issuable upon exercise of warrants issued to the EJ Funds LP, and (vii) 125,000 shares of common stock held by the John and Editha Kapoor charitable foundation. Dr. Kapoor holds sole voting and dispositive power over 24,921,878 beneficially-owned shares and holds shared voting and dispositive power over 6,561,089 beneficially owned shares, which includes the 2,970,644 shares owned by EJ Financial / Akorn Management L.P and the 3,590,445 shares of common stock issuable upon exercise of warrants issued to the EJ Funds LP. |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| (5)       | Beneficial ownership for Mr. Abramowitz includes (i) 29,985 shares of common stock issuable upon exercise of options.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| (6)       | Beneficial ownership for Dr. Graves includes (i) 20,000 shares of common stock issuable upon exercise of options.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| (7)       | Beneficial ownership for Mr. Johnson includes (i) 50,000 shares of common stock issuable upon exercise of options.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| (8)       | Beneficial ownership for Mr. Meyer includes (i) 25,000 shares of common stock issuable upon exercise of options.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| (9)       | Beneficial ownership for Mr. Tambi includes (i) 50,000 shares of common stock issuable upon exercise of options and (ii) 8,034 shares of restricted common stock scheduled to vest in four equal installments on September 5, 2015, September 5, 2016, September 5, 2017 and September 5, 2018.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| (10)      | Beneficial ownership for Mr. Weinstein includes (i) 50,000 shares of common stock issuable upon exercise of options.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| (11)      | Beneficial ownership for Mr. Rai consists of (i) 16,300 shares of common stock issuable upon the exercise of options, (ii) 26,271 shares of restricted common stock scheduled to vest in four equal installments on May 2, 2015, May 2, 2016, May 2, 2017 and May 2, 2018, and (iii) 98,593 shares of restricted common stock scheduled to vest in four equal installments on September 5, 2015, September 5, 2016, September 5, 2017 and September 5, 2018.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

----

| (12) | Beneficial ownership for Mr. Dick includes (i) 129,900 shares of common stock issuable upon the exercise of options, (ii) 5,779 shares of restricted common stock scheduled to vest in four equal installments on May 2, 2015, May 2, 2016, May 2, 2017 and May 2, 2018, and (iii) 40,010 shares of restricted common stock scheduled to vest in four equal installments on September 5, 2015, September 5, 2016, September 5, 2017 and September 5, 2018. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (13)   | Beneficial ownership for Mr. Bonaccorsi includes (i) 178,025 shares of common stock issuable upon the exercise of options, (ii) 5,254 shares of restricted common stock scheduled to vest in four equal installments on May 2, 2015, May 2, 2016, May 2, 2017 and May 2, 2018, and (iii) 99,160 shares of restricted common stock scheduled to vest in four equal installments on September 5, 2015, September 5, 2016, September 5, 2017 and September 5, 2018.      |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| (14)   | Beneficial ownership for Dr. Kutinsky includes (i) 430,300 shares of common stock issuable upon the exercise of stock options and (ii) 7,443 shares of restricted common stock scheduled to vest in four equal installments on May 2, 2015, May 2, 2016, May 2, 2017 and May 2, 2018.                                                                                                                                                                                 |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| (15)   | Beneficial ownership for Mr. Sabat includes (i) 102,975 shares of common stock issuable upon the exercise of stock options and (ii) 2,882 shares of restricted common stock scheduled to vest in four equal installments on May 2, 2015, May 2, 2016, May 2, 2017 and May 2, 2018.                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| (16)   | Beneficial ownership for Mr. Silverberg includes (i) 102,975 shares of common stock issuable upon the exercise of stock options, (ii) 2,882 shares of restricted common stock scheduled to vest in four equal installments on May 2, 2015, May 2, 2016, May 2, 2017 and May 2, 2018, and (iii) 19,653 shares of restricted common stock scheduled to vest in four equal installments on September 5, 2015, September 5, 2016, September 5, 2017 and September 5, 2018 |

----

|                   |   | 2014   |   |   | 2013   |   |
|------------------------|--------|--------|--------|--------|--------|--------|
| Audit Fees (1)         |   | $      | 3,141  |   |   | $      | 1,112 |   |
| Audit-Related Fees (2) |   |   | 106    |   |   |   | 235 |   |
| Tax Fees (3)           |   |   | 517    |   |   |   | 44 |   |
| Total                  |   | $      | 3,764  |   |   | $      | 1,391 |   |

| (1)   | Audit Fees billed by KPMG were for various professional services provided to the Company, including: |
|-----------------|------------------------------------------------------------------------------------------------------|

| a.   | the audit of our consolidated financial statements as of and for the years then ended, as included in our Annual Reports on form 10-K filed with the SEC; |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| b.   | the audit of our  internal controls over financial reporting as required by Section 404 of the Sarbanes-Oxley Act of 2002; |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------|

| c.   | the reviews of our condensed consolidated interim financial statements, as filed on Form 10-Q with the SEC; |
|----------------|-------------------------------------------------------------------------------------------------------------|

| (2)   | Audit-Related Fees consist of due diligence services provided by KPMG in relation to various acquisitions which did occur or were planned to occur during the year. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Tax Fees principally consist of tax-related diligence procedures and other specialty projects completed during the year. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------|

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| (b) | Exhibits |
|-----|----------|

|  ExhibitNo. |    |  Description                                                                         |
|------------------|--------------|-------------------------------------------------------------------------------------------|
| 31.1             |    | Certification pursuant to Section 302 of the Sarbanes Oxley Act of 2002 (filed herewith). |
|             |         |
| 31.2             |    | Certification pursuant to Section 302 of the Sarbanes Oxley Act of 2002 (filed herewith). |

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|   |   | AKORN, INC. |                    |
|--------|--------|-------------|-------------------------|
|   |   |        |                    |
|   |   | By:         | /s/ RAJAT RAI           |   |
|   |   |        | Rajat Rai               |   |
|   |   |        | Chief Executive Officer |   |

| Signature                 |   | Title                                                |   | Date           |
|---------------------------|--------|------------------------------------------------------|--------|----------------|
|                      |   |                                                 |   |           |
| /s/ RAJAT RAI             |   | Chief Executive Officer                              |   | April 30, 2015 |
| Rajat Rai                 |   |                                                 |   |           |
|                      |   |                                                 |   |           |
| /s/ TIMOTHY A. DICK       |   | Chief Financial Officer (Principal Financial Officer |   | April 30, 2015 |
| Timothy A. Dick           |   | and Principal Accounting Officer)                    |   |           |
|                      |   |                                                 |   |           |
| /s/ JOHN N. KAPOOR, PH.D. |   | Director, Chairman of the Board                      |   | April 30, 2015 |
| John N. Kapoor, Ph.D.     |   |                                                 |   |           |
|                      |   |                                                 |   |           |
| /s/ KENNETH S. ABRAMOWITZ |   | Director                                             |   | April 30, 2015 |
| Kenneth S. Abramowitz     |   |                                                 |   |           |
|                      |   |                                                 |   |           |
| /s/ ADRIENNE L. GRAVES    |   | Director                                             |   | April 30, 2015 |
| Adrienne L. Graves        |   |                                                 |   |           |
|                      |   |                                                 |   |           |
| /s/ RONALD M. JOHNSON     |   | Director                                             |   | April 30, 2015 |
| Ronald M. Johnson         |   |                                                 |   |           |
|                      |   |                                                 |   |           |
| /s/ STEVEN J. MEYER       |   | Director                                             |   | April 30, 2015 |
| Steven J. Meyer           |   |                                                 |   |           |
|                      |   |                                                 |   |           |
| /s/ BRIAN TAMBI           |   | Director                                             |   | April 30, 2015 |
| Brian Tambi               |   |                                                 |   |           |
|                      |   |                                                 |   |           |
| /s/ ALAN WEINSTEIN        |   | Director                                             |   | April 30, 2015 |
| Alan Weinstein            |   |                                                 |   |           |
|                      |   |                                                 |   |           |
| /s/ TERRY RAPPUHN         |   | Director                                             |   | April 30, 2015 |
| Terry Rappuhn             |   |                                                 |   |           |
|                      |   |                                                 |   |           |

----

| Exhibit No. |         | Description                                                                               |
|-------------|--------------|-------------------------------------------------------------------------------------------|
|        |         |                                                                                      |
| 31.1        |    | Certification pursuant to Section 302 of the Sarbanes Oxley Act of 2002 (filed herewith). |
|        |         |
| 31.2        |    | Certification pursuant to Section 302 of the Sarbanes Oxley Act of 2002 (filed herewith). |

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