ANI Pharmaceuticals Reports Second Quarter 2020 Results

About this update from Ani Pharmaceuticals, Inc.

[{"type":"text","content":"\n- Second quarter 2020 net revenues of $48.5 million -\n\n\n- Nikhil Lalwani named President and CEO, effective September 8, 2020 –\n\n\n- Pharmaceutical industry executives, Jeanne Thoma and Tony Pera, join Board of Directors -\n\n BAUDETTE, Minn.--(BUSINESS WIRE)--\nANI Pharmaceuticals, Inc. (“ANI” or the “Company”) (NASDAQ: ANIP) today announced business highlights and financial results for the three and six months ended June 30, 2020.\n\n\nBusiness and Recent Highlights:\n\n\n\nCompleted comprehensive gap assessment on lead product, Cortrophin® Gel, and expect to resubmit supplemental New Drug Application (“sNDA”) to the U.S. Food and Drug Administration (“FDA”) no later than the first quarter of 2021;\n\n\nNamed Nikhil Lalwani as the Company’s new President and CEO, and Board member, effective September 8, 2020;\n\n\nAppointed pharmaceutical industry leaders, Jeanne Thoma and Tony Pera, to Board of Directors;\n\n\nLaunched Omega-3 Acid Ethyl Esters Capsules USP (1g), Polyethylene Glycol 3350 (17g/Packet) and Mexiletine Hydrochloride Capsules USP, 150mg, 200mg and 250mg, the first new product launch from the Company's Oakville, Canada manufacturing site;\n\n\nAcquired Fluconazole Tablets USP, 50mg, 100mg, 150mg, and 200mg for $3.0 million; and\n\n\nRetained a healthcare-focused investor relations firm and launched an updated Company website.\n\n\n\nSecond Quarter 2020 Financial Highlights:\n\n\n\nNet revenues for Q2 2020 were $48.5 million compared to $54.4 million in Q2 2019.\n\n\nGAAP net loss for Q2 2020 was $12.3 million, and diluted GAAP loss per share was $1.03.\n\n\nAdjusted non-GAAP EBITDA for Q2 2020 was $15.4 million.\n\n\nAdjusted non-GAAP diluted earnings per share for Q2 2020 was $0.69.\n\n\nCash and cash equivalents were $27.7 million, net accounts receivable was $73.2 million, and debt was $190.2 million as of June 30, 2020.\n\n\n\n“Despite the negative impact of the COVID-19 pandemic, we had a productive quarter by adding to our stable of generic products, successfully launching our first product from our manufacturing site in Oakville, Canada, a plant that we expect will play an important role in future launches, and making progress to advance our lead product candidate, Cortrophin Gel. I am proud of how our company has navigated these challenges, ensuring the continued manufacturing and availability of our...

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