Business
ANI Pharmaceuticals Reports Third Quarter 2020 Results
- Third quarter 2020 net revenues of $53.0 million; net income of $0.4 million and diluted eps of $0.04 - - Third quarter adjusted non-GAAP EBITDA of $17.0
About this update from Ani Pharmaceuticals, Inc.
[{"type":"text","content":"\n- Third quarter 2020 net revenues of $53.0 million; net income of $0.4 million and diluted eps of $0.04 -\n\n- Third quarter adjusted non-GAAP EBITDA of $17.0 million and adjusted non-GAAP diluted eps of $0.97 -\n\n- Cortrophin® Gel sNDA re-filing on track; commercialization and operational launch readiness plan underway -\n\n- New CEO and Board members add breadth of experience and strengthen capabilities to drive business growth -\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 nine months ended September 30, 2020.\n\nBusiness and Recent Highlights:\n\n\nCompany’s supplemental New Drug Application (“sNDA”) for lead product, Cortrophin Gel, re-filing on track; driving commercial and operational readiness for a successful launch;\n\n\nWelcomed Nikhil Lalwani as President and CEO, on September 8, 2020; and\n\n\nBroadened Board of Directors’ scope of experience with addition of two pharmaceutical industry leaders, Jeanne Thoma and Tony Pera.\n\n\nThird Quarter 2020 Financial Highlights:\n\n\nNet revenues for Q3 2020 were $53.0 million compared to $51.3 million in Q3 2019 and $48.5 million in Q2 2020.\n\n\nGAAP net income for Q3 2020 was $0.4 million, and diluted GAAP earnings per share was $0.04.\n\n\nAdjusted non-GAAP EBITDA for Q3 2020 was $17.0 million.\n\n\nAdjusted non-GAAP diluted earnings per share for Q3 2020 was $0.97.\n\n\nCash and cash equivalents were $17.9 million, net accounts receivable was $83.7 million, and debt was $187.9 million as of September 30, 2020.\n\n\n“My initial two months as CEO of ANI Pharmaceuticals have been rewarding, as I have set forth to evaluate the state of the business and begun to build plans for the next phase of ANI’s growth. I have completed tours of our manufacturing facilities, conducted dozens of one-on-ones and small group discussions with our team, commercial customers, CDMO clients, key suppliers and external stakeholders. All of these interactions have contributed to understanding our challenges, and importantly, our opportunities and what we need to do to realize their full potential. These include the significant opportunity with Cortrophin Gel, a strong North American manufacturing footprint that can be leveraged further and a robust portfolio o...