Business
ANI Pharmaceuticals Reports Third Quarter 2022 Financial Results; Reports Record Net Revenues
Third Quarter 2022 Results: -- Net revenues of $83.8 million, net loss available to common shareholders of $(9.0) million and diluted GAAP loss per share of
About this update from Ani Pharmaceuticals, Inc.
[{"type":"text","content":"\nThird Quarter 2022 Results:\n\n-- Net revenues of $83.8 million, net loss available to common shareholders of $(9.0) million and diluted GAAP loss per share of $(0.55) --\n\n-- Adjusted non-GAAP EBITDA of $19.6 million and adjusted non-GAAP diluted earnings per share of $0.64 --\n\n-- Year-over-year net revenue growth of 61% resulting in record quarterly net revenues --\n\n-- Lead Rare Disease asset, Purified Cortrophin® Gel (Repository Corticotrophin Injection USP) 80 U/ml (Cortrophin) net sales of $12.6 million --\n\nFull-Year 2022 Guidance:\n\n-- Reiterates total Company net revenue guidance of $295 million to $315 million; adjusted non-GAAP EBITDA guidance of $54 million to $60 million; adjusted non-GAAP Earnings Per Share between $1.34 and $1.62 --\n\nCompany Highlights:\n\n-- Achieved strong Cortrophin revenue growth with 765+ cases initiated by 380 unique prescribers; continued expansion in market access and investment in launch initiatives --\n\n-- Launched several limited-competition new products; completed acquisition of four ANDAs from Oakrum Pharma LLC --\n\n-- Consolidation of manufacturing network on track with expected closing of Oakville, Canada plant by Q1 2023 --\n\n-- Built out leadership team with the appointments of Meredith W. Cook as SVP, General Counsel and Corporate Secretary, and Krista L. Davis as Chief Human Resources Officer --\n\n BAUDETTE, Minn.--(BUSINESS WIRE)--\nANI Pharmaceuticals, Inc. (Nasdaq: ANIP) (ANI or the Company) today announced business highlights and financial results for the three and nine months ended September 30, 2022.\n\n“Our third quarter results reflect clarity in our strategy and strong focus on operational execution. We are pleased to share that ANI delivered record net revenues of $83.8 million and significant sequential gains of non-GAAP EBITDA, which at $19.6 million is nearly double that of the second quarter of 2022. We continue to strengthen the foundation of our Cortrophin launch with a greater than 50% increase in the number of patient cases initiated and in new and repeat prescribers. We have also expanded market access and continue making investments in launch initiatives. Most importantly, we see evidence that our efforts are having a favorable impact on the overall number of patients receiving critical ACTH therapy,” stated Nikhil Lalwani, President and CEO of ...