ANI Pharmaceuticals Q2 2021 Earnings Report
Key Takeaways
ANI Pharmaceuticals reported second quarter net revenues of $48.6 million, a net loss of $14.1 million, and adjusted non-GAAP diluted earnings per share of $0.67. The company refiled its sNDA for Cortrophin Gel with the FDA and is on track to close the acquisition of Novitium Pharma LLC in the second half of 2021. They also expanded their branded products portfolio through the acquisition of Sandoz Inc. NDAs.
Refiled supplemental new drug application for Cortrophin Gel with the FDA with a goal date of October 29, 2021.
Pending acquisition of Novitium Pharma LLC is on track to close in the second half of 2021.
Expanded branded products portfolio through acquisition of Sandoz Inc. NDAs.
Net revenues for generic pharmaceutical products increased by 2.4% to $34.2 million.
ANI Pharmaceuticals
ANI Pharmaceuticals
ANI Pharmaceuticals Revenue by Segment
Forward Guidance
The company is focused on executing its growth strategy, including the refiling of the Cortrophin Gel sNDA, the pending acquisition of Novitium, and the integration of acquired dermatology products.
Positive Outlook
- Refiled sNDA with the FDA for Cortrophin Gel.
- Engaged in productive communication with the Agency.
- Strengthening leadership team to drive commercial strategy forward.
- Novitium acquisition is on track to close later this year.
- Integrated the four dermatology products acquired from Sandoz.
Challenges Ahead
- Operating expenses increased by 7.4% to $64.2 million.
- Cost of sales increased by $1.6 million.
- Net loss for the second quarter of 2021 was $14.1 million.
- Diluted loss per share for the three months ended June 30, 2021 was ($1.17).
- Royalty and other revenues decreased by $0.4 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income