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Jun 30, 2023
ANI Pharmaceuticals Q2 2023 Earnings Report
ANI Pharmaceuticals reported record net revenues and adjusted non-GAAP EBITDA and raised full-year 2023 guidance.
Key Takeaways
ANI Pharmaceuticals reported a strong second quarter with record net revenues of $116.5 million, representing a 57.8% year-over-year growth. The company's lead rare disease asset, Purified Cortrophin® Gel, saw a 138.2% increase in net sales, and Generics, Established Brands and Others reported a 44.9% growth. The company raised its full-year 2023 guidance for net revenue, adjusted non-GAAP EBITDA, and adjusted non-GAAP earnings per share.
Record quarterly net revenues of $116.5 million, a 57.8% year-over-year growth.
Net income available to common shareholders was $5.8 million, with diluted GAAP income per share of $0.29.
Adjusted non-GAAP EBITDA reached a record $34.1 million, a 246% year-over-year increase.
Purified Cortrophin® Gel net sales increased by 138.2% year-over-year, reaching $24.3 million.
Forward Guidance
The company is raising net revenue guidance to $425 million to $445 million from $385 million to $410 million; adjusted non-GAAP EBITDA guidance is raised to $115 million to $125 million from $97 million to $107 million; adjusted non-GAAP earnings per share guidance is raised to $3.62 to $4.11 from $2.99 to $3.45.
Positive Outlook
- Net revenue guidance raised to $425 million - $445 million.
- Cortrophin Gel revenue guidance raised to $90 million - $100 million, representing 116% to 140% growth.
- Adjusted non-GAAP EBITDA guidance raised to $115 million - $125 million.
- Adjusted non-GAAP earnings per share guidance raised to $3.62 - $4.11.
- Mid-point of revised total Company guidance represents year-over-year growth in net revenues of 37%, adjusted non-GAAP EBITDA of 115%, and adjusted non-GAAP earnings per diluted share of 184%
Historical Earnings Impact
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