ANI Pharma (ANIP) Tops Q1 EPS by 33c, Revenues Beat
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ANI Pharma (NASDAQ: ANIP) reported Q1 EPS of $1.04, $0.33 better than the analyst estimate of $0.71. Revenue for the quarter came in at $54.5 million versus the consensus estimate of $46.8 million.
First Quarter 2021 Financial Highlights:
- Net revenues were $54.5 million compared to $49.8 million in Q1 2020.
- GAAP net income was $0.1 million, and diluted GAAP earnings per share was $0.01.
- Adjusted non-GAAP EBITDA was $18.9 million.
- Adjusted non-GAAP diluted earnings per share was $1.04.
Cash and cash equivalents were $25.1 million, net accounts receivable was $91.9 million, and face value of debt was $184.6 million as of March 31, 2021.
“During the first quarter, we made excellent progress on our stated goal of building a sustainable biopharma company well positioned for growth and serving patients in need. Our dedicated Cortrophin technical team is finalizing our sNDA file for resubmission, and Chris has made strong additions to the commercial team to ensure that we are prepared for a successful launch. The pending Novitium acquisition and product acquisitions from Sandoz represent significant steps toward our goals and are aligned with our four pillars for accelerating growth. Since we signed the Novitium deal in March, Novitium has launched several products, including limited competition opportunities such as Gx Famotidine solution, and continues to build momentum in advance of officially joining the ANI family. At the same time, our operational and commercial teams have seamlessly transitioned the Sandoz product assets into the ANI portfolio,” stated Nikhil Lalwani, President and CEO.
“Similar to many of our industry peers, we have seen a combination of pandemic-related and seasonal factors that have contributed to softness in prescription levels. Despite these challenges, we are at an inflection point, and I believe that the Novitium transaction and sizable market opportunity for Cortrophin have the potential to be transformational for ANI. We remain focused on the work to be done to unlock value for all of our stakeholders and to continue to serve patients in need,” concluded Lalwani.
“We continue to make good progress on our Term Loan B in support of the Novitium transaction, and receiving our inaugural ratings from Moody’s and S&P represents another milestone in the maturation of the Company,” stated Stephen Carey, CFO.
For earnings history and earnings-related data on ANI Pharma (ANIP) click here.
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