Non-Core Brands Downside Contribute to ANI Pharma's (ANIP) Revenue Miss; Roth Capital Reiterates Buy
Roth Capital maintained a Buy rating on ANI Pharmaceuticals (NASDAQ: ANIP), and cut the price target to $56.00 (from $60.00), following the company's 3Q15 earnings report. ANIP reported 3Q15 revenues of $20 million, which trailed consensus of $21.4M. The downside appeared to come from non-core branded revenues. Management lowered 2015 revenue guidance to $75.5 - $78.3 million (from $82 - $84 million).
Analyst Scott Henry commented, "ANIP reported weak 3Q15 results with lower revenues and lower guidance. The current quarterly shortfall is driven by non-core products, but the lower guidance appears a function of new competitive EEMT supply. Apples-toapples, we reduced our 2015-16 revenue and EPS forecasts. Still, we find the valuation worth the risk. Maintain Buy rating with a reduced $56/share price target."
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Shares of ANI Pharmaceuticals closed at $39.90 yesterday.