ANI Pharma (NASDAQ: ANIP) reported Q1 EPS of $1.30, $0.25 better than the analyst estimate of $1.05. Revenue for the quarter came in at $52.9 million versus the consensus estimate of $50.57 million.

• Net revenues of $52.9 million, an increase of 14% versus 2018
• GAAP net income of $0.4 million and diluted GAAP earnings per share of $0.04
• Record adjusted non-GAAP EBITDA of $22.3 million
• Adjusted non-GAAP diluted earnings per share of $1.30

Arthur S. Przybyl, President and CEO, stated,

"ANI had a strong start to the year, generating record adjusted non-GAAP EBITDA of $22.3 million in the first quarter. Our first quarter results also generated net revenues of $52.9 million, an increase of 14% over the prior year period. In addition, product development expense increased by $2.3 million, or 108%, over the prior year period as we continue to advance the re-commercialization of Cortrophin® gel.

Generic product revenue increased 36% over the prior year period and we launched two generic products in late March: 400 mg/5mL Erythromycin Ethylsuccinate for oral suspension and 18 mg and 27 mg Methylphenidate Hydrochloride extended-release tablets. The full effect of these launches will be realized throughout the remainder of the year. The Methylphenidate Hydrochloride launch included two of the strengths recently acquired, and we intend to launch the remaining strengths later in the year."

GUIDANCE:

ANI Pharma sees FY2019 revenue of $231-245 million, versus the consensus of $240.22 million.

For earnings history and earnings-related data on ANI Pharma (ANIP) click here.