ANI Pharma (NASDAQ: ANIP) reported Q1 EPS of $1.04, $0.15 better than the analyst estimate of $0.89. Revenue for the quarter came in at $49.8 million versus the consensus estimate of $50.23 million.

For the first quarter 2020, ANI reports:

• Net revenues of $49.8 million versus $52.9 million in 2019
• GAAP net loss of $7.0 million and diluted GAAP loss per share of $0.59
• Adjusted non-GAAP EBITDA of $17.6 million
• Adjusted non-GAAP diluted earnings per share of $1.04

Arthur S. Przybyl, President and CEO, stated,

"ANI generated net revenues and non-GAAP earnings that met management's expectations during a period that was marked by significant uncertainties due to the COVID-19 pandemic. Our performance during this period is a testament to the commitment of our employees and to the strength of the business that we have built. I am proud of the accomplishments that were made during my eleven-year tenure as CEO of ANI. During this time, we have built ANI from a small private company to a thriving public specialty pharmaceutical business with an increasing diverse commercial product offering and an incredibly valuable pipeline opportunity in Cortrophin® Gel. As I depart ANI, I am confident that I leave the business in good health, in the hands of a very strong management team, and with its best days ahead of it. I welcome Patrick Walsh from the Board of Directors to the role of interim CEO and trust in his ability to lead the Company until such time as my replacement is identified."

Appoints Interim CEO

As previously announced, Mr. Przybyl will depart as President and CEO on May 10, 2020. The Board of Directors of ANI (BOD) has appointed Patrick D. Walsh interim President and CEO, effective May 11, 2020, until such time that Mr. Przybyl's permanent replacement is hired. Mr. Walsh has served on the ANI BOD since 2018 and has extensive pharmaceutical industry experience. For Mr. Walsh's complete bio, please refer to ANI's proxy statement filed on April 23, 2020. The BOD has retained nationally recognized executive search firm Heidrick & Struggles and is currently conducting the search for a President and CEO.

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