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ANI Pharmaceuticals(ANIP) - 2024 Q4 - Annual Results

Financial Projections - Total company net revenues for 2024 are expected to be between 739millionand739 million and 759 million, reflecting a compound annual growth rate (CAGR) of approximately 33% from 2022 to 2025[10]. - Adjusted non-GAAP EBITDA for 2024 is projected to be between 182millionand182 million and 192 million, indicating a CAGR of around 50% from 2022 to 2025[14]. - Projected revenues for 2024 are estimated to be between 594millionand594 million and 602 million, representing a year-over-year growth of 22-24%[57]. - Adjusted non-GAAP EBITDA for the three months ended September 30, 2024, was 35.1million,adecreasefrom35.1 million, a decrease from 133.8 million for the same period in 2023[60]. - Adjusted non-GAAP EBITDA for the nine months ended September 30, 2024, was 106million,downfrom106 million, down from 134 million for the same period in 2023[60]. - Adjusted non-GAAP net income available to common shareholders for the three months ended September 30, 2024, was 26.5million[61].RareDiseaseSegmentCortrophinGel,theleadrarediseaseasset,achievednearly26.5 million[61]. Rare Disease Segment - Cortrophin Gel, the lead rare disease asset, achieved nearly 200 million in sales during its third year post-launch[10]. - Rare disease net revenues are projected to grow by 133% from 2022 to 2024, reaching between 228millionand228 million and 229 million[18]. - The ACTH market is estimated to be worth 600millionatlaunchin2022andapproximately600 million at launch in 2022 and approximately 670 million in 2024, driven by Cortrophin Gel's introduction[23]. - The company expects continued strong growth in the rare disease segment, supported by high barriers to entry and limited competition[22]. - Preliminary results for Q4 2024 indicate a 107% year-over-year increase in revenues from the rare disease segment[12]. - Cortrophin Gel achieved approximately 198millioninrevenuefor2024,indicatingastrongmultiyeargrowthtrajectory[56].Cortrophinsuseforacutegoutyarthritisflareshasgrowntoapproximately15198 million in revenue for 2024, indicating a strong multi-year growth trajectory[56]. - Cortrophin's use for acute gouty arthritis flares has grown to approximately 15% of its total usage, with a significant addressable patient population of around 300,000[31]. - The company expects its Rare Disease business to account for over 50% of total revenues by 2025, driving future growth[54]. Product Launches and Acquisitions - The acquisition of Alimera expanded the rare disease franchise, contributing to the growth of the portfolio[10]. - The acquisition of Alimera Sciences is projected to contribute 10 million in synergies by 2025, enhancing the company's ophthalmology portfolio[33]. - A total of 17 new generic products were launched in 2024, maintaining a 2 ranking in Competitive Generic Therapy (CGT) approvals[10]. - ANI Pharmaceuticals has launched seventeen new products in 2024, including two Competitive Generic Therapy products with 180-day exclusivity[52]. - The company plans to launch a Pre-Filled Syringe for Cortrophin Gel in the first half of 2025, enhancing patient convenience[56]. - The expanded ophthalmology sales team has increased new patient starts in this area by approximately 2x quarter-over-quarter in Q4[27]. Financial Health and Expenses - ANI Pharmaceuticals has maintained a disciplined approach towards debt levels, with a post-acquisition net leverage of 3.0x[57]. - Net loss for the three months ended September 30, 2024, was (24.2)million,comparedtoanetincomeof(24.2) million, compared to a net income of 18.8 million for the same period in 2023[60]. - Cash and cash equivalents increased significantly from 48millionin2022to48 million in 2022 to 221 million in 2023[63]. - Net debt decreased from 249millionin2022to249 million in 2022 to 73 million in 2023, resulting in a net debt/EBITDA ratio of 0.5x[63]. - The gross debt remained relatively stable at 294millionin2023comparedto294 million in 2023 compared to 297 million in 2022[63]. - The company incurred 9.9 million in M&A transaction expenses during the three months ended September 30, 2024[61]. - Stock-based compensation for the three months ended September 30, 2024, amounted to 7.5 million[61]. - Depreciation and amortization expenses for the three months ended September 30, 2024, were $15.7 million[61].