ANI Pharmaceuticals(ANIP)2025-06-04 11:10Financial Performance - Record quarterly net revenues of $197.1 million, representing year-over-year growth of 43.4%[4] - Rare Disease net revenues totaled $69.0 million, with Cortrophin Gel generating $52.9 million, an increase of 43.1% year-over-year[4][14] - Generics net revenues reached $98.7 million, reflecting a 40.5% year-over-year increase driven by new product launches[4][11] - Adjusted non-GAAP EBITDA for the first quarter was $50.7 million, an increase of 34.9% from the previous year[19] - Net revenues for Q1 2025 increased to $197,122,000, up from $137,430,000 in Q1 2024, representing a growth of approximately 43.5%[47] - Operating income for Q1 2025 was $26,194,000, compared to $20,312,000 in Q1 2024, indicating an increase of about 29.1%[47] - Adjusted non-GAAP EBITDA for the three months ended March 31, 2025, was $50,749 thousand, an increase of 34.8% from $37,633 thousand in the prior year[51] - Adjusted non-GAAP net income available to common shareholders for Q1 2025 was $34,144 thousand, up 45.5% from $23,466 thousand in Q1 2024[54] - Adjusted diluted earnings per share for the three months ended March 31, 2025, was $1.70, compared to $1.21 for the same period in 2024, reflecting an increase of 40.5%[54] Guidance and Future Projections - The company raised its 2025 guidance to expected net revenues of $768.0 million to $793.0 million, and adjusted non-GAAP diluted EPS of $6.27 to $6.62[4][21] - Cortrophin Gel is expected to generate net revenues of $265.0 million to $274.0 million in 2025, representing year-over-year growth of 33.8% to 38.3%[4][21] - Forward-looking guidance for 2025 adjusted diluted earnings per share is not provided due to insufficient information for accurate estimates[33] Expenses and Costs - The company experienced a 59.4% increase in selling, general, and administrative expenses to $76.5 million due to the acquisition of Alimera Sciences[17] - Total operating expenses for Q1 2025 were $170,928,000, compared to $117,118,000 in Q1 2024, an increase of approximately 46%[47] - Selling, general, and administrative expenses rose to $76,528,000 in Q1 2025 from $48,021,000 in Q1 2024, marking an increase of approximately 59.3%[47] - Research and development expenses for Q1 2025 were $10,564,000, slightly up from $10,511,000 in Q1 2024, showing a marginal increase of about 0.5%[47] - The company reported a significant increase in research and development expenses, totaling $76,528 thousand for Q1 2025, compared to $48,021 thousand in Q1 2024, reflecting a growth of 59.3%[51] Income and Earnings - The company reported diluted GAAP income per share of $0.69 and record adjusted non-GAAP diluted earnings per share of $1.70 for the first quarter[18] - Basic income per share for Q1 2025 was $0.70, down from $0.84 in Q1 2024, a decline of approximately 16.7%[47] - Diluted income per share for Q1 2025 was $0.69, compared to $0.82 in Q1 2024, reflecting a decrease of about 15.9%[47] - Net income for the three months ended March 31, 2025, was $15,681 thousand, a decrease of 13.4% compared to $18,207 thousand for the same period in 2024[51] - Adjusted non-GAAP net income for Q1 2025 was $15,681,000, compared to $18,207,000 in Q1 2024, reflecting a decrease of approximately 8.4%[47] Assets and Liabilities - Total current assets increased to $536,290 thousand as of March 31, 2025, up from $527,684 thousand on December 31, 2024, representing a growth of 1.15%[49] - Total liabilities decreased to $848,958 thousand as of March 31, 2025, down from $855,167 thousand on December 31, 2024, a reduction of 0.7%[49] - Cash and cash equivalents increased to $149,802 thousand as of March 31, 2025, compared to $144,861 thousand on December 31, 2024, marking a rise of 3.3%[49] - Current liabilities rose to $201,815 thousand as of March 31, 2025, up from $193,680 thousand at the end of 2024, indicating an increase of 4.9%[49] - The company’s total assets reached $1,292,428 thousand as of March 31, 2025, an increase from $1,283,697 thousand on December 31, 2024, representing a growth of 0.6%[49] Market and Product Insights - Approximately 40% of Cortrophin Gel prescribers were new to the ACTH category, indicating strong market penetration[6] - The company plans to market ILUVIEN under an expanded label that includes chronic non-infectious uveitis indications[9]