ANI Pharmaceuticals Reports Record Third Quarter 2024 Financial Results and Raises 2024 Guidance

Core Insights - ANI Pharmaceuticals reported record quarterly net revenues of $148.3 million, reflecting a year-over-year growth of 12.5%, with Purified Cortrophin® Gel net revenues reaching $52.6 million, an increase of 76.8% year-over-year [1][9] - The company completed the acquisition of Alimera Sciences, enhancing its Rare Disease portfolio with two commercial assets, ILUVIEN® and YUTIQ®, which are expected to drive significant growth [1][6] - ANI Pharmaceuticals raised its 2024 guidance, projecting net revenues between $594 million and $602 million, adjusted non-GAAP EBITDA of $149 million to $153 million, and adjusted non-GAAP earnings per share of $4.90 to $5.05 [1][16] Financial Performance - The net loss for the third quarter was $(24.2) million, with an adjusted non-GAAP EBITDA of $35.1 million, a decrease of 3.8% compared to the same quarter in 2023 [1][14] - Diluted GAAP loss per share was $(1.27), while adjusted non-GAAP diluted earnings per share stood at $1.34, compared to $1.27 in the prior year [1][13] - Gross margin on a GAAP basis decreased from 63.5% to 57.5%, primarily due to a shift in revenue mix [11] Business Segments - The Rare Disease segment generated revenues of $56.4 million, an increase of 89.8% year-over-year, driven by strong performance of Cortrophin Gel [4][9] - The Generics business achieved a year-over-year growth of 10.8%, attributed to robust R&D capabilities and operational excellence [5][10] - The acquisition of Alimera Sciences contributed $3.9 million in revenues for the last two weeks of the quarter, with expected revenues of $30 million to $32 million for the remainder of the year [6][7] Capital Structure and Guidance - ANI implemented a new capital structure expected to reduce annual interest expenses by approximately $39 million [1][3] - The company anticipates total adjusted non-GAAP gross margin to be at the high end of the previously communicated range of 61% to 62% for 2024 [16] - The updated guidance reflects a growth of 22% to 24% compared to 2023 actual results [16]