Stock Track | ANI Pharmaceuticals Soars on Record Q3 Results, Raised Outlook

Stock Track11-08

Shares of ANI Pharmaceuticals (NASDAQ:ANIP) surged 8.77% in pre-market trading on November 8, 2024, fueled by the company's impressive third-quarter 2024 financial results and raised full-year guidance.

ANI reported record quarterly net revenue of $148.3 million, reflecting a robust 12.5% year-over-year increase. The company's flagship product, Cortrophin Gel, continued its remarkable performance, with net revenue soaring 76.8% to $52.6 million, driven by strong demand and increasing market share across multiple specialties.

Additionally, ANI completed the acquisition of Alimera Sciences on September 16, 2024, bolstering its rare disease portfolio with the addition of ILUVIEN and YUTIQ, two growing ophthalmology products. The company also implemented a new capital structure that is expected to reduce annual interest expense by approximately $39 million.

Buoyed by these developments, ANI raised its full-year 2024 guidance, now expecting net revenue in the range of $594 million to $602 million, adjusted non-GAAP EBITDA of $149 million to $153 million, and adjusted non-GAAP diluted earnings per share of $4.90 to $5.05.

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