ANI Pharma Boosts FY24 Outlook As Q3 Results Top Estimates - Update

(RTTNews) - While reporting financial results for the third quarter on Friday, biopharmaceutical company ANI Pharmaceuticals, Inc. (ANIP) raised its adjusted earnings and net revenue guidance for the full-year 2024, which now includes the anticipated results of Alimera from September 16, 2024.

For fiscal 2023, the company now projects adjusted earnings in a range of $4.90 to $5.05 per share on net revenues between $594 million and $602 million, with purified cortrophin gel revenue at $196 million to $200 million.

Previously, the company expected adjusted earnings in the range of $4.38 to $4.82 per share on net revenues between $540 million and $560 million, with purified cortrophin gel revenue at $185 million to $195 million.

On average, five analysts polled by Thomson Reuters expect the company to report earnings of $4.72 per share on revenues of $590.31 million for the year. Analysts' estimates typically exclude special items.

For the third quarter, the company reported a net loss available to common shareholders of $24.57 million or $1.27 per share, compared to net income of $9.53 million or $0.45 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter was $1.34 per share, compared to $1.27 per share in the year-ago quarter.

Net revenues for the quarter grew to $148.33 million from $131.83 million in the same quarter last year.

The Street was looking for earnings of $1.09 per share on revenues of $144.35 million for the quarter.

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