ANI Pharmaceuticals Reports Strong Second Quarter 2024 Results
Key Highlights
- WEB Diluted GAAP loss per share improved to $0.14 compared to net income per share in the second quarter of 2023
- WEB Generated record quarterly net revenues of $138.0 million, representing year-over-year growth of approximately 14%
- Revenues for the Company's lead asset, Cortrophin Gel, totaled $42.9 million for the quarter
Financial Performance
ANI Pharmaceuticals Inc. (ANIP) today announced its financial results for the second quarter of 2024. The Company reported a WEB diluted GAAP loss per share of $0.14, compared to a net income per share of $0.06 in the same quarter last year.
Despite the GAAP loss, the Company generated record quarterly net revenues of $138.0 million, representing a year-over-year growth of approximately 14%. This growth was primarily driven by strong sales of Cortrophin Gel, which totaled $42.9 million for the quarter.
Outlook
ANI Pharmaceuticals also raised its guidance for the full year 2024. The Company now expects to generate net revenues in the range of $540 million to $550 million, up from its previous guidance of $520 million to $540 million.
The Company's CEO, Arthur Przybyl, commented on the results, stating, "We are pleased with our strong second quarter performance, which was driven by record quarterly net revenues and continued growth in our lead asset, Cortrophin Gel. We remain confident in our ability to execute on our growth strategy and deliver long-term value for our shareholders."
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