ANI Pharmaceuticals (NASDAQ: ANIP) recently announced that it recorded $52.1 million net revenues for its third quarter of 2021. However, this was roughly one million dollars less than what they reported in the same quarter of the previous fiscal year. The stock is up 45% after this announcement.
Senior management statements
ANI’s Chief Executive Officer and President, Nikhil Lalwani, said:
The approval of Cortrophin Gel marks a critical milestone for ANI. During the past five years, we have made a significant investment in establishing and updating manufacturing processes and ensuring a sustainable, U.S.-based supply chain for this important product.
The CEO continued to say:
Physicians now have a much-needed treatment option for patients with acute exacerbations of multiple sclerosis and rheumatoid arthritis, as well as nephrotic syndrome, who can benefit from a repository corticotropin.
Nikhil claimed they had created an experienced, knowledgeable, and rare disease leadership team that can drive full-scale commercial launches by as early as the first quarter of the next fiscal year.
Lalwani concluded that the company is basically at an inflection stage. However, it has achieved significant milestones which he believes will help them deliver sustainable revenue and business growth.
The fact that the FDA also approved the company’s new Cortrophin Gel will allow the company to build new capabilities and serve people who need innovative autoimmune treatments.
Financial results
Generic pharmaceutical net revenue came to around $35.1 million in the third quarter of 2021. This represented a 6.8% decrease compared to the $37.7 million the company recorded in the same quarter of the previous fiscal year.
This decrease in net revenue was because of the decreased sales of Vancomycin, Penicillamine, Methazolamide and Erythromycin Ethylsuccinate (EES). However, the Nicardipine and Nebivolol launch helped partially offset these decreases. The launches occurred in the second and third quarters of this fiscal year.
The company reported a 10.9% increase in operating expenses which was about $55.6 million for Q3 2021. R&D expenses, on the other hand, decreased to $2.5 million from $2.9 million. This represented a 16.4% decrease and was mainly because of drops related to Cortrophin expenses.
The share of the company are up 45% on Monday morning after opening at $42.46.
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