ANI Pharmaceuticals Inc · Q2 2024 earnings

Briefing

ANI Pharmaceuticals reported second quarter 2024 financial results and raised 2024 guidance.

ANI Pharmaceuticals reported record quarterly net revenues of $138.0 million, representing year-over-year growth of 18.4%, and record Rare Disease net revenues of $49.2 million, an increase of 102.4% year-over-year. The company delivered adjusted non-GAAP diluted earnings per share of $1.02. ANI increased 2024 guidance with expected net revenues of $540 million to $560 million, adjusted non-GAAP EBITDA of $140 million to $150 million and adjusted non-GAAP earnings per share of $4.38 to $4.82.

• Generated record quarterly net revenues of $138.0 million, representing year-over-year growth of 18.4%, and record Rare Disease net revenues of $49.2 million, an increase of 102.4% year-over-year
• Delivered adjusted non-GAAP EBITDA of $33.2 million, and adjusted non-GAAP diluted earnings per share of $1.02
• On track to close acquisition of Alimera Sciences, Inc. in the third quarter of 2024, adding two durable commercial assets ILUVIEN® and YUTIQ® with significant growth potential to its Rare Disease portfolio
• Increased 2024 guidance with expected net revenues of $540 million to $560 million, adjusted non-GAAP EBITDA of $140 million to $150 million and adjusted non-GAAP earnings per share of $4.38 to $4.82

Headline financials

Revenue & EPS history

ANI now expects total company adjusted non-GAAP gross margin between 61% and 62% as compared to our previous expectation of 62% and 63%. The Company will continue to tax effect non-GAAP adjustments for computation of adjusted non-GAAP diluted earnings per share at a tax rate of 26.0%. The Company now anticipates between 19.4 million and 19.8 million shares outstanding (reflective of a full year of shares outstanding resulting from the May 2023 equity raise) for the purpose of calculating diluted EPS and continues to expect its U.S. GAAP effective tax rate to be between 22.0% to 25.0%.