FX.co ★ ANI Pharma Boosts FY24 Outlook As Q3 Results Top Estimates - Update

In its financial report for the third quarter released on Friday, ANI Pharmaceuticals, Inc., a biopharmaceutical firm, has increased its adjusted earnings and net revenue outlook for the entire fiscal year of 2024. This updated guidance now encompasses the anticipated contributions from Alimera beginning September 16, 2024.

For the fiscal year 2023, ANI Pharmaceuticals expects adjusted earnings to range between $4.90 and $5.05 per share, with net revenues anticipated to fall between $594 million and $602 million. Revenue from purified cortrophin gel is projected to be between $196 million and $200 million.

This is an upward revision from the previous forecast, which estimated adjusted earnings between $4.38 and $4.82 per share and net revenues ranging from $540 million to $560 million, with cortrophin gel revenues projected between $185 million and $195 million.

According to an average estimate from five analysts surveyed by Thomson Reuters, the company's anticipated earnings stand at $4.72 per share on revenues of approximately $590.31 million for the year. It is important to note that analysts' estimates typically do not account for special items.

In the third quarter, ANI Pharmaceuticals reported a net loss available to common shareholders amounting to $24.57 million, or $1.27 per share. This contrasts with a net income of $9.53 million, or $0.45 per share, recorded in the same quarter of the previous year.

After excluding certain items, the adjusted earnings for the quarter were reported at $1.34 per share, up from $1.27 per share the year before.

The company's net revenues for the quarter rose to $148.33 million, compared to $131.83 million in the corresponding quarter of the previous year.

Market analysts had projected earnings of $1.09 per share on revenues of $144.35 million for the quarter.