Ani pharmaceuticals reports record second quarter 2023 financial results and raises full-year 2023 guidance

Second quarter 2023 financial results -- record quarterly net revenues of $116.5 million, representing year-over-year growth of 57.8%; net income available to common shareholders of $5.8 million and diluted gaap income per share of $0.29 -- -- record quarterly adjusted non-gaap ebitda of $34.1 million representing year-over-year growth of 246.0%; adjusted non-gaap diluted earnings per share of $1.28 -- -- lead rare disease asset, purified cortrophin® gel (repository corticotrophin injection usp) 80 u/ml (cortrophin gel) reported net sales of $24.3 million, a year-over-year increase of 138.2% -- -- generics, established brands and others reported net sales of $92.2 million, representing year-over-year growth of 44.9% -- full year 2023 guidance -- company is raising net revenue guidance to $425 million to $445 million from $385 million to $410 million; adjusted non-gaap ebitda guidance is raised to $115 million to $125 million from $97 million to $107 million; adjusted non-gaap earnings per share guidance is raised to $3.62 to $4.11 from $2.99 to $3.45 – -- company is raising cortrophin gel specific revenue guidance to $90 million to $100 million from $80 million to $90 million, representing 116% to 140% growth as compared to $41.7 million recognized in 2022 -- -- mid-point of revised total company guidance represents year-over-year growth in net revenues of 37%, adjusted non-gaap ebitda of 115%, and adjusted non-gaap earnings per diluted share of 184% -- company highlights -- strong performance for cortrophin gel; record number of new patient starts and new cases initiated in the second quarter of 2023; acth market continues to show year-over-year growth for twelve consecutive months according to iqvia -- -- continued increase in new unique prescribers and number of repeat prescribers; growth across all targeted specialties of neurology, nephrology and rheumatology; pulmonology sales team gaining momentum -- -- company's strong r&d capabilities, operational excellence and u.s.-based manufacturing footprint helped capture new business opportunities and drive growth in generics and established brands -- -- successfully completed public equity offering resulting in net proceeds of $80.6 million; $42.0 million in cash generated from operating activities (year-to-date), ending q2 with $161.7 million in cash -- baudette, minn., aug. 09, 2023 (globe newswire) -- ani pharmaceuticals, inc. (nasdaq: anip) (ani or the company) today announced business highlights and financial results for the three months ended june 30, 2023.
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