Benzinga - by Vandana Singh, Benzinga Editor.
ANI Pharmaceuticals Inc's (NASDAQ: ANIP) third-quarter revenues were $131.8 million, up 57.3% Y/Y, beating the consensus of $111.92 million.
Net revenues for generic pharmaceutical products were $63.7 million, up 29.7%, driven by increased volume from the annualization of 2022 launches and a favorable product mix.
Generics, Established Brands and Other reported net sales of $102.1 million, representing year-over-year growth of 43.4%.
Revenues for the lead asset, Cortrophin Gel, reached $29.7 million, up 135.9%, driven by increased volume in this second year of launch.
Adjusted EPS of $1.27, up from $0.58 a year ago, beat the consensus of $0.84.
The company reported third-quarter adjusted EBITDA of $36.5 million, representing year-over-year growth of 98.3%.
Guidance: For FY23, ANI Pharmaceuticals sees FY23 revenue of $468 million-$478 million versus prior guidance of $425 million-$445 million and the consensus of $452.94 million.
The company forecasts FY23 Adjusted EPS of $4.29-$4.57 versus prior guidance of $3.62-$4.11 and the consensus of $4.08.
The company raised Cortrophin-specific revenue guidance to $100 million-$107 million from $90 million-$100 million.
Price Action: ANIP shares are down 17.10% at $52.75 at publication Wednesday.
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