BAUDETTE, Minn., Aug. 4, 2015 /PRNewswire/ -- ANI Pharmaceuticals, Inc. (“ANI”) (NASDAQ: ANIP) today reported financial results for the three and six months ended June 30, 2015 and updated its financial guidance for 2015. The Company will host its earnings conference call this morning, August 4, 2015, at 10:30 AM ET. Investors and other interested parties can join the call by dialing (855) 582-8078. The conference ID is 90889796.
Year-to-Date Highlights Include:
- Year-to-date net revenues of $38.3 million, an increase of 118% as compared to $17.5 million for the same period in 2014.
- Year-to-date adjusted non-GAAP EBITDA of $22.3 million, an increase of 399% as compared to $4.5 million for the same period in 2014.
- Year-to-date operating income of $18.0 million, an increase of over 1,600% as compared to $1.0 million for the same period in 2014.
- Year-to-date adjusted non-GAAP diluted earnings per share of $1.12.
- Year-to-date diluted earnings per share of $0.68.
- Awarded two new contracts for EEMT, effective in the 2nd and 3rd quarters.
- Launched Etodolac capsules and Propafenone tablets.
- Received ANDA approval for Oxycodone Hydrochloride Oral Solution.
- Received ANDA approval for Nimodipine capsules (via Sofgen partnership).
- Acquired 22 generic products for $25.0 million.
- Acquired Flecainide ANDA for $4.5 million.
- Acquired 1% Testosterone Gel NDA.
Net revenues and Adjusted (in thousands)
| Three months ended June 30, | Six months ended June 30, | ||
2015 | 2014 | 2015 | 2014 | |
Net revenues | $ 19,516 | $ 6,647 | $ 38,315 | $ 17,546 |
Adjusted Non-GAAP EBITDA(a) | $ 10,858 | $ 226 | $ 22,320 | $ 4,470 |
(a) See Table 2 for US GAAP reconciliation. | ||||
Arthur S. Przybyl, President and CEO, stated,
“ANI’s first half 2015 results yielded material increases in revenue, EBITDA, operating income, and earnings per share over the prior year period, due primarily to our acquisitions of Lithobid and Vancocin as well as the launch of Methazolamide tablets, Etodolac capsules and Propafenone tablets, three of the generic products we acquired in 2014. The revenue and EBITDA contributions from these products demonstrate the importance of our business development activities to our continued growth.
Consistent with that strategy, year to date we have acquired 24 products representing $1.0 billion in IMS sales, including our most recent acquisition in July, when we acquired 22 generic products from Teva, bringing our total pipeline to 67 products, a substantial product pipeline for a pharmaceutical company our size. Equally important, 48 of our pipeline products can be commercialized based on either CBE-30s or prior approval supplements filed with the FDA.
We are similarly focusing on organic growth as a revenue and EBITDA driver, by expanding our internally-developed product pipeline and growing our market share on our existing products. As previously announced, we received FDA approval for our Oxycodone Hydrochloride Oral Solution and our partnered Nimodipine Capsules, both of which we expect to launch in the fourth quarter of 2015, and closed several new sales agreements for EEMT in the first half of 2015. EEMT revenues increased from $8.9 million in the first quarter to $9.8 million in the second quarter and we expect additional increases in our EEMT revenues beginning in the third quarter.”
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