Shares of ANI Pharmaceuticals traded higher on Thursday after the company reported impressive fourth-quarter profit and revenue figures, surpassing analysts’ expectations.
Financial Performance
- The pharmaceutical company posted a net profit of $1.2 million, or 4 cents a share, compared with a loss of $4.2 million, or 28 cents a share, a year earlier.
- Adjusted earnings per share were $1.00, beating analysts’ forecast of 86 cents.
- Revenue surged 40% to $131.7 million, exceeding the expected $124.9 million.
Future Outlook
- ANI Pharmaceuticals anticipates revenue growth to reach $520 million to $542 million in 2024, surpassing analyst estimates of $506.2 million.
- CEO Nikhil Lalwani highlighted the rare disease business as a key growth driver, with projections of over a 50% increase in revenues from the Cortrophin Gel franchise in 2024.
This optimistic outlook and strong financial results have driven shares up by 14% at $68.51 as of 11:53 a.m. ET. Over the past year, the stock has surged by 52%.
