ANI Pharmaceuticals soars ~10% after Q1 beat, raises outlook amid rare disease focus

ANI Pharmaceuticals (NASDAQ:ANIP) stock rose ~11% on Monday after Q1 results beat estimates and the company raised its FY23 outlook.

Adjusted EPS climbed to $1.17, compared to adjusted loss per share of -$0.12 in Q1 2022.

Net revenues grew +65.6% Y/Y to ~$106.79M. Both top and bottom line exceeding expectations.

The company said Revenues for Cortrophin Gel, which is used to treat certain inflammatory conditions, totaled $16.3M, in line with internal expectations.

ANI maintained its 2023 revenue outlook for Cortrophin Gel of $80M to $90M, representing growth of 92% to 116% Y/Y.

The company noted that Rare Disease remains a critical focus area for achieving future growth, and it continues to actively explore opportunities to acquire or establish partnerships for its Rare Disease platform.

"Importantly, we continue to invest behind the launch of our foundational Rare Disease asset, Purified Cortrophin Gel. We continually strive to strengthen the team, improve our approach to servicing patient, physician and payor needs, and increase access to ACTH therapy for patients in need," said ANI President and CEO Nikhil Lalwani.

Net revenues from Generics, Established brands, and other segment grew +43.1% Y/Y to$ ~$90.46M.

Established brand pharmaceutical products, royalties, and other pharmaceutical services saw growth of 90% Y/Y to $26.74M, while Generic pharmaceutical products segment increased +29.7% Y/Y to $63.71M.

Outlook:

ANI raised its net revenue outlook to be between $385M and $410M, compared to prior range of $360M to $385M (consensus $371.30M).

The company also boosted its adjusted EPS outlook range to be between $2.99 to $3.45, from prior range of $2.09 to $2.59 (consensus $2.43).