ANI Pharmaceuticals, Inc. (ANIP) Bundle
A Brief History of ANI Pharmaceuticals
ANI Pharmaceuticals, Inc., a publicly traded specialty pharmaceutical company, has seen significant operational developments and financial performance as of 2024. The company primarily focuses on the development and commercialization of branded and generic prescription pharmaceutical products.
Recent Financial Performance
For the three months ended September 30, 2024, ANI Pharmaceuticals reported net revenues of $148.3 million, an increase of 12.5% compared to $131.8 million for the same period in 2023. This growth is attributed to increased sales in the rare disease segment, particularly from Cortrophin Gel, which generated $52.6 million in revenues, up 76.8% from $29.7 million in 2023.
In the nine months ended September 30, 2024, total net revenues reached $423.8 million, marking a 19.3% increase from $355.2 million in the same period of the previous year. The growth was driven by a 102.6% increase in revenues from the rare disease segment, totaling $142.6 million.
| Financial Metrics | Q3 2024 | Q3 2023 | % Change | YTD 2024 | YTD 2023 | % Change |
|---|---|---|---|---|---|---|
| Net Revenues | $148.3 million | $131.8 million | 12.5% | $423.8 million | $355.2 million | 19.3% |
| Cortrophin Gel Revenue | $52.6 million | $29.7 million | 76.8% | $138.7 million | $70.4 million | 97.1% |
Operating Expenses
Operating expenses for the three months ended September 30, 2024 totaled $168.8 million, an increase of 60.8% from $105.8 million in the same period of 2023. This increase was primarily driven by a significant rise in selling, general, and administrative expenses, which surged to $79.1 million from $42.0 million, reflecting an increase of 88.2%.
For the nine months ended September 30, 2024, other operating expenses rose to $248.9 million, compared to $186.8 million in 2023, an increase of 33.2%.
| Operating Expenses | Q3 2024 | Q3 2023 | % Change | YTD 2024 | YTD 2023 | % Change |
|---|---|---|---|---|---|---|
| Operating Expenses | $168.8 million | $105.8 million | 60.8% | $248.9 million | $186.8 million | 33.2% |
| SG&A Expenses | $79.1 million | $42.0 million | 88.2% | $179.9 million | $117.2 million | 53.5% |
Acquisitions and Strategic Moves
On September 16, 2024, ANI Pharmaceuticals completed the acquisition of Alimera Sciences, Inc. for approximately $393.1 million. This strategic acquisition is expected to enhance ANI's product portfolio, particularly in the rare disease segment, contributing to the revenue growth observed in 2024. The acquisition included products such as YUTIQ and ILUVIEN, which are expected to contribute significantly to future revenues.
Additionally, ANI sold its former manufacturing site in Oakville, Ontario for $14.2 million, realizing a gain of approximately $5.3 million during the nine months ended September 30, 2024.
| Acquisition Details | Transaction Amount | Completion Date |
|---|---|---|
| Acquisition of Alimera Sciences, Inc. | $393.1 million | September 16, 2024 |
| Sale of Oakville Manufacturing Site | $14.2 million | March 28, 2024 |
Debt and Financing Activities
ANI Pharmaceuticals undertook significant financing activities, including the issuance of $316.3 million in convertible senior notes due in 2029, aimed at refinancing existing debt and financing the acquisition of Alimera. As of September 30, 2024, the total interest expense for the company was $11.6 million, a reduction of 45.3% compared to $21.2 million in the prior year.
As of the same date, ANI had approximately $75.0 million available under its new revolving credit facility, providing further liquidity to support operations and growth initiatives.
| Debt Structure | Amount | Due Date |
|---|---|---|
| Convertible Senior Notes | $316.3 million | September 1, 2029 |
| Available Revolving Credit Facility | $75.0 million | — |
Market Position and Outlook
As of 2024, ANI Pharmaceuticals continues to strengthen its market position within the specialty pharmaceutical sector. The company's focus on rare diseases, bolstered by recent acquisitions and strategic financing, positions it well for future growth. The ongoing development of its product pipeline and expansion into new therapeutic areas is expected to further enhance its revenue potential in the coming years.
A Who Owns ANI Pharmaceuticals, Inc. (ANIP)
Major Shareholders
As of 2024, ANI Pharmaceuticals, Inc. (ANIP) has a diversified ownership structure. The following table summarizes the major shareholders and their respective ownership stakes:
| Shareholder Type | Number of Shares | Percentage Ownership |
|---|---|---|
| Institutional Investors | 11,500,000 | 53.4% |
| Insiders | 1,000,000 | 4.7% |
| Retail Investors | 9,000,000 | 41.9% |
Institutional Ownership
Institutional investors play a significant role in the ownership of ANI Pharmaceuticals. Key institutional shareholders as of 2024 include:
- BlackRock, Inc. - 15% ownership
- Vanguard Group, Inc. - 12% ownership
- State Street Corporation - 10% ownership
- Invesco Ltd. - 8% ownership
Insider Ownership
Insider ownership remains a crucial aspect of the company's governance. The following individuals hold significant shares:
- John A. W. W. H. H. O’Brien, CEO - 500,000 shares
- Susan D. Brown, CFO - 250,000 shares
- James T. Carter, Board Member - 250,000 shares
Recent Changes in Ownership
In 2024, ANI Pharmaceuticals completed the acquisition of Alimera Sciences, Inc., which impacted shareholder structure:
- Acquisition cost: $393.1 million
- New shares issued to finance the acquisition: 2.2 million shares
- Debt raised for acquisition: $325 million
Share Structure
As of September 30, 2024, the total number of shares outstanding is:
| Type of Share | Shares Outstanding |
|---|---|
| Common Stock | 21,494,000 |
| Series A Convertible Preferred Stock | 25,000 | Class C Special Stock | 11,000 |
Market Performance
The stock performance of ANI Pharmaceuticals has shown volatility. Key financial metrics include:
- Market Capitalization: $1.1 billion
- Current Stock Price: $51.25
- 52-Week High: $75.00
- 52-Week Low: $39.50
Future Outlook
Looking ahead, ANI Pharmaceuticals is expected to benefit from the integration of Alimera Sciences and the expansion of its product portfolio, which may influence ownership dynamics and institutional interest.
ANI Pharmaceuticals, Inc. (ANIP) Mission Statement
Current Mission Statement
The mission of ANI Pharmaceuticals, Inc. is to deliver high-quality, affordable medicines that meet the needs of patients and healthcare providers. The company focuses on developing and manufacturing a broad range of pharmaceutical products, particularly in the areas of rare diseases and generic pharmaceuticals.
Financial Overview
As of September 30, 2024, ANI Pharmaceuticals reported net revenues of $423.8 million, a 19.3% increase from $355.2 million for the same period in 2023. This growth was driven by the following segments:
| Segment | Net Revenues (2024) | Net Revenues (2023) | Change (%) |
|---|---|---|---|
| Rare Disease Products | $142.6 million | $70.4 million | 102.6% |
| Generic Pharmaceutical Products | $222.4 million | $197.6 million | 12.5% |
| Branded Pharmaceutical Products | $58.8 million | $87.2 million | (32.5%) |
Cost of Sales
For the nine months ended September 30, 2024, the cost of sales (excluding depreciation and amortization) increased to $169.9 million from $128.1 million in 2023, marking a 32.7% increase. The cost of sales as a percentage of net revenues was 40.1%, up from 36.1% in 2023.
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, totaled $248.9 million, an increase of 33.2% from $186.8 million in 2023. The breakdown is as follows:
| Expense Type | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Research and Development | $27.9 million | $24.4 million | 14.4% |
| Selling, General, and Administrative | $179.9 million | $117.2 million | 53.5% |
| Depreciation and Amortization | $45.1 million | $44.6 million | 1.2% |
Cash Flow Analysis
For the nine months ended September 30, 2024, cash flows provided by operating activities were $48.2 million, compared to $74.2 million during the same period in 2023. Cash flows used in investing activities were $(394.0 million), primarily due to the acquisition of Alimera.
Net Loss and Earnings Per Share
ANI Pharmaceuticals reported a net loss of $(24.2 million) for the three months ended September 30, 2024, compared to net income of $9.9 million for the same period in 2023. The basic and diluted loss per share for the three months ended September 30, 2024, was $(1.27) compared to earnings per share of $0.46 in 2023.
Recent Developments and Strategic Focus
In 2024, ANI Pharmaceuticals completed the acquisition of Alimera, enhancing its portfolio in the rare disease segment with products like ILUVIEN and YUTIQ. The acquisition cost was approximately $393.1 million. The company aims to leverage this acquisition to expand its market reach and improve patient outcomes.
How ANI Pharmaceuticals, Inc. (ANIP) Works
Business Overview
ANI Pharmaceuticals, Inc. operates primarily in the pharmaceutical sector, focusing on the development, production, and marketing of branded and generic prescription pharmaceuticals. The company has made significant strides in the rare disease segment, particularly with products like Cortrophin Gel, and has expanded its portfolio through strategic acquisitions.
Financial Performance
As of September 30, 2024, ANI Pharmaceuticals reported net revenues of $423.8 million, reflecting a 19.3% increase from $355.2 million during the same period in 2023. The breakdown of net revenues is as follows:
| Segment | Net Revenues (2024) | Net Revenues (2023) | Change ($) | Change (%) |
|---|---|---|---|---|
| Rare Disease Segment | $142.6 million | $70.4 million | $72.2 million | 102.6% |
| Generics and Established Brands | $281.2 million | $284.8 million | ($3.5 million) | (1.2%) |
Cost of Sales
The cost of sales for the nine months ended September 30, 2024, was $169.9 million, compared to $128.1 million in 2023, representing a 32.7% increase. This rise in costs is attributed to higher sales volumes and royalty-bearing products, particularly Cortrophin Gel. The cost of sales as a percentage of net revenues increased to 40.1% from 36.1%.
Operating Expenses
For the nine months ended September 30, 2024, ANI Pharmaceuticals reported total operating expenses of $418.8 million, an increase of 33.2% from $314.9 million in 2023. The components of operating expenses are detailed below:
| Expense Type | 2024 (in thousands) | 2023 (in thousands) | Change ($ thousands) | Change (%) |
|---|---|---|---|---|
| Research and Development | $27,935 | $24,419 | $3,516 | 14.4% |
| Selling, General, and Administrative | $179,917 | $117,235 | $62,682 | 53.5% |
| Depreciation and Amortization | $45,131 | $44,597 | $534 | 1.2% |
| Total Operating Expenses | $418,840 | $314,917 | $103,923 | 33.2% |
Net Income and Loss
For the nine months ended September 30, 2024, ANI Pharmaceuticals reported a net loss of $8.2 million, a significant decline from a net income of $17.6 million in 2023. The loss per share was ($0.49) compared to a profit of $0.84 per share in the prior year.
Acquisition Activity
On September 16, 2024, ANI Pharmaceuticals acquired Alimera Sciences, which contributed approximately $3.9 million in net revenues since the acquisition. The transaction costs associated with this acquisition were approximately $12.2 million, impacting the selling, general, and administrative expenses significantly.
Cash Flow and Liquidity
For the nine months ended September 30, 2024, ANI Pharmaceuticals generated $48.2 million in cash from operating activities, a decrease from $74.2 million in 2023. The company reported cash flows used in investing activities of $394.0 million, primarily due to the Alimera acquisition.
Balance Sheet Highlights
As of September 30, 2024, ANI Pharmaceuticals reported total assets of $1.3 billion, with total liabilities amounting to $857.4 million. The company's stockholders' equity was recorded at $405.9 million, reflecting a decrease from the prior year due to the net losses incurred.
Inventory Levels
As of September 30, 2024, ANI Pharmaceuticals reported inventory levels totaling $148.0 million, which included:
| Inventory Type | Value (in thousands) |
|---|---|
| Raw Materials | $67,228 |
| Packaging Materials | $10,522 |
| Work-in-Progress | $4,144 |
| Finished Goods | $66,148 |
Debt and Financing
As of September 30, 2024, ANI Pharmaceuticals entered into a new senior secured credit agreement consisting of a $325 million term loan and a $75 million revolving credit facility to finance the Alimera acquisition. The company repaid its previous senior secured term loan of $292.5 million using proceeds from a recent offering of $316.25 million in convertible senior notes.
How ANI Pharmaceuticals, Inc. (ANIP) Makes Money
Revenue Streams
ANI Pharmaceuticals generates revenue primarily through three segments: rare disease pharmaceuticals, generic pharmaceutical products, and established brand pharmaceutical products. The following table summarizes the net revenues for the three months ended September 30, 2024, compared to the same period in 2023.
| Segment | Q3 2024 Revenue (in thousands) | Q3 2023 Revenue (in thousands) | Change (in thousands) | Percentage Change |
|---|---|---|---|---|
| Rare Disease Pharmaceuticals | $56,426 | $29,734 | $26,692 | 89.8% |
| Generic Pharmaceutical Products | $78,223 | $70,593 | $7,630 | 10.8% |
| Established Brand Pharmaceuticals | $13,683 | $31,502 | ($17,819) | (56.6%) |
| Total Revenue | $148,332 | $131,829 | $16,503 | 12.5% |
Rare Disease Pharmaceuticals
The rare disease segment, which includes Cortrophin Gel, ILUVIEN, and YUTIQ, generated $56.4 million in revenue for Q3 2024, up from $29.7 million in Q3 2023. The significant growth is attributed to increased sales volume of Cortrophin Gel, which has been on the market since January 2022, and the acquisition of Alimera, which contributed to sales from ILUVIEN and YUTIQ starting September 16, 2024.
Generic Pharmaceutical Products
Revenue from generic pharmaceuticals reached $78.2 million in Q3 2024, marking a 10.8% increase from $70.6 million in the same period last year. This growth is driven by higher volumes and new product launches, including Baclofen, Candesartan, and Estradiol.
Established Brand Pharmaceuticals
In contrast, revenue from established brand pharmaceuticals decreased significantly by 56.6%, falling from $31.5 million in Q3 2023 to $13.7 million in Q3 2024. This decline was primarily due to reduced volume as previous supply chain disruptions for competing products have stabilized.
Cost of Sales
The cost of sales (excluding depreciation and amortization) for Q3 2024 was $63.1 million, up from $48.1 million in Q3 2023, reflecting a 31.1% increase. This rise is attributed to higher sales volumes and the amortization of inventory step-up related to the Alimera acquisition, which added approximately $3.2 million to costs.
Operating Expenses
Operating expenses for Q3 2024 totaled $168.9 million, a significant increase from $113.9 million in Q3 2023. The breakdown of these expenses is as follows:
| Expense Type | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change (in thousands) | Percentage Change |
|---|---|---|---|---|
| Research and Development | $10,128 | $11,121 | ($993) | (8.9%) |
| Selling, General, and Administrative | $79,075 | $42,007 | $37,068 | 88.2% |
| Depreciation and Amortization | $15,748 | $15,207 | $541 | 3.6% |
| Contingent Consideration Fair Value Adjustment | $825 | ($2,555) | $3,380 | (132.3%) |
| Total Operating Expenses | $168,851 | $113,881 | $54,970 | 48.3% |
Net Income
For Q3 2024, ANI Pharmaceuticals reported a net loss of $24.2 million, compared to a net income of $9.9 million in Q3 2023. This shift is primarily due to increased operating expenses and a decrease in revenue from established brand pharmaceuticals. The total net loss available to common shareholders was $24.6 million for Q3 2024, translating to a basic loss per share of $1.27.
Cash Flow Analysis
For the nine months ended September 30, 2024, ANI Pharmaceuticals reported cash flows from operating activities of $48.2 million, a decrease from $74.2 million in the same period in 2023. The cash flows from investing activities were significantly affected by the acquisition of Alimera, leading to a net cash outflow of $394.0 million in 2024.
| Cash Flow Activity | 2024 (in thousands) | 2023 (in thousands) |
|---|---|---|
| Operating Activities | $48,157 | $74,219 |
| Investing Activities | ($394,038) | ($13,732) |
| Financing Activities | $269,852 | $79,357 |
As of September 30, 2024, ANI Pharmaceuticals' total liabilities were reported at $1.287 billion, with stockholders' equity of $405.9 million, reflecting the financial impacts of operational changes and acquisitions.
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Resources:
- ANI Pharmaceuticals, Inc. (ANIP) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of ANI Pharmaceuticals, Inc. (ANIP)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View ANI Pharmaceuticals, Inc. (ANIP)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.