$ANIP reports strong revenue growth and Cortrophin Gel success in 2022
Mar 9th 2023, 12:03 pm
Analyst Summary: ANI Pharmaceuticals, Inc. announced its Q4 and full year 2022 financial results, reporting total net revenues of $94.2 million and $316.4 million, respectively, representing a 54.7% growth for the quarter and reaching a milestone for the full year. ANI made multiple new product launches in 2022, which led to an increase in sales, and despite some generic product erosion, ANI ranked number two for competitive generic therapy approvals. The launch of ANI’s Cortrophin Gel was successful, with revenue of $41.7 million for the full year, and according to IQVIA, the ACTH category showed growth for eight consecutive months from June 2022. ANI has planned a modest expansion of its sales force and has initiated 2023 revenue guidance for Purified Cortrophin Gel of $80 million to $90 million. The company is actively exploring assets to acquire or partner on to leverage its Rare Disease platform. The consolidation of ANI's manufacturing network is on track, with the relocation of Oakville products to US facilities completed. ANI is also taking important steps in the area of cost excellence. The FDA conducted a routine audit at ANI's manufacturing facility in Minnesota, which is Voluntary Action Indicated. ANI is committed to delivering high-quality medicines to customers and patients in the United States. ANI has initiated total Company net revenue guidance of $360 million to $385 million for the year 2023. CEO Nikhil Lalwani stated, "2022 was a transformative year for ANI, taking us past critical inflection points for our two key growth drivers – the launch of Cortrophin Gel, our foundational Rare Disease asset, and investment in our generics business." As ANI looks ahead to 2023, the company will continue to focus on providing high-quality medicines to patients in need and delivering value to all stakeholders.