ANI Pharmaceuticals’ Revenue Jumps 93 Percent

Generic drug sales double for Baudette-based company.

ANI Pharmaceuticals Inc., based in the small northern Minnesota town of Baudette, reported record third quarter results on Thursday morning, posting a 93 percent increase in sales compared the third quarter of 2015. ANI had sales of $38.5 million and net income of $2.5 million for the quarter. The company manufactures, develops and markets both branded and generic prescription pharmaceuticals.
The company is projecting full-year revenue for 2016 in the range of $128 million to $134 million. For the first three quarters, the company has revenue of $90.4 million.
The company’s sales are largely driven by generic drugs, which made up 78 percent of the company’s revenue during the third quarter. Sales of generics were up 100 percent to $30.2 million for the quarter, driven by the launch of ten new generic products within the last 12 months.
Sales of the company’s branded pharmaceuticals, which account for 18 percent of its revenue, were up 203 percent in the third quarter to $6.8 million. The increase was driven by sales of Inderal LA, a drug used to treat hypertension, which ANI began selling in the second quarter.
ANI paid $60 million in April to acquire Inderal from New Jersey-based Cranford Pharmaceuticals LLC.
Although ANI’s numbers were in line with expectations, company followers were apparently expecting more. On Wednesday, ANI’s stock closed at $61.98 per share. In late morning traded after the earnings announcement, the stock was down about 10 percent.
TCB took an in-depth look at the under-the-radar ANI in the spring of 2015.
For 2015, ANI reported net income of $15.4 million on revenue of $76.3 million.