Sales Up 37 Percent for ANI Pharmaceuticals in 2017
Baudette-based ANI Pharmaceuticals Inc. posted strong growth in 2017 with its annual revenues climbing to $176.8 million – a 37 percent increase over its prior fiscal year.
ANI develops, manufactures and sells generic and branded pharmaceuticals. Its revenues have increased 488 percent since 2013 when it posted sales of $30.1 million.
Generic drugs account for 67 percent of ANI’s sales. Sales of generic pharmaceuticals climbed to $118.4 million for 2017, a 24 percent increase from the previous year. But ANI’s sales of branded pharmaceuticals nearly doubled, reaching $50.9 million – a 93 percent increase compared to 2016. The company’s contract manufacturing business grew to $7 million, a 27 percent uptick.
However, the new federal tax law took a bite out of the company’s bottom line.
ANI reported a net loss of $1.1 million for 2017 compared to a net profit of $3.9 million in 2016. According to the company’s statement: “The net loss was primarily due to a $13.4 million charge recorded as a result of the re-measurement of our net deferred tax assets in relation to the tax rate decrease established in the Tax Cuts and Jobs Act, which was enacted on December 22, 2017.”
ANI went public through a reverse merger in 2013. On Monday, the company’s stock closed at $57.55 per share, down 2.6 percent from a year ago. In the wake of its earnings announcement, ANI’s stock was up more than 6 percent in early afternoon trading.
ANI is based in the small northern Minnesota city of Baudette, which borders Canada and has just over 1,000 people living within its city limits. Although it’s publicly traded, the company often flies under the radar and does not draw much attention in its home state. But ANI is now larger than some better-known Minnesota companies such as Famous Dave’s of America Inc.; the Minnetonka-based barbecue restaurant chain had revenue of $99.2 million in 2016.
Twin Cities Business took an in-depth look at ANI in 2015.
ANI is forecasting revenue in the range of $212 million to $228 million for 2018.