ANI Pharmaceuticals (NASDAQ: ANIP) stock soared 14.73% in the pre-market trading session on Friday, following the company's record fourth-quarter 2024 financial results that exceeded Wall Street's expectations, driven by robust sales growth in its rare disease drugs.
The pharmaceutical company reported adjusted earnings per share of $1.63 for Q4 2024, significantly beating the analyst consensus estimate of $1.44. Furthermore, ANI Pharmaceuticals' quarterly sales of $190.57 million surpassed the estimated $175.37 million, representing a 44.8% year-over-year increase.
The strong financial performance was fueled by the impressive growth of ANI's rare disease drugs, including Cortrophin Gel, ILUVIEN, and YUTIQ. Cortrophin Gel, the company's lead rare disease asset, recorded $59.4 million in revenue, a 42.3% increase over the same period in 2023, driven by increased volume from overall ACTH market growth and share gains. ILUVIEN and YUTIQ, acquired through the acquisition of Alimera Sciences, contributed $27.6 million in revenue during their first full quarter under ANI's ownership.
The robust demand for these rare disease drugs, coupled with the company's strong execution and strategic initiatives to capture growth opportunities, has bolstered investor confidence in ANI Pharmaceuticals' prospects, leading to the substantial pre-market stock rally.
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