ANI Pharmaceuticals Expects 2024 Revenues Of $594M-$602M Versus Prior Guidance Of $540M-$560M Versus Consensus Of $590.315M

Benzinga
2024-11-08

Revised Full Year 2024 Guidance:

The Company is updating its full year 2024 guidance for the combined organization, which includes the anticipated results of Alimera from September 16, 2024.

Revised Full Year 2024 GuidancePrior Full Year 2024 Guidance2023 ActualGrowth 
Net Revenue (Total Company)$594 million - $602 million$540 million - $560 million$486.8 million22% - 24%
Cortrophin Gel Net Revenue$196 million - $200 million$185 million - $195 million$112.1 million75% - 78%
ILUVIEN and YUTIQ Net Revenue$30 million - $32 millionNANANA
Adjusted Non-GAAP EBITDA$149 million - $153 million$140 million - $150 million$133.8 million11% - 14%
Adjusted Non-GAAP Diluted EPS$4.90 - $5.05$4.38 - $4.82$4.714% - 7%

ANI now expects total company adjusted non-GAAP gross margin to be at the high end of our previously communicated range of 61% to 62%. The Company will continue to tax effect non-GAAP adjustments for computation of adjusted non-GAAP diluted earnings per share at a tax rate of 26.0%, unless the item being adjusted is not tax deductible in whole or in part.

The Company now anticipates approximately 19.7 million and 19.9 million shares outstanding for the purpose of calculating adjusted non-GAAP diluted EPS for full year 2024 and fourth quarter 2024, respectively. The Company now expects its annual U.S. GAAP effective tax rate to be in the mid-single digits as compared to our previous expectation of between 22% and 25%, driven by the non-deductible nature of certain expenses incurred in conjunction with the acquisition of Alimera (against an annual forecasted GAAP pre-tax loss).

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