ANI Pharmaceuticals Reports Q1 2024 Results

TL;DR

<b>ANI Pharmaceuticals filed its Q1 2024 10-Q report, detailing financial performance and corporate information.</b>

AI Summary

ANI PHARMACEUTICALS INC (ANIP) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. ANI Pharmaceuticals filed its 10-Q for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business address is 210 Main Street West, Baudette, MN 56623. ANI Pharmaceuticals was formerly known as BIOSANTE PHARMACEUTICALS INC and BEN ABRAHAM TECHNOLOGIES INC. The SIC code for the company is 2834 (Pharmaceutical Preparations).

Why It Matters

For investors and stakeholders tracking ANI PHARMACEUTICALS INC, this filing contains several important signals. This 10-Q filing provides the latest official financial snapshot of ANI Pharmaceuticals for the first quarter of 2024, crucial for investors and analysts tracking the company's performance. Understanding the company's historical name changes and current SIC code helps in contextualizing its business operations and industry classification within the pharmaceutical sector.

Risk Assessment

Risk Level: low — ANI PHARMACEUTICALS INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant financial or operational disclosures that would indicate high risk.

Analyst Insight

Review the full 10-Q filing for detailed financial statements, management discussion, and risk factors to assess the company's current financial health and future outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-10 — Filing Date (Filed as of date)
• 2024-01-01 — Q1 Start Date (First quarter fiscal year 2024)
• 1999-12-28 — Date of Name Change (Former company name BIOSANTE PHARMACEUTICALS INC)
• 1999-10-27 — Date of Name Change (Former company name BEN ABRAHAM TECHNOLOGIES INC)

Key Players & Entities

• ANI PHARMACEUTICALS INC (company) — Filer name
• BIOSANTE PHARMACEUTICALS INC (company) — Former company name
• BEN ABRAHAM TECHNOLOGIES INC (company) — Former company name
• 210 MAIN STREET WEST (address) — Business address
• BAUDETTE (location) — City of business address
• MN (location) — State of business address
• 56623 (zip_code) — ZIP code of business address
• 2834 (sic_code) — Standard Industrial Classification

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the first quarter of fiscal year 2024.
• 2024-05-10: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and condition between annual reports.)

SIC Code

Standard Industrial Classification code used to classify industries. (Helps categorize ANI Pharmaceuticals within the pharmaceutical preparations sector.)

Filing Documents

• anip-20240331.htm (10-Q) — 1178KB
• anip20240331-ex101.htm (EX-10.1) — 254KB
• anip-20240331x10qxexx311.htm (EX-31.1) — 10KB
• anip-20240331x10qxexx312.htm (EX-31.2) — 10KB
• anip-20240331x10qxexx321.htm (EX-32.1) — 7KB
• 0001023024-24-000057.txt (&nbsp;) — 7919KB
• anip-20240331.xsd (EX-101.SCH) — 52KB
• anip-20240331_cal.xml (EX-101.CAL) — 79KB
• anip-20240331_def.xml (EX-101.DEF) — 335KB
• anip-20240331_lab.xml (EX-101.LAB) — 725KB
• anip-20240331_pre.xml (EX-101.PRE) — 536KB
• anip-20240331_htm.xml (XML) — 994KB

—FINANCIAL INFORMATION

PART I —FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (unaudited) 5 Condensed Consolidated Balance Sheets — As of March 31, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Operations — For the Three Months Ended March 31, 2024 and 2023 6 Condensed Consolidated Statements of Comprehensive Income — For the Three Months Ended March 31, 2024 and 2023 7 Condensed Consolidated Statements of Changes in Mezzanine Equity and Stockholders' Equity — For the Three Months Ended March 31, 2024 and 2023 8 Condensed Consolidated Statements of Cash Flows — For the Three Months Ended March 31, 2024 and 202 3 9 Notes to Condensed Consolidated Financial Statements 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 43 Item 4.

Controls and Procedures

Controls and Procedures 43

—OTHER INFORMATION

PART II —OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 43 Item 1A.

Risk Factors

Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 3. Defaults upon Senior Securities 44 Item 4. Mine Safety Disclosures 44 Item 5. Other Information 44 Item 6. Exhibits 44

Signatures

Signatures 46 2 Table of Contents CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q and certain information incorporated herein by reference contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such statements include, but are not limited to, statements about future operations, strategies and growth potential, the revenue potential (licensing, royalty and sales) of products we sell, development timelines, expected timeframe for submission of new drug applications, abbreviated new drug applications, or supplemental new drug applications to the U.S. Food and Drug Administration (the "FDA"), pipeline or potential markets for our products, selling and marketing strategies and associated costs to support the sales of Purified Cortrophin Gel (Repository Corticotropin Injection USP) ("Cortrophin Gel"), impact of accounting principles, litigation expenses, liquidity and capital resources, the impact of global pandemics on our business, and other statements that are not historical in nature, particularly those that utilize terminology such as "anticipates," "will," "expects," "plans," "potential," "future," "believes," "intends," "continue," other words of similar meaning, derivations of such words, and the use of future dates. Such forward-looking statements are based on the reasonable beliefs of our management as well as assumptions made by and information currently available to our management. Readers should not put undue reliance on these forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified; therefore, our actual results may differ materially from those described in any forward-looking statements. Factors that might cause such a difference include, but

— FINANCIAL INFORMATION

Part I — FINANCIAL INFORMATION

Condensed Consolidated Financial Statements (unaudited)

Item 1. Condensed Consolidated Financial Statements (unaudited) ANI PHARMACEUTICALS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except share and per share amounts) (unaudited) March 31, 2024 December 31, 2023 Assets Current Assets Cash and cash equivalents $ 228,597 $ 221,121 Accounts receivable, net of $ 91,825 and $ 97,262 of adjustments for chargebacks and other allowances at March 31, 2024 and December 31, 2023, respectively 172,418 162,079 Inventories 113,837 111,196 Assets held for sale — 8,020 Prepaid expenses and other current assets 16,050 17,400 Investment in equity securities 9,655 — Total Current Assets 540,557 519,816 Non-current Assets Property and equipment, net 48,526 44,593 Deferred tax assets, net of deferred tax liabilities and valuation allowance 87,607 90,711 Intangible assets, net 196,044 209,009 Goodwill 28,221 28,221 Derivatives and other non-current assets 13,569 12,072 Total Assets $ 914,524 $ 904,422 Liabilities, Mezzanine Equity, and Stockholders' Equity Current Liabilities Current debt, net of deferred financing costs $ 850 $ 850 Accounts payable 49,430 36,683 Accrued royalties 15,475 16,276 Accrued compensation and related expenses 9,526 23,786 Accrued government rebates 9,509 12,168 Income taxes payable 11,402 8,164 Returned goods reserve 32,853 29,678 Current contingent consideration 414 12,266 Accrued expenses and other 7,430 5,606 Total Current Liabilities 136,889 145,477 Non-current Liabilities Non-current debt, net of deferred financing costs and current component 284,607 284,819 Non-current contingent consideration 11,160 11,718 Other non-current liabilities 5,055 4,809 Total Liabilities $ 437,711 $ 446,823 Commitments and Contingencies (Note 12) Mezzanine Equity Convertible Preferred Stock, Series A, $ 0.0001 par value, 1,666,667 shares authorized; 25,000 shares issued and outstanding at March 31, 2024 and December 31, 2023 24,850 24,850 Stockholders'

View Full Filing

View this 10-Q filing on SEC EDGAR